Market in Previous Host Cities and Countries - Essay Example

1 THE PAST WORLD EXPO ECONOMY INFLUENCE AND EFFECT ON PROPERTY MARKET IN PREVIOUS HOST CITIES AND COUNTRIES Introduction A world expo or fair is defined as an “infrequently occurring celebration that typically showcases the latest or future advances in culture and technology” (Goldblatt & Nelson 2001, p. 212). The World Expo (short for ‘exposition’) was rooted in ancient times when people gathered in central areas to sell various kinds of goods ranging from handicrafts and jewelry to agricultural produce and livestock. This usually coincided with religious festivities and were accompanied by some form of entertainment such as horse races and carnivals. Soon it metamorphosed into trade fairs, where products of a specific industry were showcased for the purpose of luring buyers. Soon the concept of a trade fair of international proportions was conceptualised with the objective of displaying the primary products of each participating nation for the promotion of international trade. The first of such exhibition was held in the Crystal Palace in Hyde Park, London in 1851. It was named at that time as “the Great Exhibition of the Works of Industry of All Nations” and rightly so because this exhibition celebrated the coming of age of the Industrial Revolution in Europe. Thus the 1851 Great Exhibition was not only a trade fair but also a display of scientific, industrial and technological inventions. Queen Victoria’s consort, Prince Albert, possibly did not foresee that what he conceptualised would become today’s third grandest event after the FIFA World Cup and the Olympic Games, considering its impact on culture, on society and the nation’s economies. 2 Today, the World Expo has come a long way. It is not only a trade fair and a showcase of new scientific and technological advances and inventions but it is also a means of promoting cultural correspondence and transfer and a way of finding solutions to issues that hound humanity. Moreover, it becomes a platform of presenting a strong national image before the whole world. In other words, it affords countries to advertise their assets and perceived advantages over other nations. The pavilions that each country construct have become competitive in terms of lavishness, splendor, magnificence and cost. There is a contest as to who builds the most stunning and most memorable pavilion. So many World Expo historians are of the opinion that the geodesic dome of the US pavilion in the 1967 expo in Montreal, Canada is the most memeorable and the glass and iron Crystal Palce of UK in the 1851 World’s Fair in London as the most imposing. In each world expo, all countries try to express some theme via its architectural design and the contents of its pavilion Thus each World Expo is characterised by glitter, glamour, visions and images (Maddox 2004, p. 79). The aforesaid themes vary from year to year. Thus in the Century Exposition in Seattle in 1962, the Space Age was celebrated, represented by the 605 feet Space Needle (World Book Encyclopedia 2000, p. 56). Meantime in the 1964-65 World’s Fair in New York, the theme was “Peace through Understanding”. It is evident that hosting such world expo is a gargantuan task and needs regulation from countries who might display outre items and exhibits or exhibits that are essentially commercial or of the fine arts. To fill that shoes is the BIE or Bureau International des Expositions, the international sanctioning and regulatory body created by the 1928 Convention on International Exhibitions. The BIE has in one instance rejected a world fair as undeserving of its 3 imprimatur. The 1964-1965 New York World’s Fair was denied approval because it was in contravention of the standard duration of universal or registered expositions, which must be not more than six months. Universal expositions tackle universal themes that run the whole range of human activities. The Convention on International Exhibitions also mandated that there should be a 20-year interval between 2 general exhibitions but the BIE has since cut that interval down to a minimum of 5 years (Peaslee 1974, p. 294). The specialised or international or recognised expositions, meanwhile, which are limited to a single common theme can be held within 2 universal expositions and must limit its exhibitions to not more than 3 months (Article 4A, Convention on International Exhibition). The 2008 International Exhibition in Zaragoza, Spain was sandwiched between two universal expositions i.e. the 2005 Aichi, Japan Expo and the 2010 expo to be held in Shanghai, China. Since universal expositions are wider in scope and held in a surface area of more than 25 hectares and thus more lavish and expensive to organise, the participating countries are enjoined to construct their own pavilions at their expense although the organisers are given the option to erect pavilions for countries that do not have the capacity to do so (Article 14, Convention on International Exhibitions). In contrast to this, in international or specialised exhibitions, the organisers are constrained to build pre-fabricated structures which are generally for free i.e. rents, all charges, expenses and taxes unless the the organising state justifies that its economic and financial situation makes such impossible (Article 4(4), Amendment of Convention on International Exhibitions). 