(Yicai Global) Jan. 29 -- Sino Great Wall Co. has pulled out of a USD2.7-billion deal to build two 133-storey towers in Cambodia after failing to raise the required funds.

The Chinese firm announced the deal, to carry out engineering, procurement and construction for the TBR Twin Tower World Trade Center in Cambodian capital Phnom Penh, more than a year ago. However, after evaluating risk, funding and returns, the company has decided to abandon the project, it said in a statement on Jan. 26.

China stepped up regulation against foreign investment in specific industries last year. The State Administration of Foreign Exchange said in July that it would continue to support capable domestic companies invest overseas, but would pay particular attention to irrational outbound investment in real estate, hotels, cinemas and entertainment to prevent risk.

Sino Great Wall initially assisted the project owners, Macao's Sun Kian Ip Group Co. and Cambodia's Thai Boon Roong Group, in handling related financing, but due to objective factors did not address the matter after winning the bid, the statement said.

The Chinese company's subsidiary Sino Great Wall International Engineering Co. teamed up with Wuchang Shipbuilding Industry Group to bid for construction of the twin towers at the end of 2016. The project was in an upscale residential area and covered over 1.5 million square meters of floor area.