Friday, September 02, 2011

Grímsstadir á Fjöllum On My Mind

"A Chinese tycoon plans to buy a vast tract of Icelandic land for a $100m tourism project which critics fear could give Beijing a strategic foothold in the North Atlantic.

Huang Nubo, a real estate investor and former Chinese government official, has struck a provisional deal to acquire 300 square kilometres of wilderness in north-east Iceland where he plans to build an eco-tourism resort and golf course. Opponents have questioned why such a large amount of land – equal to about 0.3 per cent of Iceland’s total area – is needed to build a hotel. ...

People familiar with the deal said that Mr Huang had agreed to pay almost IKr1bn ($8.8m) for the land" ...

Andrew Ward and Leslie Hook "Chinese tycoon seeks to buy tract of Iceland" Financial Times August 29, 2011


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