China's Fosun to sell Hokkaido ski resort for $250m

SHANGHAI -- Chinese conglomerate Fosun International will sell Hoshino Resorts Tomamu, a ski resort in Japan, for 40.8 billion yen ($252 million), according to plans announced Monday, as the group sheds nonstrategic assets in the face of a slumping property market in China.

A 99.998% stake in Tokyo-based Shinsetsu, a Fosun unit holding Hoshino Resorts Tomamu as its main asset, will be sold to limited liability company YCH16.