4 A third kind of exposition is that of a horticultural nature and this is termed as International Garden Expositions. Representative of such exposition is the 1990 Osaka International Garden and Greenery Exposition which adopted the theme “Coexistence of Man and Nature” (Theokas 2004, p. 230). It was held in a surface space of 140 hectares and featured immense international gardens, open-air theatres and futuristic cityscapes that give emphasis to the unification and cooperation between nature and private enterprise. The latest of such horticultural exposition was held in 2006 in Chiang Mai, Thailand and was called Royal Flora Ratchapruek (Chiang Mai Festival 2006). After the World Expo., many host countries in order to recoup hosting losses, demolish or dismantle the pavilions and utilise the metals, plastics and other construction paraphernalia for recycling. An example is the restructuring of the 1970 Osaka premises to a new building called the National Cultural Park (Van Wesemael 2001, p. 572). But many chose to leave them intact as mementoes of the grand occasion or as tourist spots or converted them as convention centres, museums, industrial parks or office buildings. One such ‘wise decision’ was to disallow the dismantling of the Eiffel Tower, which today symbolises Paris. The South Korean hosts of the 1992 Taejon World Expo even preserved the whole premises converting 1/3 of such to an industrial park and the other 2/3 to permanent research buildings (Korean Government 1993, p. 18). Most of the premises of the 2000 Hannover, Germany World Expo were also conserved except for the western side of the premises (Brandenburger et al 2000, p.34). The majestic Crystal Palace in the 1851 London World Fair was preserved until it was razed down by a conflagration. The Space Needle from the Seattle 1962 World Expo still stands mighty and 5 proud; the giant Atomium that celebrated the Atomic Age during the 1958 Brussels Expo is still around to awe everybody; the Royal Exhibition Building from the 1880 Melbourne Expo struck members of the World Heritage Trust with its magnificence that they declared it as a world heritage site. Others however, underwent conversion. The American Theatre from the 1958 Brussels Expo became a TV studio; the Palace of Fine Arts from the 1893 Chicago Expo developed into the Museum of Science and Industry; the French pavilion from the 1967 Montreal Expo assumed the form of Montreal casino. Other structures however, were dismantled, shipped to distant lands and reconstructed in the latter. Some good examples are the Walt Disney carnival rides and other structures featured in the 1964 New York Expo which were all transported to Disneyland in Orlando, Florida. Meanwhile, the Portugal pavilion from the 2000 Hannover Expo now stands erect at Coimbra, Portugal; the USSR pavilion from the 1970 Osaka Expo can now be viewed in Moscow while the Japanese Tower from the 1900 Paris Expo was requested by Belgium’s King Leopold II to be relocated in his country. The Effects of World Expos to the Host City’s/ Country’s Economy and Their Effects on the Property Markets Therein I The 2005 Aichi, Japan World Expo When Japan in 1970 hosted the Osaka World Expo, the Japanese were simply exuberant at the idea of launching an expo that involved large-scale construction of premises. But 35 years thereafter, the 2005 Aichi World Expo was pelted with criticisms, mainly that it was a “Trojan horse” used by big-time land developers. The detractors seemed to be justified because 250 hectares of forests were to be cut down to give way to the expo premises and which after the 6 expo, was planned to be converted into residential subdivisions. This, they claimed was abhorrent because it destroyed ecological balance and fostered climate change (Yoda & Harootunian 2006, p.398). They insisted that the budget of 1.5 trillion yen was an utter waste of money and that the arrival of some 40 million visitors can never compensate for the destruction of environment. The local public opposition was magnified with the entry of environmentalist groups like the World Wide Fund for Nature, Japan Wild Birds Society and Nature Conservation Society of Japan (Barrett 2005, p. 124). As a