China’s Cash-Strapped Property Firms Turn to Offloading Hotels to Raise Funds

A notable amount of hotel and related properties changed hands on the Chinese mainland last year as China’s cash-strapped real estate industry sought to offload assets to raise money.

Just shy of 24 billion yuan ($3.3 billion) of the assets were traded on the mainland in 2023, up 69.4% from the previous year, according to data from global real estate services firm JLL. The total amounted to 32.3% of the transaction volume for hotels in the Asia-Pacific region.