If these companies have been accurately summarized in the media, I would consider these very different. The mortgage companies were holding loans on a lot of in

If these companies have been accurately summarized in the media, I would consider these very different. The mortgage companies were holding loans on a lot of individual houses, etc with concrete utility that were in actual use, where replacement stock was unavailable. In Evergrande's case they seem to have giant projects that are earmarked as investment speculation as opposed to intended primary dwellings or immediately rentable. It is entirely possible that whole districts of buildings are never of enough utility to draw residents at any price above maintenance. A company can go broke with either mistake but if a government knows the need for the collateral mortgaged actually exists then bounds from the macroeconomic situation apply so their shoveling of money will have an end.