Chinese firm eyes US, Iceland property markets
Updated: 2011-12-19 08:15
By Hu Yuanyuan (China Daily)
TONGCHENG - Despite setbacks in his attempts to purchase land parcels in Iceland, Huang Nubo, chairman of Zhongkun Investment Group, said he will continue to explore property markets in Northern Europe and the United States.
"I plan to increase the value of our assets in the US from the existing $200 million to $1 billion in the near future," Huang told China Daily after attending the Peking University Entrepreneur Forum over the weekend.
"Now is a good time to seek acquisition opportunities in the US property market," he added.
Rather than purchasing land parcels, Huang said buying uncompleted or abandoned real estate is a better choice for property investment in the US.
According to Huang, Zhongkun is now in negotiation with a holiday resort in Las Vegas.
The company recently paid $10.25 million to acquire an office building in Los Angeles, having already invested $4 million in building a 20,000 square meter commercial center in the city.
In order to access alternative financial sources, the company also became one of the biggest shareholders of the US-based Royal Business Bank.
And though its business plan in Iceland has been full of twists and turns, Zhongkun is not giving up on Iceland.
"We're still communicating with the relevant ministries in Iceland," Huang said.
Meanwhile, Huang said the company is also in contact with the governments of Denmark, Sweden and Finland in pursuit of opportunities for cooperation.
Huang said he had a dinner with the ambassador of Denmark three days ago, and they discussed the possibility of cooperating on a project in Greenland.
"In my blueprint, the assets of our tourism property projects in the Northern Europe, including Iceland, Denmark, Sweden and Finland will total $2 billion in the future," said Huang.