3 6 Ke·2025-08-29 02:19Group 1 - China Travel International has acquired Vanke's Songhua Lake Ski Resort and Wanbing Snow Company, marking its first large-scale ski resort project [1][3] - The acquisition includes six outdoor ski resorts and one indoor ski center, along with eleven ski schools, which are core assets of Vanke's snow business [3][5] - Vanke's snow business has struggled to achieve scale and revenue, with projected income of only 310 million yuan during the peak 2024-2025 snow season [5][6] Group 2 - Vanke's decision to divest its snow business reflects a strategic shift, as the company aims to address inefficiencies and focus on core competencies [6][7] - The snow industry is characterized by high investment, long cycles, and slow returns, making it challenging for high-turnover real estate companies [6][8] - The acquisition by China Travel International not only involves assets but also represents a learning opportunity in the commercial landscape [7]