May 3, 8:31 pm | By Zhang Yan
Huang Nubo, chairman of Zhongkun Investment Group Co. Ltd. and one of the richest men in China, finally signed a deal that would allow him to build a tourist resort in Iceland, local state-owned radio station RUV said on Wednesday.
Huang inked a contract to lease a vast of tract of land in the northeast of the country for 40 years, the report said.
Zhongkun Investment Group said the cooperation was initially put forward by the Icelandic government in place of Huang's proposal to buy the land, the company told China's Phoenix TV. The deal gives the entrepreneur a land lease of 70 percent of the 300 square kilometres of farmland he had originally wanted to buy outright.
Huang had attempted to buy the land last year to develop a tourist resort on the island, but the plan was rejected by Iceland's government for failing to meet the legal requirements on foreign ownership, while some had suggested the acquisition might be a cover for a possible future naval base in the future, according to Reuters.
The new agreement will be submitted on Friday to Iceland's government, which holds a 20 percent stake in the land, RUV said.
Huang hopes to create up to 500 jobs through the project, which will receive an investment of some $160 million, but some farmers using the land are still opposed to the lease agreement.
China's Premier Wen Jiabao paid a visit to Iceland last week, aimed at enhancing the injection of Chinese capital into the resource-rich but cash-strapped country.
Several leading Chinese politicians have paid a visit to Europe this year, during which they have held talks with senior European leaders about trade and financial cooperation to help the continent out of its current funk. The European Union is China's biggest trade partner.
In an article published on the Chinese website of the Financial Times on Wednesday marking his trip to the continent, China's premier-in-waiting Li Keqiang urged a closer China-Europe relationship.
Xi Jinping, vice president and the man expected to be China's next leader, chose Ireland as the only European stop in an international tour in February, showing strong interest in its economy.
In return, the island country gave phase one of the 1.4 billion euro "Europe-China Trading Hub" planning permission on Tuesday, Reuters said.
Officials behind the project hope the hub will become the Europe's largest source of Chinese-branded goods.
Chinese developer signs land lease contract with Iceland government - Politics & Society - businesswatch
Huang Nubo, chairman of Zhongkun Investment Group Co. Ltd. and one of the richest men in China, finally signed a deal that would allow him to build a tourist resort in Iceland, local state-owned radio station RUV said on Wednesday.
Huang inked a contract to lease a vast of tract of land in the northeast of the country for 40 years, the report said.
Zhongkun Investment Group said the cooperation was initially put forward by the Icelandic government in place of Huang's proposal to buy the land, the company told China's Phoenix TV. The deal gives the entrepreneur a land lease of 70 percent of the 300 square kilometres of farmland he had originally wanted to buy outright.
Huang had attempted to buy the land last year to develop a tourist resort on the island, but the plan was rejected by Iceland's government for failing to meet the legal requirements on foreign ownership, while some had suggested the acquisition might be a cover for a possible future naval base in the future, according to Reuters.
The new agreement will be submitted on Friday to Iceland's government, which holds a 20 percent stake in the land, RUV said.
Huang hopes to create up to 500 jobs through the project, which will receive an investment of some $160 million, but some farmers using the land are still opposed to the lease agreement.
China's Premier Wen Jiabao paid a visit to Iceland last week, aimed at enhancing the injection of Chinese capital into the resource-rich but cash-strapped country.
Several leading Chinese politicians have paid a visit to Europe this year, during which they have held talks with senior European leaders about trade and financial cooperation to help the continent out of its current funk. The European Union is China's biggest trade partner.
In an article published on the Chinese website of the Financial Times on Wednesday marking his trip to the continent, China's premier-in-waiting Li Keqiang urged a closer China-Europe relationship.
Xi Jinping, vice president and the man expected to be China's next leader, chose Ireland as the only European stop in an international tour in February, showing strong interest in its economy.
In return, the island country gave phase one of the 1.4 billion euro "Europe-China Trading Hub" planning permission on Tuesday, Reuters said.
Officials behind the project hope the hub will become the Europe's largest source of Chinese-branded goods.
Chinese developer signs land lease contract with Iceland government - Politics & Society - businesswatch
