|Iceland May Bar Foreign Buying of Realty|
Iceland's Interior Minister has introduced a bill curbing foreigners' ability to buy property in the country, according to a statement on the parliament's website.
The bill, which is being discussed in the Reykjavik-based legislature, seeks to prevent people who aren't citizens of Iceland from purchasing properties that include water rights or fishing rights. The interior minister would be authorized to grant exemptions to people or firms operating in Iceland.
The legislation follows Iceland's repeated rejections of Chinese billionaire Huang Nubo's plan to invest US$200 million in 300 square kilometers of land in the north part of the island. Huang wanted to develop a resort and a mountain park in the area through his company, Beijing Zhongkun Investment Group Co.
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Published on our website on March 21, 2013