By YURIKO SUZUKI/ Correspondent
July 4, 2024 at 15:26 JST
Tomamu The Tower hotel, front, and Risonare Tomamu hotel stand on Hoshino Resorts Tomamu in Hokkaido. (Osamu Hiura)
BEIJING--Chinese conglomerate Shanghai Yuyuan Tourist Mart has announced that it will sell the Hoshino Resorts Tomamu in Hokkaido for 40.8 billion yen ($252 million) on the heels of a real estate downturn in China.
The Chinese firm will sell almost all the shares of the Tokyo-based company that owns the luxury resort complex to YCH16, a real estate investment company also based in Tokyo.
Hoshino Resorts Tomamu, located in central Hokkaido, features a ski area and tower hotels that are popular with tourists from China and other countries.
Shanghai Yuyuan Tourist Mart acquired the resort in 2015.
The company, which operates commercial facilities in the Yu Garden tourist area in Shanghai, is a subsidiary of Fosun International, a Chinese investment firm.
Fosun International's business operations have deteriorated amid the slumping real estate market in China and it has been selling off its assets.
Shanghai Yuyuan Tourist Mart will reportedly focus its management resources on its core businesses.
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