November 30, 2011
Iceland’s Interior Ministry in a statement on Saturday said it “refused” a request by Chinese billionaire Huang Nubo’s Zhongkun Investment Group to purchase land in the country.
Huang, who develops resort property at home, was looking to buy a stretch of more than 30,000 hectares. The size was too much for the government, given local laws.
Huang, one of the country’s best-known mountain climbers and a patron of literature, ranked no. 129 on the 2011 Forbes China Rich List with wealth of $1.02 billion.