Norway blocks sale of last private land on Svalbard after Chinese interest
The Norwegian government blocks the sale of the last privately owned land on Svalbard to prevent Chinese acquisition. Concerns over sovereignty, resource exploitation, and geopolitical tensions drive the decision.
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The Norwegian government has halted the sale of the last privately owned land on Svalbard to prevent its acquisition by China. The property, Sore Fagerfjord, spanning 60 sq miles, was on sale for €300m. Svalbard, situated between mainland Norway and the North Pole, has gained geopolitical importance as the ice melts and tensions rise between Russia and the West. Governed under a unique legal framework, Svalbard allows foreign entities to exploit its resources. Norway, aiming to safeguard its sovereignty, requires state approval for potential sales that could challenge its legislation in the region. The sellers had received interest from Chinese buyers, sparking concerns about stability and Norwegian interests. Critics doubt the feasibility of the sale due to the property's location in a protected area with restrictions on construction and transport. This decision follows Norway's purchase of the second-last private land on Svalbard in 2016, also amid Chinese interest.
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