result of such surge of activism, the hosts backtracked and settled for a lessening of the development area from 250 to 15 hectares with the inclusion of a 158-hectare Aichi Youth Park and the diminution of projected visitor turnout to 15 million from 40 million. Unlike most expos, the Aichi expo was profitable during and after the expo. It made a modest profit of 10 billion yen from the cost of hosting that amounted to 340 billion yen. The fact that the target of 15 million was exceeded by some 7 million visitors helped the financial condition. But expo mouthpieces claimed that more success was gained after the expo folded its doors as the once secluded, forested Aichi area became a dense residential property hub with its own infrastructures notably a Linimo-magnetic levitation train servicing it so much so that prices of real estate properties in the area accelerated and surged up. But the environmentalists are asking , “Is this kind of success worth it in lieu of ecological destruction of the forests and the rare nesting goshawks that dwell in them?”. II 2000 Hannover, Germany World Expo For the first time, Germany was given the opportunity to host the world expo. Its theme 7 was “Humankind-Nature-Technology” and it was apt because Germany is such a technology- driven nation (ECMT 2002, p. 66). The hosts reserved 150 hectares for expo premises and targeted 40 million visitors to show up but come expo time, only 25 million actually materialised. But from the outset, the hosts were determined to start on the right footing by declaring that unlike other expos that created in their wake wasteland parks, in this expo “no useless things would be left over from the World Expo” (World Expo Magazine 2007). In fact, existing buildings were renovated and applied the German-architectural miracle makeover. Thus only 30% of the premises were originally constructed (World Expo Magazine 2007). The expo was a roaring success despite the absence of USA because critics were awed, titillated and regaled by pavilions designed by the respective countries themselves which were futuristic and awe-inspiring in the shape of cubes, domes, pyramids and cones. Other pavilions were made of glass (Mexico); chrome steel (Norway); paper (Japan); bamboo (Colombia) and all sorts of metals. Other pavilions resembled starships and shuttlecocks. There never was a sight like it, according to one critic (Takei 2000). All were one in saying that the average pavilion investment of 13 million euros was worth it. But if the Hannover expo was an unforgettable visual experience, it was also an unforgettable, painful debacle for the German hosts. Because only 25 million out of the projected 40 million visitors materialised, a deficit of $600 million was incurred. The heart of the problem was in the confusing advertising campaign that cannot exactly pinpoint what the expo was all about as well as what to expect in the expo. Participating companies were even more befuddled whether their investments are for the latest technological invention showcase or 8 for an eco-show.. This hubbub affected potential corporate sponsors who were not only eternally perplexed but had to dole out US$14.5 million to be a world expo partner or US$48 million to become an official product supplier. Thus, during the fair the world expo simply inundated Hannover with deficits and debts reaching $1 billion (Goldstein 2000). After the expo, though, most of the buildings were still useful as venues for important fairs in Germany. A portion of the expo premises, meanwhile, has been converted into the awe-inspiring Hannover centre of information, technpology, design, media and arts. Because the area has been transformed into a commercial, cultural and educational hub, real estate properties around the area experienced value appreciation. Hannover should, however, take solace in the fact that most international expositions are simply not money-makers and most are not profitable. “ But the ultimate reward is providing a major showplace for international innovations and aspirations” (de Groote 2005). III 1986 Vancouver World Expo When Vancouver, Canada decided to host the 1986 World Expo, Vancouver was but a quiet, struggling, ordinary city that was trying to cope with the recession of the late 80’s and to declare its autonomy from mainstream Canada centered in Ottawa. It was also during that time that the new Immigrant Investor Program was enacted. The program’s aim was to attract wealthy business immigrants who had the capital and the wealth to propel Canadian cities to a higher level of financial status. Immigration is easy if the applicant has a “net worth of $500,000 or greater, and commits to a 5-year investment of between $250,000-$500,000 in a business, private investment syndicate or government-managed joint