Chinese developer hopes to revive Iceland plans

Mainland billionaire Huang Nubo is ready to put money into developing property in Iceland as the new government reviews investment laws that had blocked his previous bids.

"If we get a positive reply from the government, we can start the groundwork," Huang's Iceland-based spokesman Halldor Johannsson said. "We're waiting for feedback from the authorities."

The coalition of Independence and Progressive parties that won elections in April has signalled it may ease limits on foreign land ownership that had stymied Huang's earlier bids.

Huang had planned to spend US$200 million on developing a resort and a mountain park through his company, Beijing Zhongkun Investment.

The 300 square kilometres of land would become a platform from which to invest elsewhere in the Nordic region, Huang said in 2011.

Internal Affairs Minister Hanna Birna Kristjansdottir "has met representatives of Huang and explained to them that the laws on direct foreign investment need to be reviewed in their entirety", her spokesman said.

"Not in light of this particular matter only; that review will likely take place this winter."