Chinese firm to acquire Hoshino ski resort

posted on November 13, 2015

Shanghai Yuyuan Tourist Mart Co., a Chinese commercial facility management company, said Wednesday that it will buy up a Japanese ski resort operated by Hoshino Resorts Inc. for 18.3 billion yen.

Through the move, the Shanghai firm aims to boost its earnings by meeting demand from the surging number of Chinese visitors to Japan.

Shanghai Yuyuan Tourist Mart said it will acquire all outstanding shares in Hoshino Resorts Tomamu, the ski resort in the village of Shimukappu, Hokkaido, northernmost Japan, from Karuizawa, Nagano Prefecture-based Hoshino Resorts and a foreign investment fund.

After the sale, the Japanese firm will continue operating Hoshino Resorts Tomamu, a large-scale resort with ski areas known for powder snow, hotels and golf links.

source by the-japan-news
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