venture fund” (Abu Laban 1997, p. 9 79). Thus, Vancouver, by seeking to host the 1986 expo can kill two birds in one stone i.e become a global city via its hosting of the expo and to sell Vancouver to those affluent Chinese moguls from Hongkong who were having bouts of financial uncertainties with the approaching 1997 handover of the former British colony to China. Immediately after the announcement to host the expo, came the barrage of opposition to the projected plan. The basis of such was that the international event was a costly one and the venue was a derelict site in the False Creek area which is called ‘skid row’ because it was the poorest part of Vancouver where hundreds of welfare recipients and transients were housed in seedy, decrepit hotels. The residents capitulated when the government promised that the expo lands would be converted to a social housing community and that any loss would be taken care of by revenues from the 6/49 lotto. The expo was pushed through with a total investment cost of $1.5 billion. Although 22 million visitors came who generated 369 million in revenues, still a deficit of $337 million was incurred. Contrary to the promise, the lotto only contributed $277 million leaving a net loss of $60 million (Hatten 1987). Clearly the expo was on the verge of submerging Vancouver in debts. But that was not meant to be. After the expo, Vancouver instead of building socialised housing sold the expo lands to Hongkong billionaire Li Ka-shing whose son constructed in the area one of the most luxurious condominiums in the whole city (Mitchell 1993, p. 263). The $145 million land deal between Li ka-shing and Vancouver City and the erection of posh condominiums signaled the transformation of Vancouver economy and its elevation as the gateway of the Pacific and a truly global metropolis. Meanwhile, its population ballooned to 1,831,665 by 1996 10 as 40,000 wealthy Hongkong immigrants who injected much capital to Vancouver economy, made their advent to the city. Most of these invested in real estate properties in West Vancouver, developed them into high class residential and commercial structures with the result that a severe inflation in the market value of Vancouver’s real estate ensued and West Vancouver was ensconced as the most affluent area in the entire Canada (Ley, Hiebert and Pratt 1992). Because values of residences in West Vancouver had risen astronomically to as much as 300%, the middle and upper-middle classes realised that they had been economically displaced with their incapacity to purchase any of those houses in that area. More displaced were those welfare recipients whose fate was placed entirely in the hands of the politicians (Tinic 2005, p.43). IV The 1964-1965 New York World’s Fair The 1964-65 New York World’s Fair will stand out in history for so many reasons. First, it was rejected, disowned and denied exhibition by the regulatory body BIE (Bureau International des Expositions) because the fair was held for two years via two six-month periods in contravention of BIE rules limiting duration for universal expos to only 6 months. It was the only one to suffer such BIE disapproval. Second, despite the absence of so many signatories of the Convention such as Russia, Canada, Mexico and the rest of them pressured by BIE, it was successfully held featuring 157 pavilions which showcased underwater hotels, spacecrafts, deserts ablooming with plants irrigated by desalinated water, time traveler, flying cars and life-sized dinosaurs (Cotter & Young 2004, p. 129). Third, it set a record at that time of 51 million visitors who were regaled by Walt Disney extravaganzas and other exhibits in its Flushing Meadows grounds. Fourth, it was the world’s biggest spectacle at that time, occupying almost one square mile of space with the theme “Peace through Understanding”. Fifth, it was the most 11 expensive world’s fair at that time, earning it the monicker “ the billion dollar fair”. Sadly though, like all the great world fairs it was a losing event. The needed 70 million visitors required for it to be profitable was never attained. Then the 40 member nations under the umbrage of BIE was constrained not to participate leaving only small, third world countries to join the fray. Then New York had to vie for visitors and country-participants against BIE-backed Montreal and Seattle. If the fair started with controversy, it also ended in controversy with brickbats hurled by parties against each other accusing financial mismanagement and corruption. During the fair itself, there was allegation of overspending despite failure to attain projected attendance. Thus soon, the reality dawned that the fair was facing bankruptcy with its failure to pay its debts. Moreover, the creditors and the financiers who were unable to recoup their