HONG KONG, Dec 5 (Reuters) - Hong Kong major property developer New World Development said on Tuesday it agreed to repurchase $610.3 million of its dollar bonds aimed at cutting debt and borrowing costs.

New World, which has one of the highest debt ratios among its peers after a years-long expansion spree, had $8.4 billion dollars worth of outstanding bonds before it launched the tender offer for seven of its bonds.

Last month, shareholders approved a plan to sell its lucrative construction subsidiary, NWS Holdings, to its parent company, Chow Tai Fook Enterprises, in a buyout deal that gave it $2.8 billion to help it cut debt.

When New World offered to repurchase its dollar bonds after the sale, it said the offer would provide liquidity to investors at a premium to market price.

New World is buying back the seven bonds at set prices between $600 to $910 per $1,000 of the principal amount. These bonds were bid at between 53 cents to 87 cents on the dollar on Tuesday.

The tender offer had expired on Friday and was expected to be settled on or about Tuesday, the company said.

Falling property prices and rising interest rates have put the city's top developers under pressure in one of the world's most expensive property markets.

After a string of Chinese developers defaulted since mid-2021, investors had been dumping New World Development's shares and bonds due to its high leverage and fast expansion in mainland China.

(Reporting by Clare Jim; Editing by Miral Fahmy)