HONG KONG — Distressed sales made up more than a fifth of Chinese commercial real estate deals in 2023, underscoring the severity of the property crisis in Asia’s largest economy.

Overall sales of offices, factories, stores, hotels, apartments, senior housing and other commercial properties in China totaled $38.6 billion last year, down from $60.3 billion as recently as 2021, according to MSCI Real Assets.

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