Sun Xiang (R) is interviewed with media on his transfer deal. [sina.com]

The Chinese Shanghai Shenhua football club has rejected a loan-for-buyout bid from Dutch champions PSV Eindhoven for its left defender Sun Xiang, sina.com reports.

In a statement released on Wednesday, the club said it's not the right time for Sun's transfer as he is expected to play an important role in the team's lineup for the coming season.

Shenhua also disagreed with the Dutch side on the transfer model of Sun, saying the only way for Sun's deal is through a buyout. It also revealed the bottom price is 1.2 million euros.

Sun Xiang expressed his disappointment later with a reporter, but said he will follow the club's decision.

According to Sun's broker, they will further negotiate with the Shanghai-based club for a deal with Sun despite little hope remaining.

Eindhoven earlier faxed Shenhua a 200,000 euro bid for Sun Xiang's loan and promised another 1 million euro contract for the buyout in the near future.