A CHINESE billionaire who wants to build a major tourist resort in a remote corner of northeast Iceland must reapply for permission to go ahead with the project, Icelandic media have reported.
Cabinet ministers, led by Industry Minister Steingrimur Sigfusson, said they were unable to make a final decision on Huang Nubo's application as much information remained unavailable, state radio RUV reported.
Huang has already agreed with municipalities in the area to lease 70 percent of a 300-square-kilometer farm, where he plans to build a golf course, hotel and outdoor recreation area.
State radio said Huang's Iceland-registered firm Zhongkun Grimsstadir had in mid-November asked for more time to supply further information, and that it could take a few more months.
In a letter to architect Halldor Johannsson, Huang's Icelandic representative, the government said Huang should submit a new application which would be reviewed by a government committee.
Huang, who is chairman of Beijing-based Zhongkun Investment Group and was 161st on the Forbes list of the richest Chinese in 2010, plans to reapply as soon as he has gathered the information needed, RUV reported.
Iceland is recovering from its worst-ever financial crisis after the complete collapse of its top banks in 2008, and it is keen to lure foreign investment.
Red alert for snowstorm issued in Liaoning, NE of China
Feedback
RSS
