Three winters from now, Japan¡¯s snowy Myoko highlands will be home to a $1.4 billion mega-resort built by a Singaporean fund, with hotels charging some $1,350 a night.
The project by Patience Capital Group (PCG) promises to create 1,000 jobs and spur winter tourism. But for many Myoko locals, foreign interest has become a double-edged sword, threatening overdevelopment, sky-high prices and the sweeping away of traditional culture.
Even before news of PCG¡¯s interest, many inns, ski rental shops and restaurants in Akakura ¡ª one of five major ski resort towns in the Myoko region ¡ª had been snapped up by foreigner nationals.
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