What will China do when the projects aren’t completed because the money is stolen and then the projects “nationalized”.
What will China do when the miscellaneous South Americans fail to hold up their end of the bargain? They’ll do the same thing they’ve been doing so successfully in Africa: they’ll point to the fine print in the contract before taking possession of the property involved — land, ports, infrastructure, natural resources, etc. The Chinese aren’t fighters, they’re a merchant race, and that’s how they do business.