Bloomberg News

Billionaire Huang’s Iceland Investment Blocked by Government

December 10, 2012

Iceland has rejected a $200 million property investment bid by Chinese billionaire Huang Nubo in a decision that was “categorical,” according to Interior Minister Ogmundur Jonasson.

Huang’s “request to purchase or acquire the right of disposal over Grimsstadir a Fjollum has been declined and I don’t know how clearly this has to be said in order for the man to understand,” Jonasson said in an op-ed piece published in today’s DV newspaper. “To ensure that nobody misunderstands the decision of the ministerial committee, it wasn’t postponed to take a decision on the request of Huang Nubo’s conglomerate. The request was denied.”

Huang had planned to develop a resort and a mountain park in Iceland through his company, Beijing Zhongkun Investment Group Co., he said last year. The planned acquisition of 300 square kilometers (116 square miles) of land would be a platform from which to invest elsewhere in the Nordic region, he said.

The billionaire, who has properties in California and Tennessee, is known for helping restore the 200-year-old villages Xidi and Hongcun around Huangshan mountain in China’s eastern Anhui province, which are now included on the UNESCO world heritage list. The company built and operates resorts near the villages, according to Beijing Zhongkun’s website.

Telephone calls to Huang’s office in Beijing and to Yao Chen, a public relations official at Zhongkun, weren’t answered.

To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik valdimarsson@bloomberg.net.

To contact the editor responsible for this story: Jonas Bergman at jbergman@bloomberg.net.


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