Creditors of Goldin Financial on Monday put the company’s headquarters in Kowloon Bay up for sale as the debt-stricken company reels from slumping earnings and the legacy of over-paying for real estate investments.

Goldin has struggled to repay loans following years of aggressive expansion in the Hong Kong property market — including the record-setting purchase last year of a site at the former Kai Tak airport. The company, controlled by billionaire Pan Sutong, last week reported a HK$6.1 billion (US$787 million) loss for the year ended June, from a profit of HK$6.4 billion a year earlier.

The sale of the 28-story Goldin Financial Global Centre could raise about HK$12 billion, according to an estimate by the sale’s agent Knight Frank.

With an area of 852,433 square feet, Goldin Financial Global Centre is a Grade A commercial building that is currently 76% occupied. Its tenants include firms from multiple sectors, including real estate, jewelry, retail services, financial services and building equipment-related businesses, the arrangers said.

Shares in Goldin fell 1.9% to HK$1.01 on Monday, with the company having lost more than half its market value since last year.

In July, the indebted firm received an HK$8.7 billion financing package from CK Asset Holding, which is controlled by the family of Hong Kong tycoon Li Ka-shing. But its total liabilities have stood high at about HK$18.6 billion, nearly half of its assets.

Goldin made a loss on the HK$7.04 billion sale of a waterfront residential site at Kai Tak in May. That firesale followed the rescinding of its HK$11.1 billion winning offer for another site at Kai Tak last year, costing the firm at least HK$25 million in lost deposit.

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