PUDONG Development Holdings has again postponed a $217 million placement of new shares with a Taiwanese investor.
The deal, agreed to in early June, to be honoured by July 5, was first delayed until August 5 to give Chu Kai-tsang time to come up with the money.
Mr Chu's stake would represent 8.55 per cent of the enlarged capital of the company.
The deal has now been postponed to September 27.
The company said the extension had been granted because of the turmoil which hit Taiwanese markets since deteriorating cross-strait relations led to China holding military exercises close to Taiwan.
'It was originally Mr Chu's intention to sell some Taiwanese properties to finance this deal and that simply hasn't been possible,' company secretary Yeung Kam-hoi said.
