Disappear sounds like they vanished into nothing. Does and did that happen? Or did they cease to operate, presumably with some closing handling?
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I wonder if there's other side of the story. News piece looks to be quite sided fearmongering
Something something history repeats itself something japanese housing bubble, 2008 subprime crisis, something
Not that this article seems like the most trustworthy, but this has been an ongoing problem for China since 2020, thanks mostly to Evergrande and the whole housing crisis (prices are sky high, people can't afford to buy, company relied on new sales to finish ongoing constructions and now can't finish them, shit collapses).
Related - (May 2024) The Chinese govt is buying unsold property in order to keep the economy under control.