Chinese developer livid at Iceland’s rejection of resort

BEIJING,  (Reuters) – A multimillionaire Chinese  developer is livid at Iceland’s rejection of his plan to build a  sprawling resort, saying it reveals western “hypocrisy and deep  prejudice”.

Foreigners also wrongly assume Chinese companies  automatically have ties to China’s military, Huang Nubo said in  comments published in Chinese media yesterday.

The Iceland government on Friday rejected a bid by Huang to  buy 300 sq km (186 sq miles) on the island nation because it did  not meet legal requirements on foreign ownership.

Some commentators had said the plan raised questions over  regional security because of Iceland’s strategic location in the  Arctic where a number of nations are competing for resources,  suggesting that Huang could be a surrogate for Chinese  expansionism.

“I’m not buying land, I’m investing in tourism  infrastructure,” Huang said in an interview with Sina Finance,  an online news service.

“The difficulties that Chinese enterprises encounter are  numerous, like the view that state-owned enterprises represent  your country, that whatever your background is you’re a military  business and touch on national security.”

He said unspecified foreigners “use all kinds of such  reasons to build an invisible wall to surround and contain you.

“You can come and buy a house, and you can emigrate here and  bring your riches with you, or you can buy my luxury goods, but  if you want to touch my natural resources, then I’m sorry, I  won’t let you.”

Huang, who is chairman of Beijing-based Zhongkun Investment  Group and was 161st on the Forbes list of the richest Chinese in  2010, accused westerners of double standards.

“They come to China and say, ‘this isn’t open, that isn’t  open’, which just shows their hypocrisy and deep prejudice and  unjust nature.”

Such western businesses “encourage the opening of the  Chinese market while they close their doors to Chinese  investments,” Huang said in an interview with the China Daily.

“The denial reflects the unjust and parochial investment  environment facing private Chinese enterprises abroad,” he told  the newspaper.

Huang had agreed to pay 1 billion Iceland krona ($8.3  million) to buy Grimsstadir farm in northeast Iceland, where he  planned to build a golf course, hotel and outdoor recreation  area.