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The parade ring in Sha Tin Racecourse officially opened on 21 November 2004. Construction work began in June 2003 and the project cost HK$400 million (approx. US$51.2 million). The redeveloped parade ring also hosts a saddling area, an Owners Pavilion, a renovated Racing Centre and expanded viewing balconies across the second to fifth floors of the Grandstand. Capacity at the paddock has doubled to 4,700. It is the world's first retractable parade ring roof.