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People's Daily Online>>China Society

Water Cube denies losing money

By Zhang Hui (Global Times)

09:40, December 29, 2011

The Water Cube (the National Aquatics Center) yesterday denied a widely publicized news report that it lost over 10 million yuan ($1.58 million) this year, but admitted the number of tourists decreased 30 percent year-on-year.

"Revenue and expenditure are balanced this year and both reached approximately 100 million yuan," Yang Qiyong, deputy manager of the Water Cube, told the Global Times yesterday.

The Beijing News reported yesterday that the Water Cube lost over 10 million yuan this year, as its revenue of 88 million yuan failed to meet its running cost of more than 99 million yuan. The report was soon picked up by many websites and sparked heated discussion.

"The Beijing News only quoted a few statistics from our financial report to reach the conclusion, which was incorrect," Yang said.

The Water Cube increased both indoor and outdoor facilities and succeeded in holding several commercial activities, including painting exhibitions and live concerts this year, which guaranteed revenues, according to Yang.

Revenue and expenditure were also balanced in previous years, he said.

Running costs include labor, asset depreciation and maintenance. Revenue mainly came from tourism, major sports events, government subsidies and selling stadium related products. Tourism contributed more than 40 percent of revenue this year, Yang said.

"We believe the number of tourists has reached a stable level and will not drop dramatically next year, though it decreased 30 percent year-on-year in the past three years," Yang said to the Global Times.

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