China Overseas Land & Investment is facing delays to its proposed residential project in Shenzhen's Honglin industrial zone.
The news follows the Shenzhen government's decision to shift development efforts to the Futian Centre economic zone.
China Overseas had planned to start work on the 400 million yuan (about $371.4 million) development this year but now might have to wait until next year, vice-chairman Yao Peifu said.
Shenzhen cited limited financial and human resources for its decision to concentrate on development of Futian Centre, Mr Yao said.
China Overseas in April announced it had signed a letter of intent to build a residential project of at least 800,000 square feet in Honglin.
Negotiations between China Overseas and the city authorities were continuing and the letter of intent was still valid, Mr Yao said.
However, Mr Yao said Futian Centre had bumped Honglin off the priority list.