We study the phase diagram of the inverted InAs/GaSb bilayer quantum wells. For a small tunneling amplitude between the layers, we find that the system is prone to the formation of an s-wave exciton condensate phase, where the spin structure of the order parameter is uniquely determined by the small spin-orbit coupling arising from the bulk inversion asymmetry. The phase is topologically trivial and does not support edge transport. On the contrary, for a large tunneling amplitude, we obtain a topologically nontrivial quantum spin Hall insulator phase with a p-wave exciton order parameter, which enhances the hybridization gap. These topologically distinct insulators are separated by an insulating phase with spontaneously broken time-reversal symmetry. Close to the phase transition between the quantum spin Hall and time-reversal broken phases, the edge transport shows quantized conductance in small samples, whereas in long samples the mean free path associated with the backscattering at the edge is temperature independent, in agreement with recent experiments.
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