A state-backed property giant, once China's second-biggest developer. In late 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.
Football builds self-discipline. What else would induce a spectator to sit out in the open in subfreezing weather?