About 240km north-west of Tokyo lies a sleepy pocket of the nation's ski country called Myoko Kogen.
Bustling in the 1980s bubble era with young skiers and neon-lit streets, the area has seen better days.
Enter Mr Ken Chan, the former Japan head of Singapore sovereign wealth fund GIC, who plans to harness 210 billion yen (S$1.9 billion) in investments to transform it into a luxury skiing paradise to rival Aspen, Whistler and St Moritz.
For two years, his investment firm has bought surrounding land at cut-rate prices thanks to the plunging yen.
And by 2026, he aims to have international hotels in place, along- side housing for thousands of workers.
The plan to put Myoko on the world tourism map is a cornerstone project for Mr Chan and his company Patience Capital Group, which manages US$500 million (S$684 million) and also invests in residential real estate assets in Japan.
It comes as more global investors look to get in on the country's redhot tourism rebound, and its ski slopes become more celebrated.
Denne historien er fra October 14, 2023-utgaven av The Straits Times.
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Denne historien er fra October 14, 2023-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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