Qingdao Olympic venue fares well on its own

(BEIJING, December 25) -- The 3.28 billion yuan used for the construction of the Qingdao Olympic Sailing Center was fully collected through market operations, without a single penny from the municipal government, the organizers said.

The funds covered the cost of 1.78 billion yuan to remove Baihai Shipyard and an additional 1.5 billion yuan to build all the necessary facilities totaling 138,000sq m, an official of the center told the press recently.

Except for the interior decoration of the sub-Olympic Village, all projects in the land and sea areas have been completed. The two events in 2006 and 2007 have proved successful and the center is seen as a world-class sailing venue.

The organizers have collected 1.6 billion yuan through land and real estate auctions, and expect to draw an equal sum through the venue's post-Games use. The port city plans to make the center a 5A scenic spot and a "sailing capital."

The center will hold sailing competitions for the youth throughout the year in addition to the planned events of the "China Sailing Cup" and the "Volvo Ocean Race." Its sub-Olympic Village, whose ownership has been purchased by an enterprise, will become a five-star hotel. The Administrative Center will serve as a national nautical sports school and a yacht- training base. The Athletes' Center will turn into an Olympic sailing museum and a gymnasium; the Media Center - a sailors' club; and the measurement jetty - a luxury pier for international liners.