NEW APPROACH: After Iceland rejected a Chinese real estate company's proposal to buy about 120 square miles of land for a resort, the developer now plans to rent the tract.

SAME PLAN: The Zhongkun Group still wants to build hotels, parks and racetracks on the parcel, just with a 99-year lease on the land underneath. The government cited restrictions on foreigners owning land when it barred Zhongkun's original plan.

UPSIDE FOR ICELAND: Some view the project as a lifeline for Iceland's struggling economy as it struggles to overcome the collapse of its banking industry in 2008.