Hong Kong developer New World Development (0017) has proposed using US$3.8 billion (HK$29.64 billion) of additional properties as collateral to refinance bank loans maturing in 2027 and beyond, according to people familiar with the matter, as it looks to ease liquidity pressure.

The latest move follows an earlier proposal to pledge 25 property assets valued at US$15.3 billion to refinance US$7.7 billion in loans maturing this year and next. It brings New World’s total collateral package to US$19.1 billion.

The company has in recent days sent revised preliminary terms of the three-year refinancing deal to banks, requesting feedback by Friday, the people said, asking not to be identified discussing private matters.

Support from banks on the loan refinancing exercise will be crucial for New World, as the developer — controlled by the family empire of Hong Kong tycoon Henry Cheng Kar-shun — faces mounting pressure to cope with one of the highest debt burdens among the city’s developers in a challenging property market.