Based on the Smartoffice article and FH media release it looks...

Based on the Smartoffice article and FH media release it looks like the Chinese offer was subject to further due diligence and was non-binding (i.e. a risk that further due diligence would not result in a firm bid).

When you are burning through $3m+ of bank's money a week you can't wait forever for a tyre kicker to make a decision - you have to make the tough call and liquidate if that is the path which leads to a more certain return.