Greentown China (3900) on Tuesday said it proposed to issue additional dollar bonds to help refinance its existing borrowings, after offering the first dollar bond sale in the sector in two years last week.

The state-backed property developer last week said it sold US$350 million (HK$2.73 billion) worth of 8.45 percent senior notes due in 2028, the first dollar bond sale by a Chinese property developer since early 2023, in a sign that some investor appetite for speculative-grade China property debt could be returning.

The additional bonds will have the same tenor and coupon, Hangzhou-based Greentown said in a filing, while the aggregate principal amount and the issue price are yet to be determined. The proceeds from the new issues will be used partly to fund the repurchase of two of its dollar bonds.

The developer last week offered to buy back US$741 million of outstanding bonds due in April 2025 and July 2025. The firm will determine the maximum acceptance amount of the repurchase after the offer expires on February 20.