Evergrande may well hold the key to China's IPO back door

ASIAN investors often say that Evergrande is too big to fail. The real estate group may be putting that notion to the test, and in the process could unleash a flood of deals back home.

On Tuesday, China's largest developer by assets announced a plan to inject some of those into a property company listed in Shenzhen. That way, Evergrande will be able to raise equity in China w…