Singapore

CHINA Evergrande may have temporarily averted a default on its coupon payment last Thursday, but all eyes are on how Beijing intends to handle the country's most indebted property developer whose fate it has partly orchestrated as it clamps down on debt-fuelled growth: will it be a bailout or a controlled detonation?

After all, in a bid to force deleveraging among property developers, China imposed a "three red lines" guidance last year to improve the financial health of the sector which is facing growing debt levels, rising land prices and booming sales.