New | China gets chance to buy first foothold in Arctic as Norwegian land plot goes on sale

A massive piece of privately-owned land in Norway’s Svalbard archipelago has gone on sale, leading to speculation that Chinese buyers could compete for the rare Arctic property.

“China has expressed an interest in the resources and shipping lanes of the Arctic,” said Willy Østreng, president of the Norwegian Scientific Academy for Polar Research. “This land would provide a permanent foothold.”

Østreng stressed that bidders could also come from other countries, adding that he expected widespread interest in the large plot. “It is extremely rare that land goes on sale in Svalbard,” he said. “This is much more than an economic transaction - it also affects regional security.”

The fjord is a third smaller than the plot Chinese property tycoon Huang Nubo attempted to buy in Iceland in 2011. His US$200 million bid was blocked last year over concerns that too much of the island nation’s land would go into foreign hands.