Feb. 19 (Bloomberg) -- Boeing Co., whose new 787 Dreamliner is now almost two years behind schedule, said Hong Kong real- estate developer Joseph Lau dropped his order for a private version of the plane, bringing the total cancellations to 33.

Boeing spokesman Jim Proulx declined to comment on why Lau’s Sky Peace Ltd. decided not to buy the plane, which was ordered in May 2007. Lau is the chairman of Chinese Estates Holdings Ltd. and is Hong Kong’s fifth-richest man.

Chicago-based Boeing now has orders for 878 Dreamliners after Dubai-based leasing company LCAL earlier this month dropped plans to buy 16 and Russian airline S7 Group canceled an order for 15 last month. Azerbaijan Airlines withdrew an order last year.

The 787, valued at about $178 million at list prices, is Boeing’s best-selling new model ever, as airlines have clamored for the fuel savings promised by its new technology and lightweight, composite fuselage. Parts shortages, redesigns, supplier problems and a two-month strike delayed production, and the 787’s maiden flight is now due next quarter with entry into service at the beginning of 2010, rather than May 2008 as planned.

Boeing fell 16 cents to $37.82 at 1:01 p.m. in New York Stock Exchange composite trading. The stock has lost 56 percent in the past 12 months.

To contact the reporter on this story: Susanna Ray in Seattle at sray7@bloomberg.net

Last Updated: February 19, 2009 13:12 EST