Nov 2002 A New World Development and Wai Kee Holdings joint venture, First Star Development, finishes building Hunghom Peninsula for sale under the Home Ownership Scheme.

Nov 13 Housing minister Michael Suen Ming-yeung announces suspension of flat sales under the scheme.

Feb 2004 First Star forfeits its contractual right to receive $1.914 billion from the Housing Authority for its failure to sell the 2,470 flats, and agrees to pay a land premium of $864 million to be allowed to sell the flats itself. Legislators and authority members challenge the 'knock-down' price. Wai Kee then sells its 50 per cent stake in First Star to Sun Hung Kai Properties for $593 million.