Chinese Billionaire Huang to Revive Iceland Deal After Rejection

Huang Nubo, the Chinese billionaire whose bid to buy Icelandic land was blocked by the local government last year, said he’s secured a deal to lease the property instead, helping him revive his resort project.

A formal investment agreement would be signed “no later than October,” Huang, founder of Beijing Zhongkun Investment Group Co., said in an interview yesterday in Beijing. The leasing price would be about $1 million lower than the purchase price and be “a bit less” than $7.8 million, Huang said, without elaborating.