Beijing will become the first city to organise both Summer and Winter Olympics, after the Chinese capital was selected as host of the 2022 Winter Games.

Beijing organisers have announced that they will rely heavily on existing venues, including those built for the Summer Games in 2008, such as the iconic Bird’s Nest stadium and the Water Cube aquatics centre.

The city’s proposed budget for investment in Olympic villages, sports venues and other infrastructure totals US$1.5bn (€1.37bn, £960m) – significantly less than for Olympic Games in the past.

According to the bid documents, Chinese organisers plan to offset the proposed operational budget by revenue from ticket sales, marketing sponsorships and other income. The IOC will also inject around US$880m (€802m, £563m) to support the staging of the Games.

Beijing’s successful bid now means that Asia becomes the first continent – other than Europe – to host three consecutive Olympic Games; Pyeongchang 2018 (winter), Tokyo 2020 (summer), Beijing 2022 (winter).

Immediately after the election, representatives of Beijing together with IOC President Thomas Bach signed the Host City Contract (HCC).

It is the first time that the HCC is being made public, which is a result of the recommendations of Olympic Agenda 2020 - a reform package that significantly changed the host city selection process.

• There were only two final candidates left for the ballot at the 128th IOC session in Kuala Lumpur, Malaysia Friday (31 July), following the withdrawal of bids from Oslo (Norway), Munich (Germany) and Stockholm (Sweden). Beijing received 44 votes to Almaty’s 40.

IOC attacks Oslo following 2022 bid withdrawal