No, that is not what happened. Evergrande has been kept alive by the CCP and fed zero interest loans through lax banking regulations and massive property specul

No, that is not what happened. Evergrande has been kept alive by the CCP and fed zero interest loans through lax banking regulations and massive property speculation by the public. The bubble it represents should have popped in 2008 but was protected and left to fester by the Chinese government because it was politically unpopular to do so. They can no longer hide the reality of these unsustainable bad debts and so the international market is turning on it, but the CCP can't afford to prop it up either and are desperately trying to figure out a way to soften the crash. This is a long-term failure of over-building and a massive property speculation bubble that is popping; it is not an indicator of a country that is doing the right thing because it is smart in the long term, this bubble is popping because they can no longer hide the problem and the short term pain will include wiping out a large chunk of the nascent middle-class.