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Bikes nearly in black
October 26, 2012, Friday
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HANGZHOU'S public bicycle system is nearing its break-even point this year, after expanding revenue sources to advertisement space leasing and contractual management.
Selling advertising space on public bikes and service stations is expected to bring in more than 30 million yuan, accounting for about half of the system's operational costs.
Currently, the public bike system costs between 60 million yuan to 70 million yuan annually to operate.
Rental fee income stood at around 6 million yuan last year, accounting for only a tenth of the income as 96 percent of all rentals were shorter than one hour, thus free of charge.
Hangzhou is home to the world's largest bicycle-sharing program, with more than 65,000 bikes. About 238,000 bike rentals are registered each day in the city on average.
Hangzhou's public bike system has been exported to 20 cities in China, including Jiaxing, Ningbo in Zhejiang Province, Foshan in Guangdong Province and Yangzhou in Jiangsu Province. Contractual sales are expected to reach 150 million yuan by the end of the year.
Hangzhou government has invested 400 million yuan in the project, mainly on purchasing bikes and setting up service stations.
Selling advertising space on public bikes and service stations is expected to bring in more than 30 million yuan, accounting for about half of the system's operational costs.
Currently, the public bike system costs between 60 million yuan to 70 million yuan annually to operate.
Rental fee income stood at around 6 million yuan last year, accounting for only a tenth of the income as 96 percent of all rentals were shorter than one hour, thus free of charge.
Hangzhou is home to the world's largest bicycle-sharing program, with more than 65,000 bikes. About 238,000 bike rentals are registered each day in the city on average.
Hangzhou's public bike system has been exported to 20 cities in China, including Jiaxing, Ningbo in Zhejiang Province, Foshan in Guangdong Province and Yangzhou in Jiangsu Province. Contractual sales are expected to reach 150 million yuan by the end of the year.
Hangzhou government has invested 400 million yuan in the project, mainly on purchasing bikes and setting up service stations.
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