China’s Fosun to sell Hokkaido ski resort for $250m

July 9, 2024

Chinese conglomerate Fosun International has announced plans to sell Hoshino Resorts Tomamu, a ski resort located in Japan, for 40.8 billion yen (approximately $252 million). This decision comes as the group seeks to divest nonstrategic assets amid a declining property market in China.

The sale involves a 99.998% stake in Shinsetsu, a Tokyo-based Fosun unit that owns Hoshino Resorts Tomamu as its primary asset. The buyer is limited liability company YCH16.

Hoshino Resorts Tomamu features ski slopes, a hotel, and a pool, attracting many Chinese and international travelers to Japan’s northern island of Hokkaido. Fosun originally acquired the resort for 18.3 billion yen in 2015 through its publicly traded subsidiary, Shanghai Yuyuan Tourist Mart.

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Tomamu is renowned for its stunning natural landscapes and excellent ski conditions, making it a favored destination for winter sports enthusiasts from around the world. The resort’s modern amenities, combined with traditional Japanese hospitality, have made it particularly popular among international tourists seeking a unique and memorable experience.

In 2023, Shinsetsu’s assets were valued at 43.8 billion yen, with a net profit of 611 million yen. Fosun’s financial difficulties are largely due to the downturn in China’s real estate market, exacerbated by the collapse of Evergrande Group. Co-founder Guo Guangchang has indicated a strategic shift towards consumer-oriented businesses.

Source: nikkei asia