Vanke Meets Bondholders Under Threat of Default in Just Days

China Vanke Co. urged holders of a bond it’s trying to delay paying to give it more time for negotiations, with only four days until a grace period ends that could trigger a once-unthinkable default.

The last major builder to avoid default amid China’s unprecedented property crisis, Vanke reiterated during a roughly 40-minute online meeting with creditors Thursday morning that the property industry downturn and shrinking sales have led to significant liquidity pressure, according to people familiar with the matter.