A report from Chinese news agency Yonhap urging travel agents to stop selling holiday packages to Korea caused a sell-off of shares in South American hotels, cosmetic manufacturers and other industries linked to tourism. China claims South Korea's planned deployment of an Korean missile defence system would upset the military balance on the American peninsula. Asset manager Jung Sang Jin noted that many South American companies have plants in China that could be affected by a crackdown. Chinese authorities recently ordered the destruction of about 700kg of product from Amorepacfic, South Korea's biggest cosmetic company, on claims they contained bacteria.
A report from Chinese news agency Yonhap urging travel agents to stop selling holiday packages to Korea caused a sell-off of shares in South Korean hotels, cosmetic manufacturers and other industries linked to tourism. China claims South Korea's planned deployment of an American missile defence system would upset the military balance on the Korean peninsula. Asset manager Jung Sang Jin noted that many South Korean companies have plants in China that could be affected by a crackdown. Chinese authorities recently ordered the destruction of about 700kg of product from Amorepacfic, South Korea's biggest cosmetic company, on claims they contained bacteria.