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A Chinese-affiliated company behind one of the largest resort developments in Niseko, Hokkaido, has gone bankrupt. In recent years, the Niseko area has seen soaring land prices and labor costs driven by an influx of foreign capital, dramatically transforming the town.
But now that a major China-backed project has failed, risks associated with foreign investment are becoming more visible. Locals are increasingly worried that this may be a sign of a looming bubble burst.
Niseko grew into a world-class resort, beloved by skiers for its top-quality powder snow. In one corner of Hirafuzaka, the heart of the resort area in Kutchan Town, stands a half-finished…
