Saturday, Sep 27, 2008
Off message - but still affects future property development over here
Times Online: Boris Johnson asks China for 2012 handout
THE mayor of London, Boris Johnson, is planning to go cap-in-hand to the Chinese government after the credit crunch and falling house prices left a £250m hole in funding for the 2012 Olympics.
Posted by whostolemyendowment @ 10:50 PM (274 views) Add Comment
1 Comment
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1. paul said...
Yes, I think that's probably because the costing estimates for Olympic sites were based on estimates of the land value and residential property potential.
So how did they estimate the post-Olympics land value/residential property potential then? Well, what they did was to sample the previous 5 years' land values and extrapolate them upwards - to offset the costs needed for the Olympic site.
And guess what?
IT DIDN'T WORK.