Hong Kong-listed developer Sunac China Holdings raised $1 billion in a top-up share placement at a price near the bottom end of a marketed range, a sign that China's developers are seeking financing resources amid tight lending practices, analysts said.

Sunac's share price tumbled 10 percent Friday. The Tianjin-based developer sold 251.5 million shares at HK$31.10 ($3.98) per share, an 11.9 percent discount on Thursday's closing price of HK$35.30.

Sunac, which had been one of the best-performing shares in Hong Kong this year, has seen its share place drop about 20 percent since two weeks ago.

The share prices of some other developers have also dipped in recent months. China Evergrande Group lost some 21 percent since Oct 25 from a record high of HK$31.4 to HK$ 24.95 at the market's close Friday. Kaisa Group Holdings lost some 44 percent since September 22, when it hit a record of HK$ 6.6, to HK$ 3.71 at the market's close Friday.

The Tianjin-based developer sold $516 million after it agreed to buy asset parcels of theme parks and hotels from Dalian Wanda Group.

Proceeds from the share sale will be used for general working capital, according to Sunac's Friday statement.

Analysts said China's developers have been seeking financing resources besides credit lending and bond issuance in the domestic market. They have been stepping up the raising of funds from bond issuance in overseas markets, and more developers are likely to raise funds by selling shares.

Tightening lending for developers is one of the comprehensive measures that policymakers have been taking to curb speculation in China's real estate market since the second half of 2016. Developers, particularly smaller and privately owned firms, have been turning to other channels for fundraising.

"Financing for developers has been increasingly diversified," said a research note from CRIC China, a real estate information and research service provider.

CRIC data said 108 developers raised 1 trillion yuan from January to November 2017, a year-on-year decrease of about 4 percent, and it is expected that the whole-year record of 2017 is going to be lower than that of 2016.

More than 50 percent of developers are finding it increasingly difficult to secure funds as costs are growing fast. Up to 10 percent are raising funds through trusts and up to 8 percent through bond issuance.

"Smaller developers are likely to face liquidity pressure if inventories are not reduced enough to supplement cash flow while financing is not easy and getting more expensive," said a research note from Zhongtai Securities.