There was apparently more to the deal that Chinese entrepreneur Huang Nubo made with Icelandic authorities than was originally reported, if a recent interview he gave in Beijing is to be believed.
As reported, Huang Nubo originally wanted to buy Grímsstaðir á Fjöllum, comprising about 30,639 hectares in northeast Iceland, for the development of a resort. However, Icelandic law forbids foreigners from purchasing property, and so an agreement was made that he could lease the land instead.
The original details were that he would lease the land from surrounding municipal authorities for 40 years, to build a luxury hotel and golf course on the property. However, a recent interview Huang Nubo gave in Beijing indicates the deal goes considerably farther than that, Bloomberg reports.
For starters, he said that he will not only be leasing the land for 40 years; he will also have the option to extend the contract another 40 years, if he so desires. He also plans to build 100 villas on the property, for sale “mostly to wealthy Chinese buyers”, which he predicts would more than cover the costs for building the resort. Neither of these details were revealed in the initial reporting of the land deal.
“The remaining about 300 square kilometers of land will be developed into a mountain park that provides services like hiking, horseback riding and hang gliding to tourists around the globe,” Bloomberg quotes him as saying.