Chinese in bid to buy Icelandic land


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The Independent Online

A Chinese millionaire wants to buy 300sq km of wilderness in Iceland, raising fears that Beijing is trying to extend its influence into the North Atlantic.

Huang Nubo plans, if given permission by the Icelandic government, to use the land for a £61m eco-tourism and golf resort. He is ranked as China's 161st richest person.

Land around the world has been bought up by Chinese interests in recent years and there is concern that the planned purchase of Grímsstadir á Fjöllum, in the remote north-east of the country, would offer a foothold in a region that could become an important staging post if retreating ice cover leads to the oil and gas industry moving into the Arctic.