Categorized | International

Chinese Billionaire Investor Denied by Iceland

Please Share!

The Icelandic government has put an end to a potential deal that many analysts and officials across the globe viewed as being controversial. The nation had considered selling roughly one hundred and sixteen square miles of land to Huang Nubo for the purposes of building a massive resort in the Northern part of the island.

The Icelandic government denied permission for the sale to go forward, stating that Nubo did not adequately meet the required conditions needed for owning land in Iceland. There are those, however, that believe that the purchase should have been allowed, as it would certainly boost the once-struggling nation’s real estate sector. Officials feared, however, that the purchase would bring an overwhelming Chinese influence to the entire Nordic region, as Nubo had announced plans to buy more land if the Iceland deal was successful.

While the deal would have been a financially beneficial move for Iceland, the nation has shown strong growth over the past few years. The government believes that the move would have been beneficial to the nation’s economy due to its enormity, though it would not have been possible due to the violation of laws in place.

Officials believe that violating the law would have sent the wrong message to its citizens. However, the government is now considering some modifications to the laws so as to potentially allow a deal such as Nubo’s to be approved.

Analysts have stated that while Nubo’s deal would have been immensely beneficial to the real estate sector in the short term, it may not have been good for it in the long run due to law violations and the precedent that such a sale would set.

Please Share!

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.

Leave a Reply

Twitter Chat