Chinese investor to rent Iceland land

CHINA - Chinese business tycoon Huang Nubo said he's close to making a deal to acquire a property in Iceland for tourism investment.

A new arrangement would see Huang rent the property rather than buy it, he told China Daily at his office on May 4.

"The whole deal is nearing completion today. I think the outcome won't be far from my expectations," said Huang with full confidence in the realization of his US$200 million (S$251 million) investment in 300 square kilometers of land in northeast Iceland.

Huang explained that if everything goes well at an Iceland cabinet meeting scheduled to discuss condition of the deal on May 4, Icelandic time, then his deal will be approved.

He will then be able to sign contracts in the middle of June and begin operating as planned.

Huang stirred huge controversy and questions in 2011 when his company, Beijing Zhongkun Investment Group, announced a plan to buy the land to build a top resort and tourist facilities.

However, in November the Icelandic Minister of the Interior rejected the purchase.

Huang showed more calm and confidence today when talking with China Daily compared with the anger he revealed when commenting on the rejection in November.

"I did nothing but wait after the rejection," he said, "But finally my patience is paying off."

He said the Icelandic side has been in contact with him frequently after the rejection.