Zhong An Group (HKG:0672) said a planned sale of shares in its Zhong An Intelligent Living Service (HKG:2271) was no longer proceeding, according to a Hong Kong bourse filing Monday.

Shares of the property developer fell over 3% in afternoon trade Tuesday.

The firm had planned to sell up to 37 million shares of Zhong An Intelligent's issued capital, representing 7.15% of the business, for HK$2.08 apiece.

Zhong An Group holds around 71.28% of Zhong An Intelligent.

According to the company, the long stop date of the sale had passed and no placing agreement had materialized.

The non-completion of the disposal will have no material adverse impact on the company's business operation and financial position, Zhong An Group said.