Sunac China (HKG:1918) will receive a 2.48 billion yuan investment to refinance existing debts related to the developer's Chongqing Bay Project, according to a Thursday filing with the Hong Kong Exchange.

The project consists of residential and commercial areas, most of which have not yet been developed, the filing said.

Of the total, which will be invested by Great Wall Risky Assets Revitalization Investment Center, 1.33 billion yuan will be used to refinance the Chongqing Bay Project. 1.15 billion will be used to buy the intermediate limited partnership interest held by CITIC Trust, the filing said.