GREAT Eagle Holdings may shelve another proposed joint venture development in Guangzhou. Following its decision to put off its investment in a proposed commercial project on top of the Huangsha Station on the new Guangzhou underground railway, Great Eagle says it is likely to shelve an office-retail project. The project is located at Zhongshan 6th Road, in Guangzhou, one of the cities predicted to see a large supply of office space in the next two years. 'Certain conditions of the joint-venture agreement have not been fulfilled. As a result, it is likely that the group will not proceed with this office and retail project,' chairman Lo Ying-shek said in the company's 1994 annual report. But no details were given. Through its 60 per cent-owned Lun Hing Enterprise, Great Eagle formed a joint venture company with Guangzhou Metro Co to develop a 239,000 sq ft office-retail tower on top of the Huangsha station, with a registered capital of $80 million. The intention to put off the Huangsha investment was firstly reported a few months ago and was confirmed in the company's annual report yesterday. In the chairman's statement quoted, Mr Lo said the proposal 'is currently under review with respect to technical feasibility . A determination is expected shortly.' Assistant director Adrian Lee Ming-ching said yesterday the project was likely to be shelved but he said the move did not mean the company had lost its confidence in China. Mr Lo said the directors were very optimistic on the future economic development in Hong Kong and China in the long term. Property analysts described it as a good move. 'In view of the large growth in the supply of office space in the next few years, Great Eagle has made a good decision,' Salomon Brothers' senior property analyst Franklin Lam said. Mr Lam expected more developers would slow down their investments in China's property market. Now, Great Eagle only has a hotel and commercial development in Chengdu, in Sichuan. Preliminary construction plans for the complex have been approved by the city government.