Australian and Hong Kong companies integrate businesses in Niseko development
It has been revealed that Hokkaido Tracks (Kutchan) the major Australian real estate agent that built the first condominium in the Niseko region, a ski resort in Central Hokkaido, has established a new company with the Hong Kong enterprise HakuLife (Tokyo), to integrate their entire business. The integration with the Australian company that has long history of initiating developments in the Niseko region, looks set to increase the presence of Chinese-based capital in development.
Hokkaido Tracks and HakuLife’s new company, ‘H2 Group’ was established in Kutchan on November 1, 2020. The entire assets and businesses of both companies have been transferred to the new enterprise, with each company investing 50% of the new company’s capital of 9.98 million yen and both companies owning the shares. The C.E.Os of the existing companies will both become co-CEOs of the new company.
The H2 Group’s facilities have all been transferred to the new ‘H2’ brand. According to Hokkaido Tracks C.E.O. Simon Robinson, “The Niseko region’s market has changed a lot”. The aim of establishing the new company is “to utilize HakuLife’s knowhow regarding service aimed at affluent customers as we look ahead to after the end of the Coronavirus pandemic.”
Hokkaido Tracks was established in 2004. As well as building Niseko region’s first condominium, the company is also involved in the development of numerous accommodation facilities, dealing with the ski demand from Australia, and leading the way in the internationalization of Niseko.
HakuLife was established by Hong Kong citizen Michael Chen in 2017. The company runs two of the region’s most luxurious facilities, with rates of up to 3 million yen per night, and is popular among Asia’s wealthy classes.
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