Prices for rooms during the Aug. 8-24 games reportedly have skyrocketed, and it is unclear where the rates will eventually settle. Prices invariably rise for hotel space at all big sports events.

Penny Xiang, who works on accommodations for the Beijing organizing committee, said this is "like a game the hotels play with the market."

"On the one hand they want to sell the rooms at a very good price. On the other, they are not very certain about the market," Xiang said Tuesday. "As for Chinese, when we are not sure about something we just wait and see."

China newspapers have reported hotel rooms rates going for up to 10 times their normal price. However, she said most hotels had vacant rooms with most waiting to see where the prices would go.

"There are few hotels which have signed contracts," said Xiang, a deputy director of games services. "For those that have signed contracts, the price is not very high."

She said the supply of hotel rooms in Beijing was likely to be larger than demand, which should restrain price gouging. Xiang said Beijing had about 300,000 hotel rooms. Of those, 30,000 rooms at 120 topflight hotels have been reserved by the organizing committee and held under contract for Olympic officials, sponsors and dignitaries.

The average price for a standard room at a five-star hotel -- under the organizers' contract -- Xiang said was $380 a night. She said the remaining 270,000 rooms would slightly exceed the "daily flow of customers," expected to be about 250,000.

"When the supply and demand balance, there will not be such high prices," she said.

Xiang said hotels are no longer requiring people to book rooms for 18-20 days and are now accepting bookings of four or five days.

She said neither the organizers nor city officials would step in to set prices.

"I must make it clear that the Beijing organizers and the Beijing municipal tourism administration are not the enforcing organization, so they cannot take any administrative measures," she said. "Prices of the rooms are based on the market, so it will be determined by supply and demand."

She said the city expected 500,000 non-Chinese to visit Beijing during the 17-day games, with about 1 million domestic tourists expected.

Xiang said the Beijing organizers were also holding 20,000 rooms in the Olympic and media village.