China’s Olympics were stunning — a tour de force from start to finish, by every single account that I’ve read. It’s incalculable just how much money they poured into the venues, the accommodations, the atheletes themselves, and spectacle that surrounded the Games. (Some calculations peg it at $43 billion, but I think that’s low. It’s still triple any other host city.)
Now the question is, how much of that was wasted? I’ve read often that Olympic host cities, even if they go into debt over the Games themselves, are left with a net benefit, in terms of actual buildings and athletic facilities that can be put to good use for years to come. I just visited the Stade Olympique in Montreal a couple of years ago — and its subway was top-notch. That’s 33 years on, and still providing benefits.
Calgary is still using its Saddledome and alpine facilities — in fact, they’re renting out some 88 Olympic facilities to the Brits for 2010.
Vancouver hopes to use the athletes village for social housing.
But China might be left with some gigantic white elephants. From the LA Times:
Six months after the Games ended, [Beijing] continues to dazzle by night, with neon and floodlights dancing across the skyline. By day, though, it is obvious that many are “see-through” buildings, to use the term coined during the Texas real estate bust of the 1980s.
… 500 million square feet of commercial real estate has been developed in Beijing since 2006, more than all the office space in Manhattan. And that doesn’t include huge projects developed by the government … 100 million square feet of office space is vacant — a 14-year supply.
Yikes. The “Bird’s Nest” stadium? Empty except for one day this year. A less-than-a-year-old baseball stadium? Up for demolition. The press centre? “Cavernous” and “empty” says the Times:
The makeover of Beijing for the Olympics led to an estimated 1.5 million residents being evicted from their homes, according to the Geneva-based Center on Housing Rights and Evictions.
In this vibrant capital city of 17 million, there is an insatiable demand for housing, yet prices remain far out of reach of most residents …. Homes are being advertised for more than $1 million in gated communities …. Two- and three-bedroom apartments are offered for $800,000 …
The average salary in Beijing is less than $6,000 a year.





