Directly or indirectly motivated by the Olympics, Beijing will develop some 25 million m2 of property in the 2002-08 period. This will entail not merely the revamping or development of sports venues, mega-malls and other major commercial projects, but also includes an enormous "urban facelift" program, which will redevelop sizeable tracts of Beijing containing substandard single-story dwellings in the city's Xuanwu, Chongwen, Dongcheng and Xicheng districts. The redeveloped zones will become new residential areas composed primarily of high-rise apartment complexes. At the same time, the city is stepping up the development of a new business district centered on the Zhongguancun area in Haidian and the second and third phases of the Fuchengmenwai Financial District.
