China's Evergrande resumes Hong Kong trading

debts of $328 billion

Wow!

In 208 the prime mortgage was something like $800 billion.

Chinese real estate is a scam. Typically, it is a ponzi scheme. People pay for the construction in advance. That money goes towards building the residence of an earlier customer. The current customers residence will start construction when the company sells residences to new customers. That is in addition to other companies building high residences that not many families bought because of the poor economy and the ponzi scheme mentioned earlier that caused many projects to be unfinished and abandoned. Who wants to live in a high rise that is not completely built. These are investments. Also, a lack completion means the surrounding area has not been developed. Where are the grocery stores, entertainment areas, transportation services, or other conveniences? These places often looks like dytopian city like in the movie I am Legend.

If you were one of the initial buyers who paid in advanced or took out a loan, then you are screwed. You may (no conveniences in the area) or may not (have to pay rent somewhere else) be able to live in it, and you are guaranteed to loose money if or when you are able to sell the residence.

The long-running housing crisis has wreaked misery on the lives of homebuyers across the country, who have often staked life savings on properties that never materialised.

A wave of mortgage boycotts spread nationwide last summer, as cash-strapped developers struggled to raise enough to complete homes they had already sold in advance -- a common practice in China.

This is the real consequence of China's rush to build

So many unfinished white elephant condos already paid-for by common people who are now essentially homeless

But they can't complain to the Chinese government since it's that government that made that policy. Any complaints are hushed by the government because it exposes the government to an epic embarrassing failure