Well, it's only recently that their home builders and lenders started collapsing.
The music has stopped. It will take some time, but the outcome is almost inevitable.
Even if that happens, they will have plenty of housing. Worse things to make too much of abound.
3 years ago, and it was induced by government policy. At any given point since I've become politically aware (around 08), there's been at least one narrative around China's coming collapse, and it hasn't materialised in the slightest yet.