SOUTH KOREA: WINTER OLYMPICS - South Koreans are disappointed as they fail in a bid to host the 2014 Winter Olympics

South Korea spiralled into disbelief and disappointment on Thursday (July 5) as its eight-year wait to host the 2014 Winter Olympics in Pyeongchang was crushed when it narrowly and surprisingly lost to Russia's Sochi. South Korean citizens gathered in front of television screens across the capital Seoul to watch the dramatic announcement that their city was not to be the venue for the 2014 Winter Olympics. It was the Russian Black Sea resort of Sochi and not their hometown that was read out by IOC president Jacques Rogge, and a collective sighed rang out from the crowd. "I'm extremely disappointed," said 53-year-old Hong Sung-woo. "I think we failed to have a proper man-to-man strategy. We only focused on appearances and had too much expectation on the possibility," he added. Pyeongchang about 170 km (110 miles) east of Seoul four years ago narrowly lost out in its bid to host the 2010 Winter Games to Vancouver, Canada, and South Korean citizens didn't like to lose again. "I think Sochi achieved a dramatic victory. We were too sure about the victory and relaxed too much," said 43-year-old Kim Young-sik. However, one of citizens said the result should be respected. "We have to respect the result and we have to prepare well to host similar opportunities and hope to raise national income and development in local areas," said 74-year-old Bang Hyo-won. Shares that had risen in anticipation Pyeongchang would win the Olympic Games dropped on Thursday (July 5). Ski resort and casino operator Kangwon Land Inc. plunged 11.09 percent to 22,050 by 0046 GMT, compared with a 0.88 percent gain in the main KOSPI .

ITN Source | July 6, 2007

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