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News report suggests few Chinese sports venues are profitable
A news report by China’s official Xinhua news agency has suggested that very few sports venues in the country are currently profitable.
With Xinhua seldom being critical of China’s investment in infrastructure, the interview with Jin Fei, Vice President of Bloomage International Investment Group Inc, is significant as a precursor to a potential change in Government support for new venues.
It also indicates that the rush by international sporting bodies including football, the NBA and AFL, to bring their games to China may soon be slowed by lack of returns.
Commenting on the Cadillac Arena in Wukesong, owned and operated by a Bloomage subsidiary, Fei advised that rent revenue accounts for less than 19% of the venue’s income stream with the majority of its income comes from non-tangible assets including its naming rights sponsorship, VIP box hospitality, dining and advertising.
Fei said that at the present stage, although the policy environment is very good, there are still difficulties in running successfully in the market with sports venues demanding high investment and delivering low income.
Fei pointed out that venues needed to offer a fuller program of events providing more events and services to consumers.
Images: Cadillac Arena in Wukesong.
8th February 2019 - AEG Facilities and SMG announce merger to create global venue management giant
27th November 2018 - China to test FIFA World Cup bid in advance of target to host 2034 tournament
29th October 2018 - AFL makes ongoing commitment to Shanghai fixture
9th August 2018 - NBA China announces inaugural NBA Championship touring exhibition
16th May 2018 - AFL Shanghai fixture part of wider sporting diplomacy
13th April 2018 - Chinese Government looks to slow theme park development boom
12th January 2018 - Shanghai Municipality to build eight new professional sports stadia by 2035
31st January 2017 - China closes courses amid crackdown on golf course development
28th November 2016 - China’s plan to massively expand its sports industry
21st June 2016 - Chinese professional sports market to reach US$242 billion by 2025
13th March 2015 - China looks to football success and future FIFA World Cup hosting
23rd June 2012 - Lee-Müller to head HKCEC management company
10th December 2009 - Mercedes to name Shanghai arena
21st October 2008 - China to get 12 new sports arenas
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