Chinese businessman Huang Nubo is likely to approach the new Minister of Industry and Commerce regarding his twice failed bid to lease a large swath of land in Grímsstaðir á Fjöllum for the construction of a tourist park and community of luxury vacation homes.
Halldór Jóhannsson, Huang’s representative in Iceland has reiterated that the expansive development would create many jobs for the area, however he has yet to confirm Huang’s intentions to give the acquisition another try, RÚV reports.
“The case has not progressed so far that we’re ready to speak with the Minister of Industry and Commerce,” said Halldór. “We have been examining the situation and have been in negotiations with local authorities about a possible partnership. It has proceeded well, but it is premature to talk about whether apply once again or how.”
Huang first attempted to purchase the land in 2011 and was rejected on the grounds that foreign nationals are not permitted to purchase land in Iceland. He then moved to leas the land for a period of 40 years, however over the course of 2012 the agreement was evaluated and scrutinized repeatedly until the former Minister of the Interior, Ögmundur Jónasson quashed the deal in December, leaving Huang “angry and annoyed.”
During Huang’s first two attempts to acquire the land in northeast Iceland details on his intended development were sparse in Icelandic media, however he was forthcoming to Chinese media about his plans. Huang 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.
“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,” Huang said last July.
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