As creditors have already seized a $1.6 billion high-rise in Hong Kong owned by Evergrande as well as the Evergrande headquarters and the personal mansion of Evergrande’s Hong Kong chairman, its overseas creditors may be less than inclined to cut a deal when they are uncertain about the ability of Evergrande to survive in China.Keep an eye on Country Garden; it is following the same glide path as Evergrande. It, and several other real estate investment groups, may fail even if Evergrande survives, but they will definitely fail if Evergrande goes under.