Latest news with #Chinese-affiliated
Tokyo Reported
11-05-2025
- Business
- Tokyo Reported
Democratic Party for the People concerned about acquisition of land by foreigners
HOKKAIDO (TR) – Last month, the Tokyo District Court decided to start bankruptcy procedures for the Chinese-affiliated company behind New World La Plume Niseko Resort, which was expected to be one of the largest resorts in Niseko. For years, observers have expressed concerns about rising prices in Niseko caused by foreign tourists flocking to such overseas-funded resorts. As a result, the bankruptcy announcement for many has suggested a cooling of the market. However, Kazuya Shimba, Secretary General of the Democratic Party for the People, continued to express a strong sense of crisis about foreigners acquiring land in Japan at the House of Councillors Committee on Foreign Affairs and Defense on May 9. At one point, Shimba said, 'I can't help but feel anxious. I don't think I will be able to sleep tonight.' However, he received few meaningful answers from government officials, reports the Sankei Shimbun (May 9). Shimba first mentioned Niseko, where foreign capital, including that of Chinese companies, is flowing in. 'A bowl of ramen is 2,000 yen, a pork cutlet bowl is 3,000 yen, a refill of tea is 500 yen and a sea urchin bowl is 20,000 yen,' he said. 'These are horrible prices due to an influx of foreign tourists. Rich people like [Prime Minister Shigeru Ishiba] may be able to buy it, but I can't. It's terrible.' He continued, 'I wondered how Japanese people could do business so unscrupulously, but it turns out that Chinese people are buying stores and doing business with fellow Chinese at these prices. I thought this might be just one thing, but they're buying up land all over the country, so I asked about the current situation [in the Diet], but the government has no idea what's going on. Shouldn't they have a clue?' Liberal Democratic Party member Rio Tomono, who is the Cabinet Office Parliamentary Vice-Minister for Economic Security, replied, 'As I am the Parliamentary Vice-Minister in charge of the Important Land Survey Act, I am conducting a survey to understand the current situation within that scope.' As the act concerns land important for national security, Tomono said, 'I will refrain from answering questions about the current situation regarding land other than what is deemed important land.' New World La Plume Niseko Resort (X) Two restaurants and an outdoor onsen La Plume Niseko Resort SPC, a Tokyo-based special-purpose company, was the local representative company for the construction of New World La Plume Niseko Resort. Construction began in 2019. The five-villa resort was to feature 219 rooms, two restaurants and an outdoor onsen bathing facility on a 36-hectare site located near Niseko Village Ski Resort. A source told the Sankei , that payments to a contractor on the project stopped with about 30 percent of the work completed. Construction stopped last fall. This development could signal a shift in the market. Starting around two decades ago, investment in Niseko by wealthy foreigners, often from Australia, has flowed in, making it known around the world as a luxury ski resort. However, since the COVID-19 pandemic, the influx of Australian capital has slowed while that from China, Hong Kong and South Korea has picked up. According to the public land price announcement for 2025 by the Ministry of Land, Infrastructure, Transport and Tourism, residential land in Kutchan Town in the Niseko region is 181,000 yen per square meter, up 9.7 percent from the previous year. In commercial areas around Hirafuzaka, land prices are over 500,000 yen per square meter, more than double what they were 10 years ago. 'Failure is not permitted in diplomacy' Shimba went on to say that Japan's land nationwide needs to be protected from foreign ownership. At one point, he called out the Ministry of Agriculture, Forestry and Fisheries, asking, 'How much land do they know that foreigners own?' In response, a Cabinet Office official said, 'We are aware of the situation within the area based on the Important Land Survey Act, and we receive information on farmland and nationality written in the permission and notification from the Forestry Agency and the Ministry of Agriculture, Forestry and Fisheries, but nationality is not written in other land transactions, so we are not aware of it.' Shimba then mentioned the World Trade Organization's General Agreement on Trade in Services, which has been pointed out as a bottleneck in regulations. It is an international rule that states, 'There should be no disparity in the treatment of Japanese and foreigners.' If a 'reservation' had been made regarding land acquisition when Japan joined the agreement, it would have been possible to prohibit foreigners from owning land, but Japan did not make such a reservation. Shimba pressed Foreign Minister Takeshi Iwaya. He said, 'The LDP-Sakigake coalition was in power at the time, but don't you think that decision was a diplomatic failure?' Iwaya merely said, 'Personally, I think we need to thoroughly examine whether it was discussed whether the problems pointed out today would arise, but it was a comprehensive decision at the time.' Shimba pointed out, 'Failure is not permitted in diplomacy. We can't go back. This is a prime example. I think the decision at the time was clearly a failure.' 'We are currently investigating' Shimba then asked about the situation in the U.K. and France, which do not have the same 'reservation' problem as Japan. He said, 'I think they are putting in place restrictions to make it difficult for foreigners to buy up their land.' Tomono did not answer, saying, 'We are currently investigating.' In response, Shimba was again surprised. He said, 'I have notified you of a question, but never mind.' He asked, 'Who is in charge of protecting their own country so that land other than important land is not purchased by foreigners?' Tomono replied, 'I will refrain from answering.' Shimba expressed a sense of crisis. He asked, 'So there is no government agency that protects land other than important land? I ask the question in the hope of dispelling the public's anxiety, but it has only made me more anxious. I can't help but feel anxious. I don't think I will be able to sleep tonight.'
