China delays blockbusters as cinemas empty out under state orders to control Wuhan virus outbreak
- The release of seven highly anticipated blockbuster movies has been put off indefinitely as China takes steps to contain the deadly pneumonia epidemic
- Media stocks face the brunt of sell-off on the last day of trading before the long holiday, with a key gauge slumping 3.8 per cent
China’s studios have indefinitely delayed the release of seven highly anticipated blockbusters just before the start of the Lunar New Year holiday, yielding to government orders to avoid public gatherings to contain the spread of a deadly viral outbreak.
Tickets will be refunded because of the quickly spreading epidemic that broke out in the central city of Wuhan in December, producers said in separate statements on Thursday.
The government orders came just a day before the start of China’s long Lunar New Year holiday, casting a shadow over the movie industry that was pinning its hopes on a recovery in box-office revenues during the nation’s most important festival.
Cinemas, along with restaurants, airlines, etc are taking a beating amid concern that quarantine measures would empty out public places precisely at the most important holiday for the nation of 1.4 billion people.
The industry is already grappling with shrinking investment amid increased government scrutiny over the past year.
