Chinese tycoon still eyes Iceland resort

AFP-JIJI

A Chinese property tycoon who wants to build a resort in the Icelandic wilderness still hopes to clinch a deal with authorities in Reykjavik despite two failed attempts, his representative said Friday.

Huang Nubo, founder of Chinese property firm Zhongkun Group, is negotiating a deal that will see municipalities in northeastern Iceland buy the land and lease it to him, said his Icelandic representative, Halldor Johannsson.

Huang’s latest bid comes after Iceland in 2011 denied his request to buy 30,000 hectares of a wilderness area known as Grimsstadir a Fjoellum, citing foreign ownership laws.

He planned to build a tourist resort and create Europe’s biggest nature reserve, a $200 million investment.