Japan Forward
09-05-2025
- Business
- Japan Forward
Signs of a Niseko Bubble? Chinese Resort Developer Goes Bankrupt
このページを 日本語 で読む A Chinese-affiliated company behind one of the largest resort developments in Niseko, Hokkaido, has gone bankrupt. In recent years, the Niseko area has seen soaring land prices and labor costs driven by an influx of foreign capital, dramatically transforming the town. But now that a major China-backed project has failed, risks associated with foreign investment are becoming more visible. Locals are increasingly worried that this may be a sign of a looming bubble burst. Niseko grew into a world-class resort, beloved by skiers for its top-quality powder snow. In one corner of Hirafuzaka, the heart of the resort area in Kutchan Town, stands a half-finished building now covered with tarps. This is a condominium complex under development by La Plume Niseko Resort SPC, a Tokyo-based special-purpose company. In April 2025, the Tokyo District Court declared the company bankrupt. Construction halted last autumn. The plan had been to build Niseko's largest accommodation facility, with 219 guest rooms and five private villas. According to insiders, the project stalled with only about 30% completed after payments to a local construction company fell behind. La Plume, founded in December 2020, was a project led by a Chinese-affiliated firm, the bankruptcy trustee's legal representative confirmed. A Japanese local subsidiary of a Chinese company had acquired the land and begun development, but cash flow problems caused the project to collapse. Total debt is expected to run into the tens of billions of yen. The creditor, a construction company, filed for bankruptcy proceedings with the court, which approved the request. Niseko, whose name comes from the Ainu word meaning "sharp cliff," began booming after the September 11 attacks in 2001, when Australian skiers began avoiding North America and turned their attention to Japan. Investments by wealthy foreigners became a trend, and Niseko gained international fame as a luxury ski resort. However, following the COVID-19 pandemic, Australian investment slowed, while investment from China, Hong Kong, and South Korea surged. Concept image of La Plume Niseko Resort (from Instagram) Pushed by the ever-increasing investment demand, land prices have continued to soar. According to the Ministry of Land, Infrastructure, Transport and Tourism's 2025 land value survey, residential land prices in Kutchan rose 9.7% from the previous year to ¥181,000 JPY ($1,167 USD) per square meter. Commercial land around Hirafuzaka exceeded ¥500,000 ($3,225) per square meter — more than double what it was a decade ago. In 2020, the town saw the highest nationwide growth in both residential and commercial land prices. Tourist numbers continue to climb. According to Kutchan Town, in fiscal 2023, the total number of foreign overnight stays in the Niseko area (including Niseko, Rankoshi, and Kutchan) reached 738,800. This marked the highest figure on record since data collection began in 2006. On the flip side, wages for hotel and restaurant staff serving foreign tourists have skyrocketed. During the peak winter season, it's not uncommon for part-time workers to earn over ¥2,000 ($12.90) per hour, even higher than Tokyo rates. A local restaurant owner in Kutchan said, "If you speak English, ¥3,000 ($19.35) an hour isn't unusual. Naturally, the extra labor costs have to be covered by raising menu prices." Miso ramen: ¥2,000, Hamburger: ¥3,000. These are common prices on menus during winter in Niseko. Coupled with the weak yen and increasing inbound tourism, social media users have started to mock the area's high prices using the term "Niseko Price." To dispel this image, the town of Niseko calculated the cost of making curry rice — a household staple — to gauge real living expenses. The March 2025 "Curry Rice Price Index" came to ¥382, about ¥25 cheaper than the national average. A local official said, "There's a growing gap between perceived and actual local conditions. Correcting misinformation is difficult, but we'll continue to provide accurate information." For sale sign at an old property in Niseko. (©Agnes Tandler) With a population of 17,000, Kutchan Town counts foreign residents as 20% of its permanent population. The collapse of a Chinese luxury resort plan amid the ongoing Niseko Bubble has fueled local anxiety. If the abandoned hotel project turns into a ruin, it could damage the image of the popular resort. The bankruptcy trustee's lawyer told The Sankei Shimbun , "We've already inspected the site and are in talks with relevant parties to prevent it from being left as is. While the project's scale and plans may change, we hope to find a way to continue the development in some form." Author: Kenta Shiraiwa, The Sankei Shimbun このページを 日本語 で読む
