Evergrande is a staggeringly large company and basically China’s entire real estate market was driven by rabid speculation and borrowing. The government’s attempts to keep the bubble from popping by enforced price controls was an absolutely awful response. Market corrections are always painful but it’s always less disruptive to force prices to remain artificially low (you can do that through subsidization)… when you price fix a product to keep it from dropping sellers will try to offload it asap and everyone just tries to avoid being caught holding the bag whenever you release your mandate.