Tycoon fears Iceland deal block
Source: Agencies |
September 3, 2011, Saturday
|
Print Edition
Print Edition
A CHINESE tycoon whose plans to buy a large patch of land in Iceland led to suspicions he is a stalking horse for "Chinese expansionism" said yesterday the government may force him to halt the deal because of the furor it has caused.
Huang Nubo, a 55-year-old poetry-writing millionaire and former Chinese government official, reached a deal for 1 billion crowns (US$8.8 million) to buy the 300-square -kilometer Grimsstadir farm, where he plans to build a golf course, hotel and outdoor recreation area. The project is the first major investment by a Chinese company in the North Atlantic island nation, but its strategic location has raised security concerns.
"The government may say: 'Please do not go, do not make trouble," Huang told reporters in Beijing yesterday, referring to an application from his company to the Chinese government to approve the deal.
"Maybe they will think: 'Do not arouse any unhappiness for Sino-Iceland relations.' Then I will just give it up."
Huang said the government can take up to six months to decide whether to approve the international deal. But Huang, chairman of the Beijing Zhongkun Investment Group Co which owns real estate and vacation resorts in several countries, added: "There's no excuse for them not to approve it. Tourism is in the domain of our bilateral relationship."
The deal also needs final approval from Iceland, which may decide whether to approve his application within 10 days, Huang said.
The furor over the land deal underscores the increasing suspicion that many countries, especially in the West, have of a rapidly rising China.
"It is the West's misinterpretation of China," said Huang. "Everything China does, no matter whether it's done by the country or any individual, they would think it is part of a 'China threat.' This is like how Japan was treated before."
Huang, who has been to Iceland twice and spent a total of 12 days there, called the country "the last resort paradise" in the world. He plans to invest US$200 million over four to five years in the first phase of the development.
Huang Nubo, a 55-year-old poetry-writing millionaire and former Chinese government official, reached a deal for 1 billion crowns (US$8.8 million) to buy the 300-square -kilometer Grimsstadir farm, where he plans to build a golf course, hotel and outdoor recreation area. The project is the first major investment by a Chinese company in the North Atlantic island nation, but its strategic location has raised security concerns.
"The government may say: 'Please do not go, do not make trouble," Huang told reporters in Beijing yesterday, referring to an application from his company to the Chinese government to approve the deal.
"Maybe they will think: 'Do not arouse any unhappiness for Sino-Iceland relations.' Then I will just give it up."
Huang said the government can take up to six months to decide whether to approve the international deal. But Huang, chairman of the Beijing Zhongkun Investment Group Co which owns real estate and vacation resorts in several countries, added: "There's no excuse for them not to approve it. Tourism is in the domain of our bilateral relationship."
The deal also needs final approval from Iceland, which may decide whether to approve his application within 10 days, Huang said.
The furor over the land deal underscores the increasing suspicion that many countries, especially in the West, have of a rapidly rising China.
"It is the West's misinterpretation of China," said Huang. "Everything China does, no matter whether it's done by the country or any individual, they would think it is part of a 'China threat.' This is like how Japan was treated before."
Huang, who has been to Iceland twice and spent a total of 12 days there, called the country "the last resort paradise" in the world. He plans to invest US$200 million over four to five years in the first phase of the development.
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