Iceland spurns Chinese investor in land deal
Iceland’s economy boomed in the run-up to the global financial crisis that started in 2008. Like the Vikings of yore, Icelandic banks carried off the riches from their neighboring countries. Instead of pillaging, they merely offered high-interest bank accounts. But once the crisis hit, Iceland’s banking sector collapsed, plunging the whole country into dire financial crisis.
This is where Chinese businessman Huang Nubo stepped in. Huang was on track to buy a 300 square kilometer parcel of land, that’s 0.3 percent the total size of Iceland. He had a vision of developing the land into a luxury resort. But Iceland’s government blocked the deal. Some suspect that the Chinese government was behind the purchase somehow and had some nefarious plans.
Huang cried foul, saying that the deal was nixed because of anti-Chinese sentiments and that the west is being hypocritical by calling for China to open up its markets while hampering Chinese investment in their own. Is the rest of the world truly happy to see China as an emerging power?
Whatever the case may be, Chinese buyers are going on a shopping spree around the world as the Great Recession causes asset prices to drop in various European and American countries.