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.