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Iceland Says No To Chinese Billionaire

Proshare

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.

Source: Forbes

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