This bankruptcy happening and not causing a huge, devastating, world ending crash is a gigantic feature of the Chinese economy. Not a bug. It means asset values in China are deflating in a semi-controlled manner.
People love to complain about the banks that are "too big to fail". Now this huge company that should really be too big to fail is failing, and the world isn't ending. The only people who are upset that everything isn't tumbling down, are the ones hoping for the crash.
It doesn't feel like a "black swan" but some of these approaches to making money could be going away. Dropping interest rates and printing money requires a set of circumstances which aren't there.
Deflating those bubbles will destroy a lot of individual wealth, that is where it's going to get bumpy.
If you buy real estate right before a housing crash, you immediately lose a lot of money vs. having just sold or not bought it, and even if the prices recover in the long term it can take years.
Meanwhile you can't refinance the loan at the new lower rates because you're underwater and no longer have the collateral for a loan that size.
Then there's the "risk" that people learned the lesson of the last housing crash and don't do the same thing, i.e. reinflate a housing bubble right after it pops. This wouldn't even have to be not lowering interest rates, it could just be lowering them but continuing the existing momentum behind relaxing zoning rules so the lower rates can fund new construction. Then the low rates save the rest of the economy but real estate prices stay reduced because the lower interest rates are offset by (and pay for) new construction.
You can definitely lose.