Huang Nubo's land purchase proposal

Recently Chinese billionaire investor Huang Nubo submitted a land purchase proposal to buy the Grimsstadir farm in northeastern Iceland for $8.8 million dollars. The farm stretches across 300 square kilometers (120 square miles) of scenic land near Dettifoss, Europe's most powerful waterfall, and Myvatn, a volcanic lake.

Since the purchase is for such a large amount of land, approximately 0.3% of Iceland and the fact that Mr. Nubo is not a resident of the European Economic Area the deal would need to be approved by the Icelandic government.

Iceland’s government denied  permission to purchase the land, saying such a transfer of property would be "incompatible" with the country’s laws. The Minister of the Interior, Ogmundur Jonasson, explained that Icelandic law "imposes strict conditions on corporations wishing to acquire ownership or the right to utilize Icelandic properties and it’s clear that the company in question doesn’t fulfill any of the requirements."