Developer Evergrande is gone. China’s property crisis isn’t.

That matters beyond the families waiting for keys. Chinese developers traditionally sold apartments before construction was complete, using buyers’ money to help finance building. Evergrande’s 2021 default shattered confidence in that bargain. “China’s property market is essentially a futures market, and the most important thing in a futures market is ensuring delivery,” said Lu Ting, Nomura’s chief China economist. “If the final on-time delivery rate is only 50%, will people still come to that market to trade and invest?” The World Bank says concerns about unfinished projects, along with expectations of further price declines, are still making buyers cautious. Beijing…