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Russia lacks troops, ammunition for major offensive in Ukraine, NATO official tells Reuters
(kyivindependent.com)
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It'd probably be bad in terms of global stability and whatnot, but it'd still get a chuckle out of me if China just went "Well, It's free real estate" and invaded russia.
China wants Taiwan. While some land in Russia might be nice it isn't a big deal. They like Russia getting away with attacking Ukraine because it sets a global precedent that large powers can take over weaker powers.
That's not entirely true. China also likes a weak Russia that's selling them raw materials underpriced. They like this destabilisation, as long as it doesn't get out of hand.