The Beijing municipal government has torn up a commercial residential land contract that set the record last year as the most expensive residential land in Beijing.

Beijing municipal bureau of land and resources announced the news on its website yesterday.

According to the official announcement, the municipal bureau withdrew the contract with Dalong estate after the agency failed to sign a State-owned land transfer contract within the agreed date, along with another land development compensation contract. The 200 million yuan of cash security would not be refunded.