Friday 31 March 2017

Europe gets jitters as crouching tiger pounces on assets

Peter Apps

FOR cash-strapped Europe, China is an appealing source of financing. But the response to an attempt by a Chinese businessman to open a leisure resort in Iceland suggests growing suspicion and a potential backlash that could stifle the relationship.

Just as China's first forays into investment in small African countries went largely unremarked on, so has its recent European expansion with infrastructure projects, company takeovers and sovereign debt purchases.

Poetry-writing former government official turned millionaire businessman Huang Nobu is the latest to follow, agreeing a $85.8m (€62.8m) deal to buy a 300sqkm remote Icelandic farm.

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