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Iceland refuses to let Chinese buy 0.3 pct of country’s territory

November 26, 2011, 1:31 UTC+3
In the entire history of the country there has been no precedent of a foreigner buying such a large plot of land, said the communique
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LONDON, November 26 (Itar-Tass) —— The Icelandic government has denied a former Chinese civil servant and businessman, Huang Nubo, permission to acquire a large plot of land in the country, the Interior Ministry said in a statement.

In the entire history of the country there has been no precedent of a foreigner buying such a large plot of land, said the communique. The businessman’s representative in Iceland, Halldor Johansson, was surprised by this decision. The Icelandic law does not say anything about a particular amount of land that may be bought by a foreigner, he said.

Huang Nubo offered to pay 8.8 million dollars for an area of ··306 square kilometers (0.3 percent of the area of ··the country). In this area, stretching along the north-east coast of the insular state, there are no buildings or forests. One of the richest tycoons of China wanted to build here an "ecological park" 100 million dollars worth.

A project of this scale has generated rumors China is buying up land around the world, and particularly in Iceland, which takes a strategically important geographical position between Europe and North America and is a member of NATO. Huang Nubo dismissed this as "speculation."

 

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