Commercial facility management company Shanghai Yuyuan Tourist Mart Co. is to buy a major ski resort in Hokkaido for ¥18.3 billion.
China-based Shanghai Yuyuan Tourist Mart said it will acquire all outstanding shares in Hoshino Resorts Tomamu, a ski resort in the village of Shimukappu, Hokkaido, from Hoshino Resorts Inc. and a foreign investment fund. Hoshino Resorts is based in Karuizawa, Nagano Prefecture.
Shanghai Yuyuan Tourist Mart, headquartered in Shanghai, aims to tap into demand from the surging numbers of Chinese visitors to Japan.
After the sale, the Japanese firm will continue operating Hoshino Resorts Tomamu, a resort with ski areas known for their powder snow. It also has hotels and golf links.
Shanghai Yuyuan Tourist Mart currently manages large commercial facilities around the Yuyuan Garden, a major attraction in the city. The unit of Shanghai-based conglomerate Fosun Group is also engaged in the restaurant, pharmaceutical and real estate businesses.
Observers believe the acquisition of one of Japan’s leading ski resorts reflects Fosun’s strategy of beefing up resort operations. They note that the group took control of French holiday company Club Mediterranee, better known as Club Med, earlier this year.