Revenues from tickets of China's first-ever Formula One event, to be held in Shanghai on September 24-26, exceeds 36 million US dollars.

Organizers told a Chinese F1 development forum here on Friday that more than 300 million yuan (36 million US dollars) has been gained with all the 150,000 tickets sold out.

"It's a decent sum, which shows our work has begun to get paid," said Yu Zhifei, deputy general manager of the Shanghai circuit.

Yu, however, evaded questions on the total cost and the anticipated income from this year's Chinese Grand Prix.

"It's really hard to give a figure. All I can say is that Shanghai will make great achievement through the event," he said.

The tickets, in nine categories, went on sale in the middle of March. Prices ranged from 370 yuan (45 US dollars) to 3,700 yuan (450 US dollars).

The Chinese economic hub has built a 5.45-kilometer race circuit at a cost of 240 million dollars, with capacity for up to 200,000 spectators.