25 Mar '11, 5am

Chinese man who bought 6.5 tonnes of salt hoping to profit from panic buying is now unable to sell it

BEIJING - A CHINESE man who bought 6.5 tonnes of salt, hoping to profit from panic buying spurred by fears of radiation from Japan, is now stuck with the US$4,000 (S$5,041) worth of the condiment, state media reported on Friday. The man, surnamed Guo, bought the salt in Wuhan, the capital of Hubei province, when rumours spread across China last week that the iodine in salt could help ward off radiation sickness, the China Daily reported on Friday. Salt prices jumped on the rumours, and, acting on a tip that there would be a supply shortage lasting at least six months, Mr Guo bough 260 bags of salt, which he took back to his apartment in three trucks. A few days later, the Chinese government urged consumers to stop the panic buying, saying residents will not be exposed to radiation from Japan's quake-damaged nuclear plant, causing a sharp drop in the price of salt. . Mr Guo...

Full article: http://www.straitstimes.com/BreakingNews/Asia/Story/STISt...

Comments

  1. 26 Mar '11, 5am

    OK la, there are worse ways to spend 5K. :)

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