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.
Salt prices jumped on the rumours, and, acting on a tip that there would be a supply shortage lasting at least six months, Guo bought 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.
The bulk buyer is now stuck with the salt, which the newspaper said takes up more than half his apartment.
The newspaper said Guo cannot resell the goods because he has no receipt, and also because he was told it was illegal to do so. He also cannot take it to another province, as the government strictly controls the transport of salt.
REUTERS
