As one of the supporting cities to the 2008 Beijing Olympic Games, north China's port city of Tianjin will spend 40 billion yuan (about 4.8 billion US dollars) on its first group of 24 Olympic projects, said a municipal official.

Liu Meile, Deputy Director of Foreign Economic and Trade Committee of Nankai District, Tianjin, said the city has decided to build the first 24 projects for the Olympic Games, including hotels, a water sports center, a shopping mall, an international sports communication center and other related projects.

Sources from the committee said the 2008 Games will make Tianjin an attractive place for overseas investors, and nearly 40 Australian companies are visiting Tianjin right now seeking Olympics-related business opportunities in the city.

Liu said a three-day special business fair between Tianjin and Australian companies will convene here on Friday. The Australian companies are expected to bring the city a total investment of 400million yuan (about 48 million dollars).