From Iceland — Huang Nubo To Sign Deal This Month

Huang Nubo To Sign Deal This Month

Published October 1, 2012

Chinese entrepreneur Huang Nubo could be all set to sign his land deal this month, Chinese sources say.
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.
Xinhua then reported that “Chinese tycoon Huang Nubo, whose plan to build a resort in an isolated part of Iceland was turned down amid suspicion a year ago has been given the green light to rent the land by Reykjavik, with the year-long drama coming to a happy ending.”
Now reports that Huang Nubo could be signing his land deal this month:

Chinese business tycoon Huang Nubo stated on Thursday that his company is expected to sign a 99-year-long land lease agreement with the Icelandic government as early as in mid-October. … Huang said the Icelandic side has recently sent the company a copy of a first draft agreement, which is currently being reviewed by the company.
The two sides are expected to seal the deal in China next month and will then move on to submit the deal to Chinese authorities for approval.
“There will be no problem in getting domestic approval,” Huang said. The company’s application for purchasing the land already obtained approval from the local government agency last October.

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