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I think the general principle that China applies in cases like this is to make sure that the average person who may be affected is bailed out and insulated from any major negative consequences while the people at the top who made a lot of money creating this situation shoulder the costs. Basically the diametric opposite of how this sort of thing goes down in the West.

• Reuters: China Evergrande ordered to liquidate in landmark moment for crisis-hit sector
• Bloomberg: China Reiterates Stance That Homes Are Not for Speculation
• CNBC: China’s housing minister says real estate developers must go bankrupt if necessary

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