(Yicai) May 9 -- Cash-strapped Chinese property developer Country Garden has postponed the payment of CNY35.6 million (USD4.9 million) worth of interests on a note by three working days.

Country Garden delayed the payment of the interests on a CNY900 million (USD124.9 million) medium-term note because its sales recovered slower than expected, creating difficulties in fund allocation, the Foshan-based firm announced today, the note’s interest payment deadline.

Issued by Country Garden’s Hong Kong-listed arm Country Garden Holdings exactly a year ago, the note has a maturity of two years, an interest rate of 3.95 percent, and a grace period of five working days in case the issuer fails to repay the principal or interests of the note on time.

Country Garden will try its best to repay the interests on the note in full no later than May 13, the firm noted.

The Hong Kong Stock Exchange suspended trading of Country Garden’s shares on April 1 because it did not disclose its annual financial statement for last year on time due to debt restructuring.

On April 12, Country Garden also announced that it was seeking to extend the interest payment of three onshore bonds worth CNY4.1 billion, expiring between March and June, to September. On April 24, it was reported that the extension plan had been voted on by the holders.

Editor: Futura Costaglione