Chinese tycoon buys 100 hectares from Norway

Zhongkun Group property developer founder Huang Nubo, who is looking to invest $111 million in Norway in the next five to ten years, also hopes to purchase a tract of privately owned Arctic Svalbard Islands.

Chinese tycoon buys 100 hectares from Norway

World Bulletin / News Desk

A Chinese business tycoon is extremely close to buying 100 hectares of Norway's Lyngen coastline following a failed attempt to purchase a vast amount of land in Iceland.

Zhongkun Group property developer founder Huang Nubo, who is looking to invest $111 million in Norway in the next five to ten years, also hopes to purchase a tract of privately owned Arctic Svalbard Islands, which was recently put up for sale by Norwegian landlord Henning Horn.

On Thursday it was said that the former Communist party member agreed to buy the site, Ola OK Giaever Jr, a local landowner, pilot and businessman confirmed.

"I can promise you a new era for Lyngen municipality. I trust that Huang Nubo will create huge and positive financial ripples throughout the north of Norway," Giaever Jr was quoted by The Local.

The deal, which was mediated by the Chinese ambassador and was 15 years in the making, includes 100 hectares of forest, beach and hills on the slopes of the Lyngen alps. Nubo will now undertake a hotel construction project for rich Chinese tourists.

Three years ago Nubo had an attempt to buy land in Iceland for a $200 million project to built a tourist resort due to the country's foreign ownership laws.

Norway and China have had a rocky relationship as of late, with ties being strained after Norway's Committee awarded the 2010 Nobel Peace Prize to jailed Chinese dissident Liu Xiaobo.

However, Norway made up for the mishap by refusing to meet with Tibet's Dalai Lama in April.

Güncelleme Tarihi: 19 Mayıs 2014, 17:08
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