China may raise an additional 6 trillion yuan ($850 billion) from special treasury bonds over three years to stimulate a sagging economy, local media reported, a figure that failed to revive sentiment in the country's stock market.

Beijing could raise 6 trillion yuan, or $850 billion, by selling treasury bonds over the next three years, sources told Caixin Global.

China will “significantly increase” government debt issuance to offer subsidies to people with low incomes, support the property market and replenish state banks’ capital as it pushes to revive sputtering economic growth.

Embattled property developer Sunac China said on Thursday it is seeking to raise HK$1.21 billion ($155.70 million) to repay its existing corporate debt, at a time when China is dealing with a downturn in the property market.

Sunac China Holdings Ltd. will raise about HK$1.2 billion ($155 million) through placements, the first time in a year that the developer is doing an equity fundraising.