While North America’s ski industry is thriving, Japan’s ski industry is struggling. Due to an aging population, Japanese skier visits have drastically decreased over the past couple of decades. However, one person is trying to change the fortunes of one powder-filled ski region.
Nikkei Asia reports that real estate mogul Ken Chan plans to spend $1.36 billion to redevelop Myoko. The core portion of this plan is to build a village at the base of Mt. Myoko. Ken Chan is doing this through his sovereign wealth fund: Patience Capital Group (PCG). The first phase will include the construction of residential homes, a couple of hotels, and a commercial zone at the base of Myoko Suginohara ski resort (pictured below).
His goal is to create a ski village similar to Whistler. Myoko features numerous ski resorts and is less than a two-and-a-half-hour bullet train trip to Tokyo, making it easier to reach than other Japanese ski destinations like Niseko and Hokkaido.
The Patience Capital Group already owns over 350 hectares (over 865 acres) of land in the area. This includes the Madarao Kogen and Myoko Suginohara ski resorts. An affiliated company has acquired Lime Resort Myoko, which operates lodging properties in the area.
The goal is to invest 70-80 million yen by 2027, and the whole $1.36 billion within the next decade. According to the Japan Times, they hope to have the international hotels and worker housing ready to go in 2026.
Image/Video Credits: Myoko Tourism
