Sir Run Run Shaw, the centenarian founder and chairman of Television Broadcasts (TVB), yesterday became the latest victim of the global financial turmoil after talks to sell his stake in the Hong Kong broadcaster collapsed.

Yeung Kwok-Keung, chairman of Country Garden, the Chinese property developer, was forced to abandon a HK$10bn ($1.3bn) deal with Sir Run Run to take control of a 26 per cent stake in TVB, one of the world's leading Chinese language TV stations, after failing to raise the loan to finance the bid.