investments filed legal actions. Unlike other expos and fairs where after the event, the premises were converted into commercial and residential real estate properties, the fair’s spaces were transformed into the Flushing Meadows Park for the whole world to trample with. The pavilions were all demolished and brought to distant lands to be reused for other purposes. The remaining structures cannot find any other use and were either vandalised or suffered deterioration. There was no reported appreciation of real estate values in the fair’s lands or the adjacent lands. It truly was a sad ending to a fair which was dynamic, enthralling and out of this world. V 1988 Brisbane World Expo For the second time, Australia hosted the world expo. 108 years after the Melbourne World Fair, Brisbane received the former’s baton in 1988, which coincided with the Australian 12 bicentennial. With the theme “Leisure in the Age of Technology”, Brisbane was able to attract 18.5 million people (Gold 2005, p.130). With AU $625 million invested in the expo in premises that were considered derelict, most of the expo edifices were converted into commercial establishments, low-medium residential establishments, the South Bank Parklands and the Brisbane Convention and Exhibition Centre (Roller Coaster.com). Because the former derelict industrial waterfronts with little real estate values were turned into primary residential and commercial properties, the values of the land in the area and the surrounding areas steeply appreciated. The AU$ 625 million investment may not have been recouped during the Brisbane Expo itself but the transformation and the urban renewal of Brisbane into a global metropolis coupled with its elevation as a centre of culture, business, arts and entertainment cannot be measured in terms of money. Let us not forget that the huge Japanese investments and tourism was due to the Brisbane Expo (Sanderson 2003). Looking at post-expo Brisbane and comparing it prior to the 1988 expo, there’s no doubt that the Brisbane Expo made a huge economic and cultural impact on the city and Queensland state. VI International Expo in Zaragoza, Spain The hosts of the 2008 Expo in Zaragoza, Spain had allotted a budget of 700 million euros for the project. Besides the expo building premises, an airport and new high-speed trains have been constructed. As of the first quarter of 2008, it had been reported that 2.5 million tickets had already been sold and with a price ticket of 35 euros, the hosts had already earned 87.5 million 13 from ticket sales. The projected number of visitors was 7.9 million. From the looks of it, Spain cannot possibly recoup its investments. But the mayor of Zaragoza quickly defends that the expo offers opportunities and changes after the expo. He said that the infrastructures will endure for 20 years and nothing will be lost because the expo site will be transformed and will give way to a 160,000 square metre business park (Expo 2010china.com). Besides the expected 9 million visitors including media, people will have a glimpse of Zaragoza and the province of Aragon’s natural, pristine beauty and tourism spots and will likely spread such by word of mouth. After the event , tourism will be given a major boost especially with the infrastructure improvements that had been set in place. Expected also to rise are the prices of real estate properties in both city and province as the population of the city is expected to reach more than 700,000 by the year 2009 (Rural Spain Properties.com). VII 2010 Shanghai World Expo For many countries, economic opportunities are severely restricted because they suffer from a very negative image and one strategy of removing such vile image is to host mega-events such as the world expo or the summer olympics. This is precisely what China did. Since such unfavorable images as the sack of Tibet, the massacre at the Tiananmen Square, the media perception of it as unsafe and repressive continue to hound it and cause tourists, trading partners, international bankers, investors to be wary of it, China has failed to make the ‘sleeping dragon’ an economic dragon. Therefore the 2008 Olympics and the 2010 Shanghai World Expo are means to open the floodgates for economic activities and thus one way of transforming itself 14 from a developing country to a first world nation. This tactic is termed as “come see for yourself strategy” (Mansfeld and Pizam 2006, p. 238). China’s projected investment for the world expo is US$ 3 billion where 42% is earmarked for construction of world expo facilities. The other 58% is reserved for the acquisition of residential and industrial properties that would comprise the world expo surface. The Shanghai Expo is financially cushioned by the government (43%), private companies (36%) and banks (21%). But