The debt troubles of property developer China Evergrande Group couldn’t come at a worse time for China’s already slowing economy. Global markets, too, may feel the ripples in the near term from a China-centric crisis. But there could be a silver lining: If Evergrande’s travails get too painful, Chinese authorities could offer investors a reprieve with targeted stimulus and possibly an easing of some recent investment restrictions.

China has been trying for years to grapple with the aggressive, debt-laden expansion of its property…