Iceland blocks land sale to Chinese billionaire

Iceland’s government will not allow Chinese billionaire Huang Nubo to purchase 300 square kilometers of the island’s land where his company planned to build a resort, Bloomberg reported. The country’s Internal Affairs Ministry wrote in an e-mailed statement that Huang’s Beijing Zhongkun Investment Group did not meet any of the strict requirements of a corporation wishing to buy land in Iceland. Huang had previously stated he was in talks with Icelandic farmers to buy the land for US$8.8 million. Huang blamed struggles between Iceland’s political parties for the purchase being rejected, Xinhua reported. “A fair and reasonable international investment environment should not mean eyeing money in Chinese people’s pockets, while guarding against the Chinese in every possible way, and fearing they will take away the country’s resources,” Huang told Xinhua. Huang’s purchase would have been the largest ever by a foreigner.