Coronavirus Hits Business: Here Are The Companies Closing Shops As Disease Spreads

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"MACAU-HEALTH-VIRUS" — Tens of millions of people have been quarantined in China’s Hubei Province.

Anthony Wallace/AFP via Getty Images

Topline: As authorities look for ways to contain the Wuhan coronavirus, businesses in the region are looking for ways to manage the increasing risk as well. Here are all the businesses and tourist attractions that have shut their doors in response to the spreading virus that’s raised fears amid the upcoming Lunar New Year.

With more than 870 people infected and 26 deaths from the coronavirus as of Friday morning, a host of businesses have been temporarily closed in China. The list includes restaurants,movie theaters, popular tourist attractions and airports.
Disney announced on Friday that it will close down its $5.5 billion mega theme park in China, the Shanghai Disney Resort "in response to the prevention and control of the disease outbreak.”
McDonald’s also announced the same morning that it “suspended business” effective immediately across five cities in the Hubei province (the center of the outbreak), where it has several dozen locations.
China also took the rare and costly step of closing down thousands of movie theaters, despite the fact that the Chinese New Year period usually brings in well over $1 billion in box office revenue. Seven major blockbusters scheduled to be released during the holiday period were also cancelled the day before theaters were closed.
With hundreds of millions of people usually travelling across Asia to celebrate the Lunar New Year, major Chinese cities including Beijing have canceled most celebrations and closed major cultural sites in a bid to stop the deadly virus from spreading.
China has also shut down a variety of other entertainment venues and tourist attractions, as more people stay indoors and avoid crowded areas: These include the Forbidden City, Beijing’s Bird’s Nest Stadium, the National Museum of China, the Ming Tombs, the Yinshan Pagoda Forest and portions of the Great Wall.

What to watch for: There are still many businesses running as usual for now, including China’s Uber equivalent, Didi Chuxing. The company warned passengers that “due to the virus, for the health and safety of everyone, both drivers and passengers should wear face masks,” the New York Times reported. Unsurprisingly, China has shut down Wuhan airport and also restricted travel to and from the city. The government officially locked down 14 cities in an attempt to quarantine the virus, restricting travel for some 35 million people. China’s Ministry of Culture and Tourism also ordered travel agencies and tourism companies to stop selling tour packages beginning on Friday, according to a Bloomberg report.

Tangent: A report from Imperial College in London estimated that the number of Chinese residents infected with coronavirus is a good deal larger than the cases reported by government authorities so far.

Big number: The Economist Intelligence Unit believes if the coronavirus becomes as dangerous as the SARS outbreak (which killed nearly 800 people in 2003) then it could have a substantial impact on China’s economic growth. China’s current projected growth rate of 5.9% would be dragged down by 0.5% to 1% in total, the New York Times reports.

Key background: As of Friday morning, coronavirus has killed 26 and infected nearly 900. The disease has now spread to neighboring countries like Japan, Singapore, South Korea, Thailand and Vietnam—and a second case has now been confirmed in the U.S.  The first case of the pneumonia-like coronavirus was reported in Wuhan, China, on December 31, 2019. Coronavirus belongs to the same group of viruses as the common cold, Severe Acute Respiratory Syndrome (SARS) and Middle East Respiratory Syndrome (MERS). A previous 2003 SARS outbreak in southern China killed nearly 800 people while infecting 8,000 more, causing widespread panic before being contained.

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With more than 870 people infected and 26 deaths from the coronavirus as of Friday morning, a host of businesses have been temporarily closed in China. The list includes restaurants,movie theaters, popular tourist attractions and airports.
Disney announced on Friday that it will close down its $5.5 billion mega theme park in China, the Shanghai Disney Resort “in response to the prevention and control of the disease outbreak.”
McDonald’s also announced the same morning that it “suspended business” effective immediately across five cities in the Hubei province (the center of the outbreak), where it has several dozen locations.
China also took the rare and costly step of closing down thousands of movie theaters, despite the fact that the Chinese New Year period usually brings in well over $1 billion in box office revenue. Seven major blockbusters scheduled to be released during the holiday period were also cancelled the day before theaters were closed.
With hundreds of millions of people usually travelling across Asia to celebrate the Lunar New Year, major Chinese cities including Beijing have canceled most celebrations and closed major cultural sites in a bid to stop the deadly virus from spreading.
China has also shut down a variety of other entertainment venues and tourist attractions, as more people stay indoors and avoid crowded areas: These include the Forbidden City, Beijing’s Bird’s Nest Stadium, the National Museum of China, the Ming Tombs, the Yinshan Pagoda Forest and portions of the Great Wall.

Key background: As of Friday morning, coronavirus has killed 26 and infected nearly 900. The disease has now spread to neighboring countries like Japan, Singapore, South Korea, Thailand and Vietnam—and a second case has now been confirmed in the U.S. The first case of the pneumonia-like coronavirus was reported in Wuhan, China, on December 31, 2019. Coronavirus belongs to the same group of viruses as the common cold, Severe Acute Respiratory Syndrome (SARS) and Middle East Respiratory Syndrome (MERS). A previous 2003 SARS outbreak in southern China killed nearly 800 people while infecting 8,000 more, causing widespread panic before being contained.