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Iceland Rejects Chinese Billionaire Land Purchase Proposal

Iceland’s government denied Chinese billionaire investor Huang Nubo permission to purchase land in the island’s north, saying such a transfer of property would be “incompatible” with the country’s laws.

The government won’t let Huang, through his company Beijing Zhongkun Investment Group Co., proceed with a planned acquisition of 300 square kilometers (116 square miles) of land, the Reykjavik-based Internal Affairs Ministry said in an e-mailed statement yesterday.