Hung Hom Peninsula Controversy
One PSPS project, the 2,470 flat Hung Hom Peninsula built by New World Development and Sun Hung Kai Properties, was sold for a below-market land premium of HK$864 million to New World Development, who subsequently sold off half share to Sun Hung Kai. In 2004, the consortium announced the demolition of these buildings to make way for luxury apartments, to be faced with huge popular outcry about the needless destruction of "perfectly good buildings" to satisfy "corporate greed". In an unprecedented about-turn, the developers withdrew the plan on 10 December 2004.
Read more about this topic: Home Ownership Scheme
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