The Norwegian government halts the sale of the last privately owned land in Svalbard to prevent Chinese acquisition. The remote Sore Fagerfjord property, priced at €300 million, sits in a strategic Arctic region, sparking concerns over foreign influence. Norway’s unique legal framework allows foreign entities to exploit minerals in Svalbard, a territory halfway between mainland Norway and the North Pole.
In a bid to protect sovereignty, the government requires state approval for any potential sale that could challenge Norwegian legislation. Chinese interest in Arctic resources raises alarms, with critics questioning the feasibility of the sale. The property, lacking infrastructure and located in a protected area, holds limited commercial value despite its uniqueness in the High Arctic.
This decision follows previous government intervention in acquiring the second-last private land in Svalbard in 2016 amid similar Chinese interest. Concerns over stability and national security drive Norway’s stance on foreign ownership in this geopolitically significant region.
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