Shanghai is buoyant of an economic success not only during but more importantly after the expo. The Gallup Poll has projected a 70 million tourist cum businessmen arrivals. To handle these throngs of humanity, the Pudong International Airport is currently being expanded and when it becomes operational, it will become one of the world’s largest and most sophisticated (Economic Forum 2002). Because of the projected millions of arrivals, there is an expected tourist boom and a demand for construction of more hotels, and a stimulation of more businesses especially retail businesses and restaurants. Shanghai is certainly poised to become a world-class metropolis especially that there is an expected real estate boom with a demand for more hotels, restaurants, entertainment spots, amusement parks and other buildings (World Expo 2010). Moreover, many old, dilapidated buildings including that within the expo premises are set to be demolished in order to be replaced with new structures designed by some of China’s best architects who hope that afterwards, they will gain global recognition as among the world’s best. Hopefully, with a newly refurbished,majestic Shanghai, business investors and international companies will set up their offices in Shanghai. Then commercial and residential property market in Shanghai will be given 15 a boost and experience a demand that parallels some of the most frenetic property market in the world. To Shanghai, hosting the expo means a chance to promote not only tourism but international trade and economy. Although the 1928 Convention on International Exhibitions forbids direct commercial activities within expo premises, yet trade outside the venue has always proven to be a thriving activity. This is the most opportune chance for sterling Chinese companies with new inventions or with products that merge function and art and stylish design to display them before the whole world and hopefully find acceptance globally. They reason out that such inventions as airplane and telephone first made their appearance in world expos. The Shanghai expo not only stimulates entrepreneurship but also speeds up China’s export oriented economy. Because top-notch international businessmen especially moguls owning businesses that are among the world’s top 500 businesses are surely there in search of more business opportunities, it’s high time for Chinese businessmen to corner them and engage them in business proposals. Finally, because some 200 participating countries are expected to discuss and exhibit ways for economic, technological and scientific development and innovation, China hopes to absorb by osmosis these innovations and propel itself to a sure niche in the world’s most progressive nations (People Daily. Com). Conclusion Although a lot of world citizens are excited about the prospect of their respective countries hosting a mega-event such as the world expo,there are several skeptics who sneer at the idea of coming up with something that’s costly, trivial, unnecessary, extravagant and irrelevant 16 to the pressing problems that the world faces such as climate change, wars, genocides, injustice, famine, abject poverty, bigotry. But the fact that since its inception in 1851, 55 world expos had already been held and millions of people worlwide had viewed, supported and luxuriated in it. If it is irrelevant and devoid of opportunities for economic gains to the countries hosting it, it should have bitten the dust a long time ago. There must be something in it that caused it to last this long. Probably the opportunity to brag about to the whole world each nation’s development in its economy, science and technology, culture is innate in each nation. And countries are all agog to have the opportunity to host it. From all our studies most of the world expos cause their nations to be buried on debts during the expo itself, others are plunged into bankruptcy but still world expos go on. With many countries like Spain, they can never be losers because they are forced to put up much needed infrastructures which have long-term effects. Besides this, the buildings can still be useful and can be converted into much needed industrial parks, government buildings, commercial or residential properties. And lastly, from all the studies practically all countries experienced appreciation of the values of the properties within the expo premises as well as those adjacent and near the premises of the expo. As with China, the expo is an opportunity for the country to spread its wings and go globally. Its high time for their products, inventions and the talents and ingenuity of their engineers, scientists, artists and other professionals to be known and appreciated in the whole world. 