This happens to real estate companies all over the world, and in the US. The fact that this one developer is Chinese means nothing other than to stoke nationalist fears.
Any developer making a skyscraper has everything run though shell corporations. When things go wrong, it is just that corporation that goes wrong and it doesn’t bankrupt the main corporations. This is basic practice. If that Tower was owned by someone living next door, the outcome would be exactly the same. Just less scary and not newsworthy as it happens everyday in the US to zero fanfare.