Investors are holding their breath as the world witness the gigantic China property bubble deflate. Last week all eyes are on Evergrande to see whether China’s most indebted developer will default. The company is due to pay US$83.5 million in interest on September 23 and another US$47.5 million on September 29. It is nothing but a dead cat bounce A day before the payment deadline last Wednesday, founder and chairman Hui Ka Yan reassured investors that he has already resolved payment of the offshore bond through private negotiations. However, he didn’t mention when and how much payment would be made. As of today, there was no further announcement or filing with the Hong Kong stock exchange, leaving Evergrande investors in the dark. Hui’s act is no different from debtors when they are being pressed by loan sharks. You ask them to give you a bit more time, at most a week,...