Citic Group said on Friday it will in three to five years build the National Stadium into an entertainment and shopping center, while seeking to hold more sports games and cultural performances.

The "Bird's Nest" will continue to develop tourism as its major business, while gradually tapping its auxiliary commercial facilities and turning them into a station for entertainment and shopping, said the Citic Group.

It will also actively hold sports games and entertainment performances, said the company, adding that it seeks to further promote the brand of the National Stadium, the major venue for the Beijing Olympics.

An individual company was established by Citic Group, Beijing Urban Construction Group and Golden State Holding Group Corporation to focus on the operation of the "Bird's Nest" business.

According to the company, maintenance of the 250,000-square-meter National Stadium will annually cost 60 million yuan (about 8.82 million U.S. dollars), making it particularly hard to make profit.

(Xinhua News Agency 30, 2009)