A state-backed property giant, once China's second-biggest developer. In December 2025 it was pleading with its creditors for an extra year to repay a bond falling due. By early 2026 it was teetering on the edge of default, another sign that the country's property slump, which began in 2020, is far from over.
clone, n: 1. An exact duplicate, as in "our product is a clone of their product." 2. A shoddy, spurious copy, as in "their product is a clone of our product."