I’m sure the scientists have thought of the practical problems, but….
“It would orbit 500km about Earth - roughly the same height as the International Space Station”
It’s a little higher than the ISS (which orbits at roughly 400km) but no matter. At 500km altitude the mirror would have an orbit period of (very roughly) 110minutes. That is, it would complete an orbit around the Earth in a bit under two hours. In doing so any reflection it provides would travel across the Earth’s surface at roughly 22,000kmh (or about 14,000 mph). So I fail to see how the project will provide any useful “daylight” for China (or anybody else) as the reflected light will traverse the entire country from East to West in under ten minutes.
Unless the scientists know something about satellite orbiting theory that I don’t, as mentioned in the report, for the reflection to remain stationary the mirror will have to be in a “geostationary” orbit (that is, orbiting the Earth every 24 hours). To achieve that it must be at an altitude (perhaps "distance" is more appropriate) of 37,000km. Perhaps a bit more problematic than that (as if it wasn’t problem enough) and although I haven’t worked it out, my intuition tells me that at an altitude of just 500km above the Earth, for most of the night the mirror would be completely hidden from the Sun in the Earth’s shadow and would be unable to reflect any light from it at all.
I think this is “Pie in the Sky” (pun intended) and a good candidate for April 1st.