The Norwegian government has called off a plan to sell the last privately owned piece of land on the strategic Arctic archipelago of Svalbard in order to prevent its acquisition by China.
The remote Sore Fagerfjord property in southwestern Svalbard - 60sq/km of mountains, plains and a glacier - was on sale for €300 million.
The archipelago is located halfway between mainland Norway and the North Pole, in an Arctic region that has become a geopolitical and economic hotspot as the ice melts and relations grow ever frostier between Russia and the West.
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