Green light for Chinese tycoon to rent land to build resort in Iceland

Following the report last year about the plan of Chinese tycoon Huang Nubo to buy the land in an isolated part of Iceland to build a resort being turned down, the year-long drama has come to a happy ending as he is now given the green light to rent the land by Reykjavik.

It is the latest sign of Chinese companies going global. After more than three decades of explosive economic growth, investing abroad, both in developing countries and developed ones, has become an unstoppable trend for Chinese companies.

The deal was reached with difficulty for Huang Nubo, chairman of the Beijing Zhongkun Investment Group, after an international row over the real intention of the original bid to buy land for the resort – whether it was political because Huang worked for a Communist Party of China department and the Ministry of Construction in the 1980s.

Huang said the Icelandic side proposed signing contracts in China next month and his company will hold a press conference on the deal in Iceland, because the Icelandic people also “want to know what happened.”

Huang said his company plans to build resorts in north European countries including Norway, Finland and Sweden over the next five years.

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