A group of volunteers walk through the square at the Bird's Nest, the landmark stadium for the 2008 Olympic Games, on Thursday, to show their support for China's bid to be the host of the 2022 Winter Olympics.(Photo: China Daily/Zhu Xingxin)
(ECNS) - Beijing would draw 65 percent of its construction budget from private funds to compete for the 2022 Winter Olympics, the Beijing Youth Daily reported Friday.
In a bid to host the games, Beijing has proposed a $1.56 billion event budget and another $1.51 billion construction budget, said Yu Weiping on Thursday. Yu is China's vice financial minister and a leading member of the Beijing 2022 Olympic Winter Games Bid Committee.
"Sixty-five percent of the $1.51 billion comes from social investments. For example, all three Olympic villages are made possible by social funds. When the Games are over, the villages in Beijing and Chongli will be sold as commercial properties. The other village in Yanqing will serve as a hotel."
Beijing is opting to rent (instead of building new structures) in order to save approximately 30 percent on construction costs, according to Xu Jicheng, the vice media director for Beijing's bid committee. "You learn to save money after you have hosted an Olympics," said Xu, referring to the 2008 summer Olympic Games in Beijing.
Beijing does not plan to profit from the proposed event budget, said Zhou Xing, a senior finance and marketing official with Beijing's bid committee. Ticket prices will range from $8 to $238 if Beijing's bid comes out on top, he added.
Beijing also aims to tackle air pollution by reducing the average density of PM2.5 by 45 percent by 2022.
