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.
I kissed my first girl and smoked my first cigarette on the same day. I haven't had time for tobacco since.