The Icelandic government will decide in two or three weeks whether to approve Beijing Zhongkun Investment Group's proposal to buy 0.3 percent of the island nation's territory, Huang Nubo, chairman of the private Chinese company, told chinadaily.com.cn Monday.

Huang Nubo [file]

He said if the deal in Iceland failed, he would not think of entering the northern European market in the future because he has no personal connection with other northern European countries and does not know the laws or culture of the area.

Otherwise, if the deal succeeded, his company will use its holding company in Iceland as a base to explore business opportunities in other northern European countries, he added.

Huang said he never imagined the deal would arouse world-wide attention.

Zhongkun plans to buy 300 square kilometers of land in Iceland to build a high-end resort with a total investment of $200 million. The resort will include a hotel, golf course and areas for outdoor activities.

Zhong said everything went smoothly in Iceland, but after he returned to China, his company received numerous interview requests from several media outlets, especially the foreign media.

He said the west needed to know his company is a private company and has no governmental background.

"If my company had a governmental background, I would not sell printing machines or sell dolls after I quit my governmental positions." Huang said. "If I were a politician, Forbes would not list me on its billionaire list as it never lists politicians."

Huang said he got to know Iceland through his roommate while attending Peking University from1977 to1981 and made friends with a lot of Icelandic people. He visited Iceland in September 2010 for the first time.

Huang said it was his Icelandic friends who asked him to buy a land plot in the country as the country is in need of outside investments to boost its economy.

He said if the deal succeeded, it would become the biggest deal in recent years. The project may turn profitable in about ten years.

He said his company stopped developing residential properties years ago and has turned to focus on tourism-related commercial properties worldwide. He added as his company already has enough projects at home, it may start looking even more at the overseas market.