From Iceland — Huang Nubos Land Deal To Be Reviewed

Huang Nubos Land Deal To Be Reviewed

Published July 30, 2012

Members of parliament are now coming together to review Chinese entrepreneur Huang Nubo’s land deal, and it already appears that the Leftist-Greens are in favour of nullifying it altogether.
As reported, Huang Nubo’s recently revealed in an interview that the terms of his deal allowed him to lease some 30,639 hectares in northeast Iceland for 40 years with the option to rent for another 40 years at the lease’s end. Furthermore, his plans include not just the building of a luxury hotel, but also some 100 villas “mostly for wealthy Chinese”.
Minister of the Interior Ögmundur Jónasson responded to the news by saying, “We’re not talking about some shop by Jökullsá river. If people can rent land for this length of time, it becomes more or less equivalent to land ownership.” He has called for the land deal to be reviewed, and wants to have it nullified.
RÚV now reports that the Leftist-Greens support the measure. As one of the two parties in the ruling coalition, the matter would appear to be close to an end. However, the other party in the coalition – the Social Democrats – have supported the land deal, and Huang Nubo is good friends with several prominent members of that party. Nonetheless, Social Democrat party chairperson Magnús Orri Schram told reporters that he believes an agreement between the two parties can be reached.
The review of the land deal will be formally introduced to parliament tomorrow.

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