"He had become frustrated with the delay being taken by the Liverpool chairman Martin Broughton and the owners Tom Hicks and George Gillett," Bond told BBC Radio 5 live.
"He felt that he had put a bid on the table, that he had provided proof of his funding and that there was no reason for it not to go ahead.
"He felt he was the only real bidder in the game, but for whatever reason has decided to walk away."
Liverpool's managing director Christian Purslow said earlier this week the club were examining a number of takeover offers.
Huang's bid to buy Liverpool from American owners Hicks and Gillett is thought to have valued the club at about £325m.
His decision to go public with his bid was followed by another declaration of interest from a consortium fronted by Syrian businessman Yahya Kirdi.
Huang had pledged to clear Liverpool's debts and give manager Roy Hodgson funds to spend in the transfer market.
Liverpool were put up for sale by Hicks and Gillett in April with debts of £351.4m.
Huang was keen to expand Liverpool's fanbase in Asia
The Royal Bank of Scotland, their largest creditor, are thought to be owed about £237m with a penalty fee of £60m due if it is not repaid by 6 October.
British Airways boss Martin Broughton, who was brought in as chairman in April to facilitate a sale, has been formally notified of the decision.
Huang was the first party to openly declare an interest in buying the Merseysiders, but refused to comment when it was claimed his bid was backed by the Chinese government.
He added: "Over the past few months we learned first hand that Liverpool has a very special place in the hearts of millions of fans around the world.
"We concluded that a plan that properly capitalises the business and provides funds for a new stadium and player related costs would allow Liverpool FC to provide its great fans with the success they deserve.
"Our strategy and unique ability to expand the fanbase in Asia would also have been of benefit to all.
"We regret that we will not have the opportunity to implement this strategy."
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.