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Chinese firm eyes Norway after Iceland deal falls through
Last Updated: 2014-05-06 17:20 | CE.cn/Agencies
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Huang Nubo, chairperson of Zhongkun Group, a Chinese realty and travel-business group, has decided to invest 80 million euros (US$111 million) in the realty market in Norway, according to the China Business Journal.

The investment will focus on holiday resorts and travel-related realty projects, as well as villas, which will be sold to buyers worldwide, Huang said.

Huang said the main rationale for the investment project is the tremendous economic potential of the Arctic.

Huang has decided to try Norway after futile attempts to make inroads into the realty market in Iceland over the past three years due to local opposition.

The Iceland project caused a stir worldwide following its announcement in August 2011, as the land-purchase plan by a foreign national was unprecedented in the nation.

Zhongkun had applied to the authorities in Iceland to purchase 300 square kilometers of land, or 0.3% of the nation's land area for US$8.9 million for travel and realty development projects but the government turned down the application in November that year, saying it was not legally permissible. An alternative plan to lease the land at US$6 million also got nowhere. "To our understanding, a major consideration in the opposition to our project is the existence of a US military base in the neighborhood," said Huang.

With no solution in sight, especially as the case will be further complicated by the election in Iceland this year, Huang decided to call it quits.

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