Iceland plans to shut the door on Chinese investors

The move comes amid a surge in foreign visitors and fresh attempts by an unidentified Chinese entrepreneur to acquire a 12 square-kilometre plot of real estate and build a holiday resort inside the island’s so-called Golden Circle. As the law stands, land can only be bought by Icelandic nationals, citizens of the European Economic Area or foreigners who have resided in Iceland for at least five years prior to the purchase. Back in 2012, the law prevented Chinese billionaire Huang Nubo from buying a 300-square kilometre piece of land in the north of Iceland. The current bid is for a much smaller area, but looks set to share a similar ending. - Intellasia -



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