Hong Kong's Shaw Brothers has announced to the Hong Kong Stock Exchange that is has ended all talks to sell a majority stake in the company, citing the current global financial crisis.

The announcement marks the end of a bid by Chinese property developer Yeung Kwok-keung to buy a 75% stake in the company from Sir Run Run Shaw, the centenarian founder of the once-mighty Shaw Brothers studios.

Shaw Brothers is no longer active in film production but is the largest shareholder in Hong Kong's leading free-to-air broadcaster TVB with a 26% stake. It also owns the $200m shooting facility, Shaw Studios, which has hosted productions such as Ang Lee's Lust, Caution.

Sir Run Run was hoping to offload the stakes in Shaw Brothers and TVB before he retires.

According to local press reports, Yeung was unable to secure syndicated loan financing of $644m-$902m (HK$5-7bn) necessary for the purchase, as shares in his property development company Country Gardens Holdings have slumped.