Chinese emperors have done this type of land reform innumerable times and it has always ended up in famine and disaster/regime change. Land consolidation became a thing (as it inevitably does) and baron landlords became commonplace as the consolidation of fields occurred. The positive aspect of land redistribution via the equal field system is that it alters the power structure for the corrupt landlords who should not have power and prevent progressive changes that benefit society. The negative aspect is it's borderline impossible to vet who is "worthy" of being a landlord. The Chinese unfortunately would let "laissez-faire" take over property control.

Eventually someone who knew how to get a leg up on others would take advantage of others financial incompetence, likely mortgage the property, then acquire it, eventually leading up to owning basically a whole province thus becoming basically creating their own landed title and domain. Then suddenly you've got a feudalistic system that has always existed, but the head government now may even have a worse problem they created themselves. It's happened when the south basically broke off after the final rebellion during the Tang dynasty. These landholders eventually had enough power and cultural difference that they could break from the north and retain full autonomy.