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. Mar 18 New World Development says First Star will demolish Hunghom Peninsula and build luxury blocks with gross floor area of 1.55 million sq ft. Nov 29 New World Development and Sun Hung Kai Properties confirm the demolition of the never-occupied blocks.