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Australian bank pulls plug on Japanese ski resort expansion
 Poster: A snowHead
Poster: A snowHead

Niseko, the ski resort on Japan's north island which regularly enjoys huge snowfalls, has also attracted much Australian tourism and investment in recent winters. But an Australian bank prominently involved in financing accommodation in the area has now withdrawn. The Commercial Bank has indicated that it is uncomfortable with its exposure.

This report from The Age.

Quote:
Already the second stage of a Japanese ski resort development has been placed on hold as developers brace for an exodus of leveraged Australian investors.

The introduction of the product around a year ago triggered a rush by Australian property developers and buyers keen to pick up holiday homes in Niseko ... The fall of the Australian dollar against the yen has also hurt the sector, almost doubling the price of a property on the Japanese slopes for Aussies.


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