According to the reports, Nubo is looking to build up an eco-tourism site and golf course in the 300 square kilometres area in the north-eastern part of the country.

Critics have wondered why such a large area is needed for a project of the kind, and that the deal would give China a strategic base in the North Atlantic.

Nubo, with a net worth of $890 million, is one of China’s 200 richest men according to Forbes.