One possible way out:
1) Allow Evergrande to collapse. They will bring many Chinese banks with them.
The shares in these banks will dramatically fall.
When the Chinese authorities think that they are at rock bottom -then the Chinese will buy them.
After some time -when the markets realize this -then the prices will rise
The Chinese authorities will sell at peak price.
2) Assure those who have paid deposits-that their money is safe.
As a gesture they could reset the permit such that the 70 years starts when the buildings are formally opened
3 ) The Chinese government to purchase some or all of the unfinished projects. Maybe at 80% discount.
4) Using the profit from the bank shares transaction plus more-finish the projects
Who wins
The Chinese government.
Those who submitted deposits.
Most of the 200,000 employees.
Who loses
The external contractors
The overseas investors
Evergrande dies!