Chinese land developer wants to buy 300 sq.km. in Iceland

Iceland’s interior ministry said Thursday it had received a request from a Chinese investor and property developer for permission to buy a tract of Icelandic land for a tourist resort.

Huang Nubo is seeking an exemption to an Icelandic law that bans the sale of land to citizens outside the European Economic Area (EEA).

“This request will be taken into consideration in the ministry, like all other requests, since the purchase is illegal unless there is a special exemption,” Icelandic Interior Minister Oegmundur Jonasson told AFP…

Oegmundur has previously said that the future of natural resources, such as water, on the land in question would have to be taken into account. The piece of land is located on the northeastern part of the island.

According to the Financial Times, Huang Nubo, a former Chinese government official, plans to buy 300 square kilometres of land and invest a total of $100 million to build a luxury resort with a hotel, golf course and sports facilities…

Forbes ranked Huang as China’s 161st richest man in 2010, with a net worth of $890 million. His company, Zhongkun Group, owns resorts and tourist facilities across China and around the world.

I wonder if Huang Nubo has ever been in Iceland. A golf course would be a trip – given typical wind conditions in Iceland.

Most islands tend to be a bit windy. Iceland tends to be “lot” windy. The usual instruction for casting a salmon lure on one of the better angling rivers is to pick a spot with the wind behind you – hold fast to your fishing rod and toss the lure up into the air directly overhead. It will travel dozens of meters before landing on the river’s surface. 🙂

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