The vast majority of Westerners believe China is capitalist, so something like this would come as a surprise. China is a dictatorship of the proletariat rather than a dictatorship of the bourgeoisie, as it is in capitalist states. The Chinese state keeps the capitalists on a short leash rather than the other way around.

• 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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“We will scale up the building and supply of government-subsidized housing and improve the basic systems for commodity housing to meet people’s essential need for a home to live in and their different demands for better housing,” an English-language version of the report said.