It is the second contractor to be appointed to the scheme only to then drop out.
Balfour Beatty signed a preconstruction services agreement in July with Chinese developer Wanda One to build One Nine Elms, a £1bn development in the Vauxhall area of London.
Wanda One had previously lined up CI-One Construction, a joint venture of Interserve and China State Construction Engineering Corporation, to build the two residential-led towers but detailed negotiations over a proposed £550m main works contract broke down after several months of work and the contract was retendered.
A Balfour Beatty spokeswoman said: “We can confirm that Balfour Beatty’s preconstruction services agreement with Wanda One (UK) Ltd for the main contract for the One Nine Elms development comes to a close on 18th November. Wanda One (UK) Ltd and Balfour Beatty will not be proceeding to a full contract award for the development.”
Multiplex is believed to be the next contractor lining up to have a go at striking a deal on programme and price.