Concord Group's revised plan for its proposed Old Hong Kong tourist development at Quarry Bay failed to gain Town Planning Board approval yesterday.
A board spokeswoman said it had not endorsed the project although Concord had scaled down the size of the development.
She said board members did not feel comfortable about the proposal.
Concord's plan was to build a tourist-commercial development on three waterfront sites spanning 6.92 hectares and featuring three themes - Old Central, Old Wan Chai and Old Happy Valley.
In its latest scaled-back application, Concord proposed to build about 740,000 square feet of floor area on two sites. A 4.68 ha site, the biggest in the original plan, had been excluded as an optional development.
The bulk of the land is owned by the government while Concord owns a 26,436 sq ft site.