Huang Nubo, ranked 114th on Forbes' '09 list and chairman of Beijing-based Zhongkun Investment, really wants to buy the land for $100 million and create a hotel and golf course complex, Shanghai Daily documented.
"It is inconvenient to disclose the overall strategy now, " a company spokesperson was quoted because saying.
The land is being bought in Grimsstadir a Fjollum and approval in the Icelandic government is awaited.
Huang, whose personal property are worth 5. 26 billion yuan ($824 million), has developed tourism sites in america, Japan and in various parts of China.