Commentary Some clarity emerged from the China Evergrande saga as the embattled real estate developer triaged its finances by electing to forego paying offshore bondholders in favor of conserving cash to pay Chinese customers and stakeholders. After weeks of customer protests, credit downgrades, and rumors of default, Evergrande elected to pay onshore bondholders and was directed by the Chinese Communist Party (CCP) leadership to conserve operational cash flows and continue to build homes for depositors. Who were the offshore dollar-denominated bondholders Evergrande left to dry? None other than China-bulls BlackRock, HSBC, and Swiss investment bank UBS. Or more accurately, the investors in their fund vehicles will be hurt. From the CCP’s perspective, it was necessary triage. Evergrande has been tottering on the brink of insolvency for years. Its massive debt load—more than $300 billion in liabilities—was going to come to a head at some point, and Beijing’s hope is to …