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The event was planned for Friday February 26 at the historic Lawrence Chinese Camp.
The camp's charitable trust confirmed on social media that asbestos was discovered in the Empire Hotel during a survey this week.
The hotel was the focal point for most visitors and where the kitchen and only toilet were located, it said.
"While there are only small amounts detected it does trigger the need for extreme caution," the Trust said.
"While shifting to another venue was an option, trustees felt the Chinese Camp was the best fit for a Chinese New Year celebration in our community."
The hotel will be off limits to visitors until the issue is under control.
An open day will be held when it is safe to host the public, but the rest of the historic camp is safe to visit.