17 REFERENCES Abu Laban 1997 Barrett, B 2005, ‘Ecological modernisation and Japan’, Routledge. Brandenburger, D et al 2000, ‘Expo architektur dokumente’, Hatje Cantz. Chiang Mai Festival 2006, ‘Songkran in Chiang Mai, Yee Pang Festival, www.chiangmaibooking.org/festival.htm-11k. Convention on International Exhibitions, Amendment 2003, Paris 31 May, 1998. Cotter, B & Young, B 2004, ‘The 1964-65 New York World’s Fair’, Arcadia Publishing. Craig-Smith,S & Fagence, M 1995, ‘Recreation and tourism as a catalyst for urban waterfront development’, Greenwood Publishing Group. De Groote, J 2005, ‘A multidisciplinary analysis of world fairs’, Tourism Review, 60(3) ECMT 2002, ‘Report of the 120 second round table4 on transport economics held in Paris, OECD Publishing. Economic Forum 2002, ‘2010 Shanghai world expo’, http://www.info.hktdc.com/econ/forum. Tdc/tdc021201.htm. Expo 2010 china.com. ‘World’s water focus of expo in Spain. www.expo2010china.com/expo/expo_english/or/node2461/node/2462 Korea Government 1993, ‘Korea economic report’, Korea-Europe Economic Report. Gold, JR 2005, ‘Cities of culture’, Ashgate Publishing. Goldblatt, J & Nelson, KS 2001, ‘The international dictionary of event management’, John Wiley & Sons, New York. Goldstein, L 2000, ‘Theme park debacle’, Time Magazine, Aug. 28, 2000, vol 156 no. 9. Maddox, RF 2004, ‘The best of all possible islands’, SUNY Press. Mansfeld, Y & Pizam, A 2006, ‘Tourism, security and safety”, Butterworth-Heinemann. Peaslee, AJ & Xydis, D 1974, ‘International governmewntal organizations, BRILL. People Daily.com, ‘China’s world expo’, http://www.english-peopledaily.com.cn/200212/05/ eng20021205_107967.shtml. Roller coaster.com 1989, ‘World expo park’, http://www.roller-coaster.com.au/park.php?pid=21. Rural Spain properties.com, “Rural properties in Aragon,’ www.ruralspainproperties.com/eng/07-rural.properties_aragon.php-21k. Sanderson,R 2003, ‘Queensland shows the world’, Journal of Australian Studies, no.79, 2003. Takei, G 2000, ‘The official site of George Takei’,www.georgetakei.com. Theokas, A 2004, ‘Grounds for review’, Liverpool University Press. Tinic, S 2005, ‘On Location’, University of Toronto Press. Van Wesemael 2001, “Architecture of instruction and delight, 010 Publishers. World Book Encyclopedia 2000, ‘Seattle center’, World Book Inc. World Expo Magazine 2007, issue 3, World Expo 2000, Hannover, Germany. World Expo 2010 2007, ‘Coming soon: the economics and technology Olympics http://www.shanghaidaily.com/coverage/content.asp?id=100283=4. Yoda, T & Harootunian, H 2006, ‘Japan after Japan’, Duke University Press. 17 Table 1. Summary of the Effects of the World Expo To Commercial and Residential Property Markets During and After the Expo. HOST CITIES EFFECT ON PROPERTIES DURING EXPO EFFECT ON PROPERTIES AFTER EXPO 1.Zaragoza,Spain -so much money is budgeted for infrastructures such as airport, high-speed trains, hotels, entertainment spots etc; effect is raising of rates in accommodations and an appreciation of the values of real estate properties The infrastructures endure for 20 years and during that time, real estate values keep on appreciating; expo premises are converted to business park-land values around the area appreciate 2. Shanghai, China There is frenetic construction of infrastructures where $1.26 billion is allotted; room rates had already been raised; prices of lands have also been upped This remains to be seen as expo is still on 2010. 3.Aichi, Japan Forests had been razed down to give way to the expo;valueless lands suddenly gained value; infrastructures such as monorails provided Expo premises converted to housing communities causing appreciation of properties in the area 4.Hannover, Germany Expo premises in the center of the city causing heavy traffic in the area; rentals of properties; hotel rates go up The Hannover centre of information,technology, design, media & arts are now in place making the area a thriving commercial zone;surrounding lands appreciate steeply in value 5. Brisbane, Australia Derelict area used as expo premises; sudden rise of value of properties within and near expo premises; heavy infrastructures set up aiding its rise In its place mushroomed commercial & residential establishments, the South Bank Parklands, Brisbane Convention & Exhibition Centre-thus properties soar up in value 6.Vancouver, Canada Almost valueless land in False Creek used as premises; seedy hotel owners eject their transients to up room rates; values of properties went up Li Ka-shing bought expo lands for $145M; built posh condominiums;middle & upper-middle citizens cannot afford values of lands & condos 7.New York, New York Lands used in 1939 expo, Flushing Meadows also used for expo; values of properties almost remained constant Expo lands converted into the Flushing Meadows Park;pavilions all demolished;buildings deteriorated-no appreciation Read More