Huang Nubo’s Icelandic landlord-to-be’s numbers in red

Things aren’t going terribly well for GÁF ehf., the company established by a few northern Icelandic municipalities to buy 300 km2 of land in Grímsstaðir á Fjöllum and lease it to Chinese poet-magnate Huang Nubo. Huang has said he’ll be waiting for a government decision regarding changes in the legal framework for foreign investments. The current legislation is rather restrictive: as a non-EEA entity, Huang’s company is not allowed to buy land in Iceland, and even the maximum duration of a lease would be limited.

Meanwhile, GáF has $76k in debts and local politicians are starting to question the point of staying in a company whose raison d’être looks more and more abstract (Austurfrétt, RÚV).

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s