Vanke Dollar Bondholders Asked to Call Default by Advisory Firm

A debt advisory firm asked China Vanke Co. dollar bondholders to consider calling a default on the embattled developer’s notes, based on cross-default clauses, people familiar with the matter said.

PJT Partners, which has been seeking to advise Vanke’s creditors, told the bondholders that an event of default was triggered after an original grace period on one of the firm’s onshore notes expired in December. So far, no creditors have made such a call on any of Vanke’s notes and the outreach doesn’t indicate that a default is imminent.

PJT is planning to hold a call with ...