A wealthy Chinese investor this week bought one of the biggest plots of land for sale in Iceland: Grimsstadir a Fjollum. He intends to build a large luxury hotel on the remote site, but approval is needed first from Icelandic and Chinese authorities.
Grimsstadir may be in the remote northeast of Iceland, but it is near the bridge over the Jokulsa a Fjollum river and several of the country’s most remarkable natural sites — including Dettifoss, Asbyrgi, Lake Myvatn, Askja and Kverkfjoll.
It is these natural pearls which attracted Huang Nubo to the area and led him to invest there; with the aim of building an environmentally-responsible hotel and tourism centre.
Stod 2 television reported on Wednesday that Nubo visited Grimsstadir with a Chinese delegation and met with landowners and local government officials and later signed the purchase agreement in Reykjavik; with the clause that Icelandic and Chinese authorities must approve the deal. The Icelandic government seems happy with the idea, if a statement from Minister for Foreign Affairs Ossur Skarphedinsson is an indication. The minister met with the Chinese party on Wednesday evening.
Skarphedinsson said he welcomes overseas investment in the Icelandic tourism sector — especially in the countryside. The Chinese investor also wants to open a hotel in Reykjavik, jointly managed with the one at Grimsstadir.
In a gesture to sceptics, the Chinese investor says he will give up water rights on the river and to run the project in close co-operation with the local authorities and people.
[…] Chinese investor wants to build luxury country hotel in Iceland […]
“Chine currently has a masive asset bubble, caused by its crazy economic policy.”
I think that China is can cope with this problem, if the austerity becomes to hard, they can always keep warm by burning US bonds and eat some of the junk they produce for us in the West.
They dont have the same problems we have.
I dont know what this Nubo guy is thinking, somehow his plans seem unrealistic to me, golf course in the high land ?
Gambling is illegal in Iceland, so he cant have that in his Hotel.
Mining is not allowed, and even if Icelanders would change their minds in the distant future, the Elfs would never allow it :)
“The main difference is that the Chinese actually have money to invest, unlike the US and European fiat money that is being desperately invested in anything that might actually have some value.”
Chine currently has a masive asset bubble, caused by its crazy economic policy. House price at up to 22 times average earning. China is heading for a severe crash.
Here is another article about it.
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8772225/Can-China-escape-as-worlds-debt-crisis-reaches-Act-III.html
Money is the government, the poor Chinese people.
>Can’t you see the obvious example of Hong Kong?
You seem a little off on the facts.
Hong Kong was ceded in perpetuity, it was the New Territories that were leased. For free.
Don’t be idiots. They think five generations ahead. Can’t you see the obvious example of Hong Kong?
RENT, don’t sell. Or your selling something that belongs to your descendants, not you.
>>>They have the same system, but for some reason it works for them.
I was looking for something else over on EDA, but this is directly relevant to your point. Interesting that you caricature the EU’s supposed restrictions on freedoms whilst ignoring China’s real trampling of basic rights.
“So China is also being touted as a realistic option. And it makes sense in many ways for those who want to align themselves with rapid economic growth provided through dictatorship and less concern for human rights than the pesky EU.”
“You what? Do they use gold to buy stuff in China?”
They have the same system, but for some reason it works for them.
i suppose it can work if you leave out the fraud and all the political games used to build scams like the Europe project.
Like the single currency that is strangling the weaker economies, and the “socializing private debt” to put member states into a situation where a (illegal) bailout (with monopoly money) is necessary to keep the illusion of solvency alive, but will only be granted in exchange for solid assets, like land, gold, real estate, and of course freedom and democracy have no place in the Elite Union.
The plan seems to be to have single economy, single currency, ein volk und ein Furer :)
http://www.pencildreams.com/2009/11/herman-von-rompuy.html
http://cheezburger.com/lilithaddams/lolz/View/2863057920
This will of course crash, there is no way around that.
Have you started working on your EUSSR escape kit Bromley ?
http://www.youtube.com/watch?v=lUznYwE6-lA
@the fly – Thanks for the alert
I funny quote I always read from forums says, “God created the heavens and the earth in seven days, everything else is made in china… “
>The main difference is that the Chinese actually have money to invest, unlike the US and European fiat money that is being desperately invested in anything that might actually have some value.
You what? Do they use gold to buy stuff in China?
Amusingly topical point – check out fiat money in Wiki.
