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).