The KCRC spent $19 million on a failed property joint venture with Li Ka-shing's Cheung Kong Holdings. The Kowloon-Canton Railway Corporation said an agreement was signed after a public tender with the company in November 1996 to develop a site in Hung Shui Kiu, Yuen Long. The KCRC said it needed to find a developer which could help pay for an emergency Light Rail and bus transfer facility. Cheung Kong then paid a $30 million deposit to the KCRC. However, the agreement became void when the site was not secured by the end of 2000. The KCRC said in a statement it had spent $1 million in staff costs, $5 million in consultancy and legal costs, and $13 million renting part of the site.