When Chinese Grand Prix contract expires after 2010, it seems the China GP official are considering of the contract renewal.

They have doubts on the renewal as the huge cost of hosting the F1 event and slow sales of the tickets have saw their profits dipping and just breaking even only.

The officials also cited that their main sponsor Sinopec, which might not renew their sponsorship as another factor.

China officials GP added that they wanted a “win-win situation” and it all hinges on cooperation on both side.

If indeed China GP dropped out of the F1 calender, it won’t be the first.

France GP officials withdraw their F1 status for next season, after citing cost as the main concern.

But it seems venues for the F1 in the Asian region doesn’t seem to lack any interested tenders as Singapore joined the F1 ranked this year, while there are plans to stage South Korea GP in 2010 and Indian GP in 2011.