Shenzhen firm scraps purchase

PUBLISHED : Monday, 21 September, 1998, 12:00am
UPDATED : Monday, 21 September, 1998, 12:00am

Shenzhen International Holdings (SIH) has terminated a $454 million deal for the purchase of property in Shenzhen by two of its subsidiaries and two independent third parties. The failure of the deal follows the inability of the vendor to produce the property title certificate for the property before September 30. The acquisition was to have been settled by the issue of 680 million new shares of 10 cents each in the capital of SIH. None of these shares were issued.