Seven municipalities in northern Iceland have established a limited liability company, GaF ehf, to purchase and then lease land to Chinese billionaire Huang Nubo, Vidskiptabladid reported, without saying how it obtained the information.
Huang, whose attempt last year to buy the land for a golf resort was blocked by the government, also intends to establish a company on the island to facilitate the deal, the Reykjavik- based newspaper said.
The government in November rejected a bid by Huang’s Beijing Zhongkun Investment Group Co. to buy 300 square kilometers (116 square miles) of land, arguing it would be “incompatible” with the law amid opposition to foreign ownership of property.
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