News Analysis Chinese leader Xi Jinping vowed to rein in China’s real estate sector and keep housing affordable. He said, “Houses are for living in, not for speculation.” While affordable housing would be nice, this is one more step away from free markets, and another example of the Chinese Communist Party (CCP) tightening its control over civil society. Experts are using terms like “controlled landing” or “limited detonation” to express their belief that the CCP will prevent an Evergrande collapse from taking down the whole Chinese economy, and spilling over to the rest of the globe. Far from comforting, this raises the issues of market control and counting on the CCP to save the world. Fitch rating agency downgraded property developers Evergrande and Kaisa, cutting their rating to “restricted default” after they both missed payments. Kaisa is carrying $12 billion of debt and missed payments of $400 million in offshore bonds. The …