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(Bloomberg) -- New World Development Co. has offered properties valued at $15 billion as collateral for loan refinancing, underscoring the increasingly onerous funding conditions facing the billionaire Cheng family’s Hong Kong real estate empire.

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The developer has asked banks to provide a three-year facility backed by some of New World’s marquee properties to refinance HK$58.1 billion ($7.5 billion) of unsecured loans maturing in 2025 and 2026, according to people familiar with the matter. That would leave fewer assets available for unsecured bondholders, who have dumped New World notes in recent days — sending some of them to deeply distressed levels.

Controlled by the family of Hong Kong tycoon Henry Cheng, New World has been embroiled in turmoil as investors question its ability to cope with one of the highest debt burdens among the city’s developers. New World is on its third CEO in the span of two months as Cheng attempts to stabilize the company known for some of Hong Kong’s most high-profile buildings.

The company is offering to pledge properties including its luxury serviced apartment K11 Artus, office building K11 Atelier King’s Road, as well as New World Tower in Hong Kong’s Central business district, as collateral for the refinancing exercise, the people said, asking not to be identified discussing private matters.

While the company said Monday that it isn’t in talks for any holistic debt restructuring, such a proposal, if successful, would give it some breathing room as a wave of maturing loans looms.

New World didn’t immediately respond to a request for comment.

Late last year, New World asked banks to postpone the due dates of some bilateral facilities, a move that deepened concerns over its ability to service its debt load.

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