Citigroup Inc has sold one of Japan's most famous ski resorts, Niseko Village, to Malaysia's YTL Corp, with the property and power conglomerate seeking to develop it into a world class summer and winter destination.
Niseko Village, sold for 6 billion yen ($67 million), is popular with Chinese and Australian skiers and a mecca for domestic snowboarders due to its quality powder snow.
Located on the northern island of Hokkaido, the resort features two hotels, including a 506-room Hilton Hotel, two golf courses, ski trails and natural hot springs.
YTL said in a statement it plans to expand residential areas and ski-in ski-out estates, as well as restaurant and retail facilities.
Citigroup, which bought Niseko and other properties for 6.2 billion yen in 2006, has been selling assets in Japan to restore its balance sheet. In addition to its brokerage and asset management businesses here, it sold call centre Bellsystem24 to Bain Capital for $1 billion last year.