China clearly has a problem with what are citizens supposed to invest their new and growing personal wealth/savings into.
It was property as that seemed safe to the CCP as it locks the investors into the nation itself but this vehicle has proven insufficient for the vast wealth/savings of the growing middle class who do not generally have access to capital markets outside of China.
China will have to build markets for its citizens to invest in, or open more to external investment. At the state and corporate level China has been investing globally increasingly for at least a decade- perhaps some vehicle for citizens to invest in these global assets can be or is being created.
Overall a nation with rapidly growing wealth is not such a bad problem to have!
If the potential can be directed into productive purposes it can have a multiplier effect.
Note the biggest losers from the Chinese property bubble were the greedy western hedge funds!
https://richniches.com/who-owns-evergrande-debt/
https://www.business-standard.com/world-news/evergrande-creditors-to-recover-just-fraction-of-debt-after-liquidation-124013001195_1.html