BEIJING Nov 27 A multimillionaire Chinese
developer is livid at Iceland's rejection of his plan to build a
sprawling resort, saying it reveals western "hypocrisy and deep
Foreigners also wrongly assume Chinese companies
automatically have ties to China's military, Huang Nubo said in
comments published in Chinese media on Sunday.
The Iceland government on Friday rejected a bid by Huang to
buy 300 sq km (186 sq miles) on the island nation because it did
not meet legal requirements on foreign ownership.
Some commentators had said the plan raised questions over
regional security because of Iceland's strategic location in the
Arctic where a number of nations are competing for resources,
suggesting that Huang could be a surrogate for Chinese
"I'm not buying land, I'm investing in tourism
infrastructure," Huang said in an interview with Sina Finance,
an online news service.
"The difficulties that Chinese enterprises encounter are
numerous, like the view that state-owned enterprises represent
your country, that whatever your background is you're a military
business and touch on national security."
He said unspecified foreigners "use all kinds of such
reasons to build an invisible wall to surround and contain you.
"You can come and buy a house, and you can emigrate here and
bring your riches with you, or you can buy my luxury goods, but
if you want to touch my natural resources, then I'm sorry, I
won't let you."
Huang, who is chairman of Beijing-based Zhongkun Investment
Group and was 161st on the Forbes list of the richest Chinese in
2010, accused westerners of double standards.
"They come to China and say, 'this isn't open, that isn't
open', which just shows their hypocrisy and deep prejudice and
Such western businesses "encourage the opening of the
Chinese market while they close their doors to Chinese
investments," Huang said in an interview with the China Daily.
"The denial reflects the unjust and parochial investment
environment facing private Chinese enterprises abroad," he told
Huang had agreed to pay 1 billion Iceland krona ($8.3
million) to buy Grimsstadir farm in northeast Iceland, where he
planned to build a golf course, hotel and outdoor recreation
But Iceland's Interior Ministry said on Friday that the deal
did not meet legal requirements for land sales to companies
outside the European Economic Area, including that company
directors must be Icelandic citizens or permanent residents for
at least five years, and that 80 percent of shares in purchasing
firms should be held by Icelandic citizens.
The deal would have marked the first major Chinese
investment in Iceland, which is still recovering from the
collapse of its banks in 2008 during the global financial
(Reporting by Terril Yue Jones; Editing by Nick Macfie)