Yahoo
27-04-2025
- Business
- Yahoo
Webull Stock: 2 Reasons to Buy, 4 Reasons to Sell
Webull (NASDAQ: BULL) went public by merging with a special purpose acquisition company (SPAC) on April 11. The online brokerage's stock started trading at $16 that Friday, but it soared to a record closing price of $62.90 the following Monday. After that dizzying rally, Webull's stock pulled back to around $23. Let's review Webull's business model and see if it's the right time to buy or sell its volatile shares. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Webull was founded in 2016 as Hunan Fumi Information Technology, a Chinese holding company backed by Xiaomi, Shunwei Capital, and other private equity investors in China. Its founder, Anquan Wang, previously worked at Alibaba. In 2017, Hunan Fumi launched Webull as a Delaware-based LLC and opened its headquarters New York City. Webull subsequently launched its namesake trading app in 2018, and it incorporated itself as a new company in the Cayman Islands in 2019. In 2022, Webull moved its headquarters to St. Petersburg, Florida, and restructured its business to separate Hunan Fumi, its original Chinese holding company, from the rest of its growing business. That split paved the way for Webull's recent merger with SK Growth Opportunities, a SPAC affiliated with the South Korean conglomerate SK Group. Webull is technically a U.S.-based company now, but last November a coalition of states attorneys general launched a probe into its alleged ties to the Chinese government. Those allegations could expose Webull to the same regulatory risks as other Chinese-affiliated apps, including ByteDance's TikTok and PDD's Temu. Webull is similar to Robinhood (NASDAQ: HOOD). Both companies provide commission-free trades for stocks, ETFs, options, cryptocurrencies, and fixed-income investments on their streamlined mobile apps. However, Webull claims it serves more experienced investors than Robinhood, which carved out its niche by locking in millions of first-time investors. Both companies generate their revenue with a "payment for order flow" (PFOF) model that routes their clients' brokerage orders through high-frequency trading (HFT) firms in exchange for commissions for each routed order. Both companies also offer paid subscription tiers that offer real-time data and other perks. Webull operates in 14 markets, and it's a licensed broker-dealer in the U.S., Canada, Hong Kong, Singapore, Malaysia, Japan, Indonesia, Thailand, Australia, the U.K., the Netherlands, and South Africa. Robinhood is only a licensed broker-dealer in the U.S., the U.K., and Lithuania. Webull served more than 23.3 million registered users at the end of 2024, but it had only 4.7 million funded accounts with $13.6 billion in customer assets. By comparison, Robinhood served 25.2 million funded customers at the end of 2024 with $193 billion in assets under custody. So while Webull is more globally diversified than Robinhood, it's still a distant underdog. If we divide their total assets by funded customers, we also see that the average size of a Webull account was only $2,894 at the end of 2024, versus an average account size of $7,659 at Robinhood. That big gap indicates that Webull's customers aren't as affluent as Robinhood's -- even though it argues its a platform for more "experienced" investors. In 2024, Webull's registered user base grew 18%, its funded accounts increased 9%, and its total assets increased 66%. However, its total revenue stayed nearly flat at $390 million, its operating expenses rose 10% to $404.5 million, and its adjusted operating margin dropped from 13.4% to 4.7%. For reference, Robinhood's revenue surged 58% to $2.95 billion in 2024. The bulls might like Webull for two reasons: It's more geographically diversified than Robinhood, and it's still gaining new users and accounts in those fertile markets. However, the bears probably think Webull's stock will fizzle out for four reasons. First, its flat top-line growth indicates it's struggling to squeeze more revenue from its existing users. Second, it's never a good sign when the underdog is growing slower than a market leader -- and Webull's metrics look grim compared to Robinhood's. Third, Webull looks overvalued. With a market cap of $10.8 billion, it trades at a whopping 28 times last year's sales. Robinhood, with a market cap of $37.3 billion, trades at 13 times last year's sales. Last but not least, it could be hit by more regulatory probes regarding its links to China. Therefore, the reasons to sell or avoid Webull easily outweigh the reasons to buy it. If you're interested in investing in a commission-free brokerage, it makes more sense to stick with Robinhood than with its smaller and slower-growing competitor. Before you buy stock in Webull, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Webull wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $591,533!