Chinese Investor to Rent North Iceland Land? Skip to content

Chinese Investor to Rent North Iceland Land?

“I am optimistic that it can happen. It is about building a hotel in the countryside,” said Mayor of Norðurþing Bergur Elías Ágústsson of the possibility that Chinese investor Huang Nubo obtain a 40-year lease for the piece of land Grímsstaðir á Fjöllum in northeast Iceland.


Near Grímsstaðir. Photo by Páll Stefánsson.

After Minister of the Interior Ögmundur Jónasson rejected Huang’s application for legal exemption to buy the piece of land, employment development associations in the rural regions Eyjafjörður and Þingeyjarsýsla were asked to examine the possibility of municipalities in north and east Iceland buying Grímsstaðir and leasing it to Huang’s investment company, reports.

They have now concluded that the municipalities can establish a limited company to acquire a 70 percent share in Grímsstaðir. They suggest that an Icelandic company in Huang’s ownership rent the piece of land for 40 years and pay the rent in advance.

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