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Concerns over Chinese tycoon's plans for Iceland farm

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Concerns over Chinese tycoon's plans for Iceland farm

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A Chinese tycoon plans to build a holiday resort on an isolated and unlikely patch of land in Iceland.

Huang Nubo insists his green tourism project is strictly business – and he has no political motives.

His investment company has signed a preliminary deal to buy the 300-square-kilometre farm. But there are fears it could give China a strategic foothold for its geo-political interests in the nearby Arctic region.

The doubts were dismissed by Iceland’s Prime Minister, though. Johanna Sigurdadottir says the country needs to work with foreign investors to boost its economy.

Huang has signed a six-million-euro deal to buy the Grimsstadir Farm. He hopes to build a golf course and hotel.

The deal still has to be approved by Iceland’s parliament.