Chinese Investor’s Acquisition Application Rejected Skip to content

Chinese Investor’s Acquisition Application Rejected

ogmundur-jonasson_radherraMinister of the Interior Ögmundur Jónasson announced after a cabinet meeting today that he has rejected the application made by Chinese investor Huang Nubo for a legal exemption to acquire Grímsstaðir á Fjöllum, a piece of land in northeast Iceland, through the company Zhongkun Group.

Ögmundur explained at the cabinet meeting that after careful consideration at his ministry, it was determined that the acquisition is in violation of current law. Huang has been notified of the decision, the minister said, but he does not know of his reaction, reports.

“It is not the case of an individual requesting permission to acquire a piece of land but a limited company of which [Huang] is among majority owners. The limited company does not fulfill the necessary requirements,” Ögmundur reasoned.

“The piece of land in question is so large and the acquisition so extensive that had the authority been granted the law would have become useless. It is clear that those who would apply for similar acquisitions after this would have been bound to have had them approved as this would have set a precedent,” he added.

According to law, non-EEA citizens are barred from acquiring pieces of land in Iceland.

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