Chinese Tycoon to Buy Chunk of Iceland

Put critics are worried about the idea of China getting its hands on their land
By Kate Seamons,  Newser Staff
Posted Aug 30, 2011 9:35 AM CDT
Chinese Tycoon to Buy Chunk of Iceland
This undated photo released by the Icelandic Tourist Board shows part of the coast near Reynisdrangar, South-Iceland.    (AP Photo/Thierry des Ouches)

How much does it cost to purchase 0.3% of Iceland? About $8.8 million, learned one Chinese tycoon who plans to do just that. Huang Nubo has made a provisional deal to buy 115 square miles of wilderness in the northeastern part of the country, which the real estate investor plans on turning into an eco-tourism resort and golf course. But not everyone is polishing their clubs in anticipation, reports the Financial Times: Critics are worried about the idea of China getting its hands on land in the North Atlantic.

Some are questioning why Huang, a former government official, needs so much land for his hotel and course, and point to the fact that, should Arctic waters one day open for shipping as a result of climate change, his little plot of land would be quite fortuitously placed. And while the land Huang plans to buy, pending the approval of the Icelandic government, has no coastline, it's apparently near a deepwater port and contains one the countries' biggest glacial rivers. Huang says he would be willing to sign away all water rights. (Read more Iceland stories.)

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