The flow of bad news surrounding China's deeply troubled real estate market is unrelenting. Hui Ka Yan, the multi-billionaire founder of Evergrande, the world's most indebted property developer, has been put under investigation for unspecified suspected crimes. His company, which has been on life support for at least two years, can now only be restructured or liquidated. His own fate is uncertain, but as a crisis over financial liabilities acquires a cloak of potential criminality, this will only further undermine confidence in China's housing market.