Outgoing FDI: Chinese to bid for Iceland

Written by Julen Madariaga on October 28th, 2008

The Chinese internet community is enthusiastically building up resources to buy crisis stricken Iceland at a bargain. The webste Douban has taken seriously the ebay auction for the Island, and offers the first 10,000 chinese to join the investment group privileged access to houses on the seaside and to government positions. As a +, the possibility to run the island as a communist regime.


The auction, which apparently originated in the UK ebay site, has been followed by a few countries in the world, and now China sees its opportunity to invest the excess of foreign currency. Perhaps it is telling of the state of household savings in China that the autor at Douban considers 100,000 yuan to be at the reach of any chinese.

At an estimated 40 Billion euros, the author of the announcement calculates that 1,000,000 users joining the goup should be enough to buy out the country if each of them contributes 100,000 yuan (yes, somehow the calculation has also got chinese characteristics).

In any case, the Icelanders can breathe for now. The group has only obtained the support of 4,300 users at the time of writing, and new additions seem to be stagnating these last days.

It is good to see in any case that chinese take this with a sense of humour, and one can only hope that the Woaizhongguo patriotic internet community’s response will be as civilized the day someone publishes these kind of jokes about China.



UPDATE: 10,041 Chinese have joined already. No more positions available in the national government but still some laid back jobs left in town councils. Still far form the 1M users necessary.

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