Chinese property developer Dalian Wanda’s second dollar bond sale in less than a month was quickly oversubscribed on Monday, pointing to a renewed hunger from global finance after years of concern with the financial health of China’s highly indebted real estate groups.

The sale of a three-year US dollar bond by Wanda received orders worth around $500mn, according to two people familiar with the deal, who said the developer had planned to raise as much as $300mn from the offering.

The latest debt sale by Wanda, which had already brought in $400mn from a bond issued in January, underscored a nascent recovery for high-yield dollar debt in Asia. Sales had all but evaporated over the past two years as Chinese authorities clamped down on excessive leverage in the sector. Issuer Wanda Properties Global set guidance for the bond’s yield at around 12.5 per cent.