Chinese firm eyes Iceland resort

Beijing, April 18: A Chinese company is planning to develop an eco-tourism resort in Iceland.

Business tycoon Huang Nubo Wednesday said his company, the Beijing Zhongkun Investment Group, will soon sign an agreement to develop a resort in northeast Iceland.

The company had offered $200 million last year to acquire a piece of land in Iceland, China Daily reported.

“Despite some setbacks, the (Icelandic) government did not reject our proposal entirely,” said Huang. “We are likely to finalize the investment in two months.”

The Icelandic interior ministry had said in November that the deal would not go forward because it did not comply with rules on foreign land ownership.

Iceland, partially covered with glaciers and ice-capped mountains, is warmed by the Gulf Stream, making the country relatively warm for its latitude. Temperatures in the capital Reykjavik reach 26 degrees Celsius.

Huang said the project will be a corner-stone for his company to expand in Nordic countries over the next decade. Denmark will be his next target, he said.