Beijing Organizing Committee for the Games of the XXIX Olympiad (BOCOG) says that prices for hotel rooms will not be as high as previously reported.
Some local media reports said hotels were planning to charge non-official visitors 8-10 times their usual rates.
BOCOG has contracts with 120 hotels to accommodate the "Olympic Family", which includes:
1. visiting Olympic officials,
2. media professionals
3. sponsors.
The prices of the 30,000 contracted rooms are lower than those previously quoted by the BOCOG.
About 80% of five-star contracted hotels ($380/night) have been booked.
The government will not intervene to stop owners from milking tourists.
"The market will lead to reasonable prices as the Games approached," says BOCOG's deputy director.
Beijing is expecting 500,000 foreign visitors and 1 million Chinese for the Games.
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