Sunac China Holdings Ltd. is looking to offload up to US$1 billion in dollar-denominated bonds to raise funds for debt refinancing, the South China Morning Post reported.

The Aug. 2 report pointed toward 100 billion Chinese yuan worth of acquisition deals by the company over the last six months. This included the recent landmark deal to buy a portfolio of properties, comprising hotels, land and projects, from Dalian Wanda Group Co. Ltd. for more than 63 billion yuan.

The publication said, citing investors familiar with the matter, that the National Development & Reform Commission allocated the company the note sale quota, with the offer price offered by Sunac falling between 7.5% and 8.5%.

In late July, the company placed 220 million shares at HK$18.33 apiece in order to raise HK$4.03 billion for its general working capital. Earlier in the month, Sunac's proposal to issue 10 billion yuan of bonds failed to secure approval from the Shanghai Stock Exchange, the report added.

As of Aug. 1, US$1 was equivalent to 6.72 Chinese yuan.