Commentary On Thursday morning, in the city of Shenzhen, protesters gathered outside the headquarters of China Evergrande Group. They weren’t happy, and they wanted the executives to appreciate their palpable outrage. China’s second-largest real estate developer is facing an existential reckoning of epic proportions, a fact that is not lost on the country’s disillusioned investors and vendors. Drowning in $300 billion worth of debt, more than 1.5 million people, we’re told, “have put deposits on new homes that have yet to be built.” A collapse would surely send ripple effects across China—and quite possibly beyond. According to the company’s website, the “ever” in Evergrande stands for everlasting, or “never ceasing existence.” Unless the Chinese Communist Party (CCP) bails out the company, its existence looks likely to cease. However, any bailout from Beijing looks increasingly unlikely. Hu Xijin, the editor-in-chief of Global Times, a mouthpiece of the CCP, recently encouraged those at Evergrande to “use market means to save themselves.” …