“doesn´t matter Chinese or European or others! Does it?”
The main difference is that the Chinese actually have money to invest, unlike the US and European fiat money that is being desperately invested in anything that might actually have some value.
The Chinese also have a sound economy, unlike the West, whos economies are based on nothing but fraud, as reflected by their stability.
Lets just say that we already have our hands full watching the twists and loops of our domestic scammers and dont really need to import more idiots.
It is funny to hear whatever the opinion have risen here. Think about it if an American investor would do the same thing as the Chinese investor, probably the water right issue wouldn´t be mentioned as well as other issues. Nowadays, many Chinese business corporations are investing in many other countries, buying lands and properties, why has to be Iceland! There many countries welcome foreign investment to boost their local economy, doesn´t matter Chinese or European or others! Does it?
what`s a big shame for sell such pure and beauty land to a business man from that dictatorial country,they are horrible horrible people.
Look what they did to thier own environment and treat thier own employee. I don`t see any possibility those”luxury hotel ” and “ecology tourism ” could bring real benefit to citizen.job opportunities ? maybe ,but again,they are horrible horrible people.
no matter what they real inertest,port or resort.
Don`t invite guest who confuse why you upset when he destruct your garden and pollute your rug.Only because that what he did to his own place.
Financial difficulties? try invite investor from Japan or mideast or somewhere else .
[…] As previously reported on IceNews, the Chinese investor Huang Nubo has bought (subject to Chinese and Icelandic government approval) Grimsstadir a Fjollum. Nubo is a friend of Icelandic translator Hjorleifur Sveinbjornsson, with whom he studied at university. He says his interest in Iceland is based on his love of nature. […]
>This Chinese Tycoon is not for charity and only does this for his own benefit,
And what is wrong with that? If it is for profit then motives are clear — you know why a business man does it — to make a profit.
If his plans are credible then good. I for one would like to see competition for Air Iceland — who are fat and bloated on defacto monopoly profits beyond belief.
>The Chinese are hardly worse than the European or US investors.
People did mock me when I did post back in early 2009 on icenews how Yuan ( RMB ) is going to be world reserve currency and better bet to hold ( when you can ) than USD over this decade.
Ögmundur Jónasson shames Icelander’s reputation with his xenophobe comments. He continues to show he the lunatic fringe of the Left-Green party.
He doesn’t even make this decisions that is up to Jón Bjarnason, Minister of Fisheries and Agriculture ( of the Left Greens also ).
Beside that issue of ministerial portfolio, this should be up to the land owners to decide, not damn politicians.
Capitalists in China are communist party member usually, but that doesn’t mean they do not work hard and earn their money — even if many loans made by Chinese state banks shouldn’t be made.
I have no issue one way or other with this man Huang Nubo.
There is a good article by Sigrún Davíðsdóttir here :
http://uti.is/2011/08/chinese-interest-in-iceland/
This Chinese Tycoon is not for charity and only does this for his own benefit, it will be very foolish, even retarded to sell 0,3% of your land!
To sell a most gread land for paper money to a non democratic country is a shame. This little money disapeare in few years, but the most beautiful land is lost ! Be carefully.
@Gabriela
I agree.
There are countless places on earth where snobs can survive. Why these snobs will also need this corner of the world.
On my next trekking-tour I will make a detour. Perhaps a candle on the grave of Sigríður Tomasdottir and Tómas Tómasson will help. In another case, one can hope that the Krafla will enlarge Iceland in this corner of the country. The real luxury is a dry, warm corner, a glass of water and a slice of bread, everything else is snobbery. Not only in Iceland.
Most of the time I am such a snob, but never in the Icelandic highlands. Please, protect this game-reserve.
Oh no, how terrible. Now the wonderful beauty of icelandic landscape will be destroyed because of money and luxury
The Chinese are hardly worse than the European or US investors, if one looks at the political system of China, central control of everything, absence of democracy and limited human rights,
it is exactly what the EU is heading for.
From where i am standing, the Chinese look far better.
There are also Chinese investors here who are making deals about shipping enormous amounts of water from Iceland to China.
Those guys are not connected to the Hotel investor.
There are credible reports of investigative journalists, how Chinese investors operate for example in Africa. Would it be fair to wait until the new Icelandic constitution is accepted by the Icelanders?
Here they come. Be careful what you wish for, Iceland.