On the back of growing numbers of Chinese tourists flocking to Japan Shanghai Yuyuan Tourist Mart Co., a Chinese commercial facility management company, has agreed to buy a Japanese ski resort operated by Hoshino Resorts Inc. for ¥18.3 billion.
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.
Shanghai Yuyuan Tourist Mart manages large commercial facilities around the Yuyuan Garden, one of the most famous attractions in the city.
The unit of Shanghai-based conglomerate Fosun Group is also engaged in the restaurant, pharmaceutical and real estate businesses.
