The Beijing-based Zhongkun Investment Group Co Ltd will sign an agreement this month to lease 300 square kilometers of land in Iceland for tourism investment, group Chairman Huang Nubo said.

"We'll pay $6 million for renting the land," Huang said. "But as planned, the total investment for the Icelandic project remains $100 million to finish planning and building in five years."

Zhongkun's Icelandic project comprises a hotel, racecourse and themed resort in the northeast of the country.

Huang, a poet and businessman, said he is hoping the Icelandic landowners will attend the signing in Beijing, and, in return, he will hold a news conference in Iceland. "I don't expect to gain hugely from the Icelandic project." Huang said. "What I'm confident about is that our project will upgrade Icelandic tourism."

He is planning more business with other Nordic countries. "In 10 years, the world will know that a man from the Yellow River is doing tourism all over the world," he said.

Huang believes the Icelandic signing will be a great encouragement to private Chinese companies such as his, proving it is right for them to look abroad and do business globally. 

After analysis by Western media, Huang believes the group's ideals and methods bear testimony to the fact that Chinese companies can do well and operate fairly.

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