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Iceland rejects tycoon’s land bid


Published on Nov 28, 2011

Iceland has rejected a land purchase bid by Chinese Tycoon, Huang Nubo, who had intended to build a resort there. Authorities claim the purchase bid did not meet legal requirements, which has enraged the Chinese tycoon who claims no mention was made of this prior to making the application. "I was shocked when they denied my purchase, was absurd because we were told something totally different= before making the application," the Zhongkun Investment Group Chairman, told the Global Times. Huang's plan was to turn the 300km2 farm into a high-end resort including a hotel, golf course and racecourse by investing a total of US$200 million.

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