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H7N9 causes $6.5b loss to poultry industry

By Zheng Yangpeng | | Updated: 2013-05-13 14:10

The outbreak of the H7N9 virus has caused more than 40 billion yuan ($6.5 billion) in losses to China's poultry industry as demand for chicken has plunged, according to the Ministry of Agriculture.

The ministry said that in the first week of May, the average retail price of chicken fell 9.6 percent over the same period in April.

However, analysts said the price might pick up significantly in June.

Shares among China-listed chicken processors have been rebounding on hopes that the worst will soon be over. Shenzhen-traded shares in New Hope Liuhe climbed 1.5 percent on Friday and shares in China KFC supplier Dachan (Asia) climbed 3.8 percent in Hong Kong while KFC parent Yum! rose 1.9 percent in New York.

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