China property tycoon now eyes Norway

[SHANGHAI] Chinese property tycoon Huang Nubo, whose planned US$200 million resort and mountain park in Iceland has been blocked because of foreign investment laws, is turning his attention to Norway.

Mr Huang, who is chairman of Beijing Zhongkun Investment Group Co, said the company is in discussions to buy a hotel in Oslo and is looking for investments in other Norwegian cities as its planned project in Iceland hasn't made any progress. The company will invest as much as US$100 million in resorts and other tourism-related property in Norway, he announced.

"The tourism industry in Norway is probably more mature" than in Iceland, Mr Huang said in a phone interview from Beijing. "Our commitment in Nordic countries is not changed. We plan to enter one or two countries first and then expand to the rest of Northern Europe, while we don't mind waiting for Iceland."