(Yicai Global) Sept. 13 -- Shares of office developer Soho China plunged to the lowest in more than 10 months after it said that New York-based Blackstone Group has terminated its plan to acquire a controlling stake in the real estate firm.

Soho China [HK: 0410] tumbled as much as 40 percent to HKD2.10 (30 US dollar cents) intraday, the lowest since November 2020. They closed 34.6 percent down at HKD2.29.

The pair failed to agree on acquisition terms, the Beijing-based firm said in a statement on Sept. 10.

On June 16, Soho China said the US investment company would pay nearly HKD23.7 billion (USD3 billion) to buy an almost 55 percent stake in the high-end property developer. The price would have been HKD5 per share, nearly 32 percent more than the closing price of Soho China's stock on June 11.

The proposal was undergoing antitrust review. On Aug. 2, China's State Administration for Market Regulation had sent Blackstone a notice about reviewing the planned deal as part of standard procedure. The process could have taken a maximum of 180 days to be finished by January 2022.

The two firms have been working on joining forces for about one and a half years. In Match 2020, Soho China said that it was in talks with the private equity group about privatization that could value the Chinese company at USD4 billion. But the deal fell through as contract terms couldn't be finalized, according to Soho China's statement on Aug. 13, 2020.

Rumors of at least one other bidder were circulating online last November. But Hillhouse Capital denied that it was planning to take Soho China private.

Editor: Emmi Laine, Xiao Yi