Chinese billionaire to buy 300 sq km of land in Iceland

A super-rich Chinese is purchasing a mind-boggling 300 sq km of land in Iceland for a tourism project.

Huang Nubo, ranked 114th on Forbes' 2009 list and chairman of Beijing-based Zhongkun Investment, wants to buy the land for $100 million and develop a hotel and golf course complex, Shanghai Daily reported.

"It is inconvenient to disclose the overall plan now," a company spokesperson was quoted as saying.

The land is being bought in Grimsstadir a Fjollum and approval from the Icelandic government is awaited.

Huang, whose personal assets are worth 5.26 billion yuan ($824 million), has developed tourism sites in the US, Japan and in various parts of China.