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Chinese investor in bid for large tract of Norwegian Arctic islands for holiday village
Reported by: Associated Press
Reported: Thursday, May 15, 2014 3:06 PM EDT
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.
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.