Beijing North Star has shelved the development of an office-exhibition centre with New World Development, citing sluggish demand and difficulties in securing State Council approval. Executive director He Jiangchuan said the company had suspended the Beijing World Trade Centre in Beijing because there was a glut of such high-end commercial properties in the capital. 'Market demand has also been battered by the regional financial crisis,' he said. Mr He said the company had not submitted an application for State Council approval, as it believed the chances of obtaining ratification were slim. 'High-end properties are not development priorities of the government,' he said. According to North Star's 1997 prospectus, Beijing World Trade Centre would have a gross floor area of 329,000 square metres and was scheduled for completion in 2001. 'It will be hard for us to say when we will proceed with the project, depending on the macroeconomic situation, the aftermath of the regional crisis and Beijing's property market.'