A Chinese businessman has been given initial approval to rent a plot of land in Iceland and develop it into a vast tourism and nature retreat. Huang Nubo of the Zhongkun Group previously applied to buy the same 120 square-mile tract, but was rejected due to rules about foreigners owning large amounts of land.
According to company spokeswoman Yao Chen, the contract is likely to be signed next month. “We can’t comment on details as it is not officially set, but we think that it will be very likely for us to settle it this way,” Yao added in a report by Business Week.
Specifying that her boss is looking for a 99-year lease, Yao said, “We would like to develop it for tourism, having hotels, parks and racetracks there.”
Many politicians see the project as an opportunity for Iceland to get back on its feet following the devastating banking crash in 2008. According to reports, however, at one stage Huang threatened to move his investment to the US, Sweden or Finland after claiming that “anti-Chinese” attitudes had led to him being denied the right to buy.
Zhongkun has been given initial approval to rent a ranch and a nearby barren mountain on the country’s north shore. “Actually we would like to just get the ranch, but the government said it is impossible to get it without the mountain,” Yao said.
I agree with Bhollrah — Iceland is also my mother’s homeland and I would hate to see part of its unspoiled land turned into a tourist attraction just for the sake of financial gain. The great thing about Iceland’s countryside is how pristine it is… the world does not need more tourist resorts and racetracks. I hope that Iceland’s officials will take environmental issues into consideration when considering future development.
The Chinese will turn it into a giant paddy field and call it Riceland instead of Iceland.
“Buying land is a good option”
Its a lease for 99 years. Just like Hong Kong, it has to be given back.
In the Pacific there are several islands which were quietly overtaken by Chinese during recent years (e.g. Solomon Islands, Tonga). There is a Chinese ice-breaking research vessel cruising through the Arctic. Something which is too expensive for European nations like GB or France. So, China definitely has a strategic interest in the North Atlantic/Arctic area.
Buying huge parts of Iceland could also be just a way to get rid of us-dollars before they become worthless.
Can’t believe this is happening! Why would a small country like Iceland (my mother’s homeland) give away rights to such a large area of property? What is the real motive here? There are plenty of “resort” areas in Iceland which directly benifit the Icelandic ecomomy. Why would you give that way to non-Icelanders? Who will be the next large country to come asking for a piece of your prestine land?
maybe the Chinese just have to spend their us-dollars before these become worthless. Buying land is a good option. Promoted by a meltng Arctic North Iceland could be pulled out into a huge Chinese container terminal.
Whats he going to call it, Honk Kong Iceland?
I have my doubts, why would anyone really need 120 square miles for a tourist resort in northern Iceland? Even 1 or 2 square miles would be pretty big for a tourism project so I feel the tourism project is just one part of the investors intentions. What is the dark side?
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