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Chinese man left in a pickle after $4,000 salt spree
By Sui-Lee Wee | Reuters – <abbr title="2011-03-25T05:36:38Z">Fri, Mar 25, 2011 1:36 PM SGT</abbr></cite>
BEIJING (Reuters) - 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 $4,000 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, 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.
Guo is now stuck with the salt, which the newspaper said takes up more than half his apartment and had cost him 27,000 yuan ($4,100) to buy and transport.
The newspaper said Guo can't resell the goods, because he has no receipt and also because he was told it was illegal to do so.
He also can't take it to another province, as the government strictly controls salt transport.
(Reporting by Sui-Lee Wee; Editing by Ken Wills and Miral Fahmy)
