. Earth Science News .

Chinese tycoon one step closer to Icelandic land purchase
by Staff Writers
Reykjavik (AFP) Nov 10, 2011

A Chinese property tycoon is one step closer to getting Icelandic approval for his plans to buy a large swathe of land for a tourist resort, an economic affairs ministry memo released Thursday showed.

The ministry said it was favourable to Huang Nubo's plans in its memo to the interior ministry, which will make the final decision.

"The ministry of economic affairs sees no reason to believe that Iceland's interests are in any way threatened by the foreign investment in question," Economic Affairs Minister Arni Pall Arnason wrote in a memo to Interior Minister Ogmundur Jonasson.

"On the contrary it is important in view of long term general interests to encourage foreign investment," Arnason said.

It is not yet known when Jonasson will announce his decision.

Huang Nubo asked the Icelandic government in late August for permission to buy 300 square kilometres (200 square miles) of Icelandic wilderness to build a resort, since the land is partly owned by the government and approval is required for a non-resident of the European Economic Area to buy land.

Huang has offered to buy the land, known as Grimsstadir a Fjoellum, for $10 million and wants to invest about $200 million (147 million euros).

Iceland's Interior Minister Oegmundur Jonasson has said he would scrutinise the application carefully.

Jonasson insisted the land "is not up for sale simply because a high price is being offered."

Huang has said he wants to build a luxury resort with a hotel, golf course and sports facilities, and Europe's biggest nature reserve.

Icelandic observers have suggested that Huang's purchase could help Beijing get a foothold in the Arctic region, as the melting ice cap means lucrative oil and gas deposits under the seabed could soon become accessible and shorter shipping routes open up.

Related Links
Beyond the Ice Age

Get Our Free Newsletters Via Email
Buy Advertising Editorial Enquiries


. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Canada bolsters protection of polar bears
Ottawa (AFP) Nov 10, 2011
Canada's environment minister on Thursday listed the polar bear as a species of "special concern," requiring a new strategy to protect the iconic animal to be unveiled within three years. "Canada is home to two-thirds of the world's polar bear population and we have a unique conservation responsibility to effectively care for them," said Environment Minister Peter Kent. Listing the polar ... read more

Thaksin keeps low profile in Thai flood crisis

Japan lower house approves $156bn recovery budget

Thai opposition challenges PM over flood budget

Tokyo city starts radiation tests on food in shops

New metamaterial allows transmission gain while retaining negative refraction property

iPhone 4S making frenzied debut in 15 new markets

Are electron tweezers possible

NASA Develops Super-Black Material That Absorbs Light Across Multiple Wavelength Bands

Weird world of water gets a little weirder

Brazil court refuses to stop work on Amazon dam

Brazil stirs up furor over giant dam, slum

Hey bacterial slime get off of my boat

International Team to Drill Beneath Massive Antarctic Ice Shelf

Preparing for a thaw: How Arctic microbes respond to a warming world

Chinese tycoon one step closer to Icelandic land purchase

Canada bolsters protection of polar bears

How parasites modify plants to attract insects

Water dispute threatens last Iraq commercial farm

China food chain shares up after buyout gets OK

Nitrogen Fertilizers' Impact on Lawn Soils

Flood-ravaged Thailand prays to water goddess

Rescuers hunt for survivors in fresh Turkey quake

Thai floods expected to hit PC shipments into 2012

Clinton offers flood help to Thailand

US condemns bombing by Sudan Armed Forces

S.Sudan accuses Khartoum of deadly air strike on camp

Sudan beefing up border air strike capacity: monitors

Climate to widen sleeping sickness risk to southern Africa

The selective advantage of being on the edge of a migration wave

Asian couples rush to wed on auspicious date

Erasing the signs of aging in cells is now a reality

The benefits of being the first to settle


The content herein, unless otherwise known to be public domain, are Copyright 1995-2011 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement