(Yicai) March 13 -- Country Garden Holdings reportedly said the cash-strapped Chinese developer will make every effort to raise funds by improving sales, optimizing asset utilization, and cutting unnecessary administrative expenses after one of its bonds began a 30-trading days grace period for interest payments.

After several bondholders said yesterday that they did not receive the interest payment due on a bond issued to Country Garden, the developer explained that because of lower-than-expected sales recovery, pressure on fund allocation, and other reasons, the interest funds for this bond had not been raised yet, The Paper reported on the same day, citing the company.

Country Garden received approval from creditors to extend nine domestic bonds worth about CNY15 billion (USD2.1 billion) last September. All bonds were paid on schedule before the one report yesterday.

On Feb. 28, Country Garden said that Ever Credit, a unit of Kingboard Holdings, filed a winding-up petition against the builder with Hong Kong's high court a day earlier. The Foshan-based firm owns about HKD1.6 billion (USD200 million) in outstanding loans and accrued interest to the money lender.

Editor: Martin Kadiev