(Bloomberg) -- About 150 miles northwest of Tokyo, in a slivered valley that leads to the Sea of Japan, lies a sleepy pocket of the nation’s ski country...
-- About 150 miles northwest of Tokyo, in a slivered valley that leads to the Sea of Japan, 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 now seen better days.China Mulls New Stimulus, Higher Deficit to Meet Growth Goal
Chan has just taken the first step on what he hopes to pin his legacy. His firm has raised 35 billion yen from institutions in Japan and Singapore for its Japan Tourism Fund 1, with much of that tagged for the ski initiative. Investors include Mizuho Bank Ltd., Temasek Holdings Pte’s Pavilion Capital and a Singapore university endowment, Patience said in a statement on Wednesday.
Chan joined GIC at the turn of the century, when the wealth fund was repeatedly losing bids for Japanese real estate and wanted a Singaporean with the cultural skills and experience to work in Tokyo. In 2004, he was transferred to Japan as its representative in the country, where he built relationships with top executives such as Shinichi Sasaki, the former deputy president of trading giant Sumitomo Corp.
Yosuke Kanehira, who runs the Good Mountains restaurant a 30 minute drive away in the nearby town of Iiyama, reckons overseas tourists would reinvigorate resorts like Madarao. Like many rural areas in Japan, the city of Myoko has seen its population drastically shrink over the past 30 years.
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