Yomiuri: China has also replaced Australia as the main foreign player in tourism and investment in and around Niseko, a southwestern Hokkaido town recently popular among foreign visitors as a ski resort.
“Australia was once the chief player in tourism and investment here. Since the [global] financial crisis, however, there has been an increase in the number of Chinese companies [conducting such activities],” Tomokazu Aoki, a senior official of Niseko Promotion Board Co.’s secretariat, said.
Founded in 1897, Niseko’s Yamada Onsen Hotel is renowned as the first resort to be built in the area. However, sold to a Chinese corporation this year, the hotel will reportedly be rebuilt as a villa-style accomodation.
A relative newcomer, the Hanazono ski resort has also been acquired by a foreign buyer, a Hong Kong-based communications company.
All this means progress and the go-ahead for further resort development in Niseko.
In April, The Times, a British newspaper, carried an article that read: “Chinese visitors to Niseko used to take a simple view of apres-ski: head to the nearest izakaya and scoff as much Hokkaido crab as possible. Nowadays, after the last run of the day, they scramble for the nearest real estate agent…The Chinese who come to this resort generally have money, are hungry for luxury and find a Japan that, increasingly, is for sale at knockdown prices.”
A local real estate agent said, “Most villas here are priced between 50 million yen and 100 million yen. Few Japanese can purchase such property, but there are Chinese paying cash to buy them.”
The business-savvy Chinese view the resorts as moneymaking assets and rent the villas out to tourists except when they themselves wish to stay there. This can earn them annual profits equivalent to about 5 percent of the villas’ original purchase price.
It is a trend that is set to continue. Teikoku Databank Ltd. estimates more than 300 Japanese corporations are currently funded by Chinese capital. Honma Golf Co., a major golf equipment manufacturer, is one of the latest–it became a Chinese subsidiary this year.