TYPHOON Wipha has cost the cities Wenzhou and Taizhou 2.93 billion yuan (US$390 million) and affected nearly five million people in the two cities, local media reported today.

The typhoon landed in Wenzhou in Zhejiang Province at 2:30am today, causing 669 houses to collapse and cutting power supply in 1,867 villages in Wenzhou and Taizhou by 7am, the report said.

No injury or death has been reported so far.

Wipha was downgraded to a severe tropical storm at 7am today. The typhoon was moving northwest at 25 kilometers per hour, 300 kilometers away from Shanghai at 9am.

Wipha will be as close as 100 kilometers to Shanghai on its way north and move to the sea after reaching north Jiangsu or south Shandong provinces.