China’s Fosun to sell Japanese Hokkaido ski resort for $252m

Chinese conglomerate Fosun International will retail Hoshino Resorts Tomamu, a Japanese ski resort, for 40.8 billion yen ($252 million) as part of its strategy to divest non-core assets due to challenges in China’s property market.

Fosun will sell a 99.998 per cent stake in its subsidiary Shinsetsu, which holds Hoshino Resorts Tomamu as its primary asset. The buyer is YCH16, a limited liability company.

Hoshino Resorts Tomamu features ski slopes, a hotel, and a pool. Fosun acquired the property in 2015 for 18.3 billion yen through its publicly traded subsidiary, Shanghai Yuyuan Tourist Mart.

Situated in Hokkaido, Japan, the resort offers breathtaking natural views. It is popular among Chinese and international visitors. In 2023, Shinsetsu recorded total assets of 43.8 billion yen and a net profit of 611 million yen.

Fosun has recently sold a portion of its stake in Banco Comercial Portugues and reached an agreement in May to sell Hauck Aufhauser Lampe, a German private bank, to ABN Amro.

Attribution: The Nikkei Asia