Categorized | International

Chinese Billionaire Hopes to Buy Land in Iceland

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A Chinese billionaire who made his fortunate in the real estate market is looking to add another property to his portfolio. Huang Nubo has announced his intentions to purchase significant amount of property in Iceland wit the intentions of building a luxurious resort.

The estimated price of the international real estate sale is roughly nine million dollars. If he were successful in purchasing the property, he would then build an eco-tourism resort at the cost of one hundred and seventy five million dollars. The sale could be a blessing for the nation of Iceland, which has struggled immensely from a crippling banking collapse that took place three years ago.

Conspiracy theorists, however, are speaking out against the potential deal, as they believe that Nubo is purchasing the property for reasons other than the eco-tourism resort. They believe that he is purchasing the land on behalf of the Chinese government to acquire a nearby deep water port to explore for valuable natural resources.

Nubo is dismissing the conspiracy talk, however, by emphasizing his plans to build various eco-tourism resorts across the globe. It’s not the first time that one of his plans to purchase land has faced severe scrutiny. He had previously tried to buy other properties in Canada and the United States, though his plans were rejected due to fear of influence from China’s communist government.

The Icelandic government, however, is not concerned with the conspiracy talk, and is welcoming the idea of the resort. They are hopeful that it will provide a much-needed boost to their struggling economy. The first step in completing the sale is slated to take place no later than February.

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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