Potential buyers of a large Shanghai Land Holdings stake are being asked to come up with a preliminary offer, it was revealed yesterday. Up for sale is the 75 per cent stake in Hong Kong-listed Shanghai Land held by chairman Chau Ching-ngai through privately held New Nongkai Global Investments. The stake has been secured by BOC Hong Kong (Holdings) against a loan made to New Nongkai last year. Both New Nongkai and Shanghai Land are now in receivership. Mr Chau has been detained by mainland authorities in a corruption investigation focused on Shanghai's property market. Last month, Kennic Lui Lai-hang and Ruby Leung Mun-yee, receivers and managers of New Nongkai, said 'various parties' had expressed an interest in the Shanghai Land stake. Yesterday, they said they had invited the interested parties to 'make a preliminary offer on a non-binding basis' for the stake - 2.28 billion Shanghai Land shares. 'A sale of all or some of New Nongkai's shares in Shanghai Land may or may not take place,' they said yesterday. 'If a sale does take place, it is possible that such a sale may result in the purchaser(s) making a general offer for all of Shanghai Land's issued shares.' Price was a key factor in determining the winning bidder, together with the would-be buyer's ability to ensure the buyout could be completed, according to insolvency partner Gabriel Tam of KPMG. Potential buyers should be given financial data and information, especially about the underlying liabilities and receivables situation, Mr Tam said. Mr Tam said the court-appointed receivership for Shanghai Land could be released if new buyers acquired the company and assumed management control.