Commentary The Evergrande insolvency crisis has had a reprieve, but there may be more to it than meets the eye—much more. After trading for the company’s shares was halted on Sept. 31, the resumption of trading on Oct. 21 led to further declines in its stock price, falling from HK$2.95 to HK$2.58 per share. Evergrande’s stock price is down about 80 percent for the year. Evidently, the market has little faith in the company’s ability to rally and meet its obligations. It has also triggered a sell-off in other riskier Asian issuers of dollar-denominated bonds, driving yields near their all-time highs. That’s understandable, given that almost 50 percent of all dollar-denominated bonds in China are in the real estate sector. If China’s second largest real estate development firm’s risk is higher, other issuers will be as well, the reasoning goes. But that’s not all. Talks to sell controlling interest in …