Was getting ready to post about this, but will add that manufacturing is also being taken down massively. Many factories, small and large, are being destroyed/self-liquidated. They have been under a constant cash flow crunch, practically running dry, for nearly two years- and yet the government is charging them taxes based on their fixed assets. As a result, the only way they avoid the tax (and worse, the government seizing their personal and family assets) is by destroying their own factories. With no cash flow in sight, and after brinksmanship with the government over the last year, many have begun doing just that. This is sourced from personal contacts, in other words "trusted bros." They are setting the stage for civil unrest on more than one front. Evergrande is a large investment vehicle for many Chinese people who thought they had savings, and are just getting hit with this on top of other stuff.