http://edition.cnn.com/2011/BUSINESS/08/29/iceland.china.real.estate.ft/index.html (FT) -- A Chinese tycoon plans to buy a vast tract of Icelandic land for a $100m tourism project which critics fear could give Beijing a strategic foothold in the North Atlantic. Huang Nubo, a real estate investor and former Chinese government official, has struck a provisional deal to acquire 300 square kilometres of wilderness in north-east Iceland Opponents have questioned why such a large amount of land -- equal to about 0.3 per cent of Iceland's total area -- is needed to build a hotel. They warned that the project could provide cover for China's geopolitical interests in the Atlantic island nation and Nato member. Mr Huang, who previously worked at China's Central Propaganda Department and the Ministry of Construction, has sought to reassure Icelanders over his intentions by pledging to renounce all rights to water running through the land.
I find it ironic that at one time (maybe the plan is still on) that Julian Assange (wiki leaks) wanted to make Iceland a world wide internet free censorship country. All the servers in Iceland would be free to post anything they like. Of course the one draw back that never got the project off the ground was what to do about child porn. I do wonder what the Chinese would think of that.