Dalian Wanda, a China property developer with a market capitalisation of $US33 billion, said it planned to raise up to $US1.9 billion in the Chinese market.

Dalian Wanda Group, with net debt of $US14 billion at its last year end and a debt to equity ratio of 56 per cent, is looking to unusual sources to raise cash.

Chinese stock markets have been plummeting. So what better time to announce a Chinese equity offering? On Friday, Hong-Kong listed Dalian Wanda, a China property developer with a market capitalisation of $US33 billion, said it planned to raise up to $US1.9 billion in the Chinese market. Its Hong Kong traded shares fell 3 per cent. Not bad on a down day, especially given that mainland markets have fallen a third from last month's peaks.

Perhaps there is good reason. After years of moribund performance, Chinese residential property markets seem to be firming up. Prices began to level off early in the quarter; by June they started to inch up. Volumes are doing well, too. Unit sales in tier 1 cities, such as Beijing, rose nearly three-quarters year on year, according to brokers.

Dalian Wanda develops and invests in mixed-use properties, from retail to residential. Last year, residential sales were a drag on revenues. They make up fifth of the top line, so an upturn would help.

Beyond the market cycles, the company has ambitious plans. It operates in more than 100 Chinese cities and has expanded overseas, including in London and Los Angeles. At last year's initial public offering it detailed projects requiring $US70 billion by 2016. But with net debt of $US14 billion at its last year end and a debt to equity ratio of 56 per cent, financing is needed.

So Dalian Wanda has been resorting to unusual means. Last month, through crowdfunding, it raised $US800m to fund five new malls. This week, it opened a second round. With names such as "Stable Earner No 1", the funds have been presented as removed from market fluctuations.

Dalian Wanda says the projects should be able to generate 12 per cent returns for the crowdfunders and that property offers diversification.

Not everybody agrees. Last week, one of Dalian Wanda's H share cornerstone investors sold its stake.