The real estate market has always been up and down and now with the rapidly increasing inflation people can't afford to buy the house like they used to be because the salary isn't appreciated along with the inflation that created imbalance in the system that will take time to be corrected.
Gone are the days when even minimum wagers could afford to buy a house and pay a mortgage without having any financial pressure. Today, because of inflation and other factors combined, many are choosing not to reach their dream houses anymore. Cost of necessities are increasing but wages aren't, thanks to capitalism.
Maybe the Chinese government needs to work on their interest rates for better solution than using the perky ways which obviously not effective in my opinion.
It's going to take time for that when the signs have been obvious from the fall of Evergrande.