China’s embattled developers, Evergrande and other property companies, have reportedly shifted billions of dollars in debt to off-balance sheet vehicles, according to recent research from investment bank JPMorgan. Once this additional debt is counted in, the leverage ratios rise distinctly. Those property developers have utilized the tactic to help comply with new borrowing cap rules introduced by the Chinese regime last year, reported Reuters citing the JPMorgan research.  The bank’s China and Hong Kong property analysts say that Evergrande’s case appears to be the most extreme.  “It is possible that the real gearing could be even higher, as data on some off-balance sheet debt is not publicly available,” the JPMorgan analysts added, noting that the so-called “disguised” debt added up to 55 percent of Evergrande’s overall debt.  Balance sheets usually provide a snapshot of a company’s finances as of the date of publication, showing what it owns and owes. Evergrande …