Arctic property for sale in Norway

A piece of property in the arctic region of Svalbard Norway has come on the market for sale. The owners wish to have the opportunity to sell to Chinese buyers, but the Norwegian government isn’t thrilled with this option.

The properties is for sale at 300 million euros and is the size of about 60 square kilometers. The owners, represented by Per Kyllingstad, states that there have been some interest from Chinese buyers:

“The Chinese are naturally potential buyers since they’ve been showing a real interest in the Arctic and Svalbard for a long time,” he told AFP.

However the Norwegian government isn’t as thrilled about the prospect of China owning land in the Norwegian arctic. The hesitation from the governments side is due to a statement from Norway’s intelligence services who says that China is the second biggest threat to the Scandinavian countries after Russia.

Therefor the Norwegian Attorney General has put the breaks on the sale:

“The land can’t be sold without the Norwegian authorities’ approval,” Trade and Industry Minister Cecilie Myrseth told AFP. and continues: “Nor is it possible to hold negotiations about the property”.

This decision is grounded in a treaty in 1919. However, the owners believe that this treaty has reached its statue of limitation, and believe that Norway is missing out on a great investment opportunity:

“Imagine if Norway now adopted rules limiting the activities of Russian holdings,” Per Kyllingstad said. “It would be World War Three.”

Source: NDTV News

About Lærke Kobberup

Lærke Kobberup is a Journalist working with ScandAsia at the headquarters in Bangkok.

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