27 Feb '11, 5am

Shanghai commits to hosting Grand Prix

THOUGH the Formula One Chinese Grand Prix has generally run at a loss, the Shanghai government has committed itself to hosting the event for seven more years. 'F1 gives a boost to many of the city's industries, including hotels, restaurants and car sales. It also raises Shanghai's international image by exposing the city through global media and gives Chinese enterprises an advertising platform to make themselves known on the international stage,' said Yang Yibin, marketing manager with Juss Events, one of the race's organisers. 'Taken all together, F1's overall benefit to the city is more than enough to offset the losses in operations,' Mr Yang said. The Shanghai government this month announced it had extended its deal to host the Chinese Grand Prix until 2017. The race was first held in Shanghai in 2004. The popularity of the race has declined in recent years. Attendance...

Full article: http://www.straitstimes.com/BreakingNews/Sport/Story/STIS...

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