Last updated: May 15. 2014 3:36PM - 266 Views
Associated Press



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(AP) A Chinese real estate tycoon says he is making an offer for a vast swathe of land on Norway's Arctic archipelago to build a holiday village for wealthy travelers.


Huang Nubo told Norwegian national broadcaster NRK on Thursday that he wants to buy 216 square kilometers (83 square miles) on the island of Svalbard, 800 kilometers (500 miles) north of the mainland for "more than 24 million kroner ($4 million)."


The purchase would give Huang a foothold along a potential Arctic shipping route that could cut weeks off the current trade route from the Far East to European and North American markets.


In 2010, the government of Iceland rejected similar plans by Huang to buy land on that island due to restrictions on the purchase of land by foreigners.


Associated Press
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