Hong Kong developer Goldin Financial Holdings has been forced to give up its crown jewel property as it struggled to keep up debt payments and liquidity. The company's corporate headquarters located in Kowloon Bay has been put up for sale by its creditors.

The property, a 28-story office building on Kai Cheung Road, is now up for sale by tender. Creditors have appointed property consultancy company Knight Frank as the sole agent for Goldin Financial Global Center.

The building, assessed as a Grade A tower, has a usable area of 852,433 square feet. Property experts have said the building could fetch at least HK$12 billion ($1.53 billion) - or around HK$14,000 per square foot. The price is about 27% lower than Goldin Financial's July assessment of around between HK$15 billion and HK$16.5 billion. Knight Frank mentioned in a statement that the tender for the property will be closed Nov. 11.

The sale of the company's corporate headquarters suggests its controlling shareholder and chairperson Pan Sutong may have lost control of other assets to creditors. The company is still struggling to refinance its debt load after months of litigation. Even with assistance from CK Asset Holdings, Goldin Financial has likely not been able to keep up with its payments - mainly a product of aggressive asset acquisitions in recent years.

As of the end of 2019, Goldin Financial had total liabilities of more than HK$18.5 billion. Meanwhile, cash on hand was HK$2.38 billion only. Much of what it owed was to its principal bankers, including the Industrial & Commercial Bank of China, HSBC and Shanghai Commercial Bank. In July, CK Asset Holdings stepped in to arrange an HK$8.7 billion financing package.

Real estate company Vincorn Consulting & Appraisal said the price for the property is "reasonable" given the gloomy economic environment and investor sentiment. The company said bigger discounts will likely be given if no one takes the initial offer. The property could be bought at a much lower range of between HK$8.4 billion and HK$9.6 billion, the company estimated.