Evergrande default kicking in?

What's happening right now? Prices are going down like crazy. Over the past few days/weeks people have been mentioning and discussing Evergrande effect. About a month ago, people were really freaking out. Last week i remembering reading a post about someone warning us that their default was going to end up hitting us hard. Just the other day this week somebody else posted that a friend of theirs owns stock in Evergrande and they actually ended up not receiving any payments... and Now when the Chinese market opened up, prices dropped down to $5467 CAD... I haven't seen this price in a while. Is the Evergrande default finally kicking in? What's going on?

edit: just to clarify, the reason i ask is because i am trying to learn how to time the market. So if this is because of the default, its a way for me to learn and understand how one thing affected the other.