China, japan, and the islands...

One version:

http://www.businessweek.com/ap/2012-...sputed-islands

The Japanese government has agreed to buy several privately owned islands in the East China Sea that are controlled by Japan but also claimed by China, media reports said Wednesday.

The government has agreed to buy three of the five main islands, called Senkaku in Japanese and Diaoyu in Chinese, from the Kurihara family for 2.05 billion yen ($26 million), Kyodo News agency and the Yomiuri and Asahi newspapers reported, citing anonymous sources....

...While the move would clearly anger China, media reports said that the purchase is intended more as a means of squelching Ishihara's more inflammatory proposal, which includes development plans. The islands are near key sea lanes and surrounded by rich fishing grounds and untapped natural resources.

No development would take place under the national plan, the reports said.
A Chinese version:

http://www.chinadaily.com.cn/opinion...t_15735941.htm