TOKYO, July 2, 2024—Fosum International Limited, a Chinese property investor, has sold off Hoshino Resort Tomamu for 40.8 billion yen ($25 million), a resort and hotel facility managed by the Hoshino Resort group of Karuizawa, Nagano, believed to be the first selloff by a Chinese investor reeling on the back with China’s lingering property recession.
It was reported by Kyodo and Jiji news services as Beijing dispatches.
The selloff is believed to be for reducing Fosum’s debts, leaving it with no equity in the popular high-end and lucrative Hokkaido resort. It was sold to YCH16 of Minato-ku, Tokyo, a property investor. Fosum acquired its Tomamu equity from previous equity holders including a Dutch one in 2015.
Fosum was started and owned by Guo Guangchang, who was at one time known as China’s Warren Buffet. Over the past few years, he has been disposing of his many stock holdings of companies including Tsingtao and other Chinese and Japanese companies, according to Bloomberg.
YCH16’s details were not available.
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