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $652,319!* Now, it's worth noting Stock Advisor's total average return is 859% — a market-crushing outperformance compared to 158% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of April 21, 2025 Leo Sun has no position in any of the stocks mentioned. The Motley Fool recommends Alibaba Group and Xiaomi. The Motley Fool has a disclosure policy. Webull Stock: 2 Reasons to Buy, 4 Reasons to Sell was originally published by The Motley Fool Sign in to access your portfolio
Japan Times
25-03-2025
- Japan Times
Osaka police arrest Japanese man linked to fraud group in Myanmar
Osaka police on Tuesday arrested a 29-year-old Japanese man who had been detained in Thailand for allegedly tricking a Japanese high school student into committing fraud from Myanmar. The suspect, Tomu Fujinuma, was arrested by the Osaka Prefectural Police after being transported to Kansai International Airport from Bangkok. Fujinuma was arrested on initial charges of abducting an acquaintance in his 20s from a street in Osaka and assaulting and confining him in August last year. The suspect allegedly stole ¥2.6 million in cash and a watch from the acquaintance and fled Japan after the incident, police said. Japanese police are also investigating Fujinuma for allegedly tricking the high school student and kidnapping him to Myanmar. According to Thai police and other sources, Fujinuma was held at an airport in Bangkok on Feb. 13 this year for his alleged involvement in managing a fraud scheme in Myanmar. Fujinuma is believed to have been involved in a fraud group targeting Japanese nationals that was operating from a Chinese-affiliated crime group's base near Myawaddy, eastern Myanmar. He allegedly forced the high school student from Miyagi Prefecture, whom he met in an online gaming community, to commit fraud. Fujinuma may have also been involved in a Japanese scam group operating from Cambodia, Thai police and other sources said.
Yahoo
05-03-2025
- Business
- Yahoo
China catching up to US on chip science, report finds
Chinese-affiliated researchers produced twice as many public research papers on chip design and manufacture as their US counterparts between 2018 and 2023, according to an analysis by Georgetown University's Center for Emerging Technology. The report follows the sudden prominence of Chinese startup DeepSeek's low-cost artificial intelligence model, R1, which appeared about as capable as some of the leading US models despite running on less advanced and fewer semiconductor chips. DeepSeek's abilities, as well as other Chinese AI advances, have added urgency to the global race to develop advanced semiconductors vital for artificial intelligence. And it's not just volume: Half of the top-cited articles in the report featured authors from Chinese organizations and universities, compared to 22% from the US and 17% from Europe. The findings don't necessarily mean that China is leading on chips compared to the US, but it is 'showing us where things are headed,' an analyst at the Center for Emerging Technology told Nature: If China can translate more basic research into more advanced chips, that could foil US export and other controls that aim to restrict Chinese innovation, especially around artificial intelligence. More broadly, China is increasingly able to rival or even surpass the West in some fields: Chinese universities now dominate the highest-ranking institutions in chemical research — foundational to key industries like pharmaceuticals and aerospace. The US could lose even more technological ground as the result of Trump administration cuts to America's scientific institutions, a researcher at the Australian Strategic Policy Institute noted. Western governments are increasingly concerned about China and other adversaries gaining access to sensitive information via such cross-border collaboration, but the restrictions risk stifling innovation, which 'depends on the free flow of science and talent,' a science policy expert wrote in The Conversation. While the US has for years used trade and other restrictions aimed at stymieing Chinese scientific innovation in order to safeguard its own scientific and technological lead, The Economist argued last year, it could be more effective in encouraging greater openness to international collaboration on science.
