China hosts the first China Grand Prix in 2004. The team, set up in 1997 with an initial investment of Yn22m, has renamed itself Shangsai FRD, 'shangsai' being the Chinese acronym for Shanghai International Circuit.
Construction of the 5.45km F1 circuit in Shanghai began earlier this year. It has been designed by German racetrack engineer Hermann Tilke, who was also responsible for the acclaimed Sepang track in Malaysia. The racetrack, which will accommodate 200,000 spectators and a theme park, is scheduled for completion in March 2004.
Observers believe that success for Shangsai FRD may be difficult to achieve, pointing to the lack of glory so far for a Korean F1 syndicate and the Toyota F1 team – the latter having consumed investment of US$1bn.