Chinese tycoon Huang Nubo may get a fresh chance to buy a vast tract of land in Iceland as local municipalities explore ways to circumvent national legislation that scuppered the deal last year.
Mr Huang, a mountaineer and poet who is also one of China’s richest men, last year tried to buy 300 sq km of wild heathland in northern Iceland to build an eco-resort. But the deal was blocked on the grounds that it contravened rules on foreign land ownership. Nine municipalities in north-east Iceland are now trying to put together a new deal that would have them buy the land and lease it back to Mr Huang.
Last year, Mr Huang’s proposal prompted heated debate in Iceland, with critics saying it would give Beijing a strategic foothold in Iceland, whose deepwater ports are crucial for Arctic shipping routes. Mr Huang has denied having any relationship with the Chinese government.