subsidised land premiums (normally 35–50 per cent discount to the prevailing market). Owners who have sold their HOS public housing units will no longer be eligible for any form of public housing. In general, they are allowed after five years to apply to place their homes in the HOS Secondary Market without paying subsidised land premium, or to apply for removal of sale restrictions by first paying the full subsidies and the land premiums to the Housing Authority, as decided by the Director of Housing. In 2002, developers complained of weakness in property prices, claiming the housing marketplace was largely distorted by excessive unfair competition from schemes such as the HOS. It was pointed out that a public rental tenant moving into a second-hand HOS flat would receive three lots of subsidies. Government halted the PSPS, developments which were in progress at the time were either transformed into public housing, or sold off to private developers. Construction of new HOS estates was suspended in November 2002, and it was also announced that the TPS would end. 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 Properties. In 2004, the consortium announced the demolition of these buildings to make way for luxury apartments, which was met by public outcry over 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. The buildings were substantially renovated instead. See also List of Home Ownership Scheme courts in Hong Kong References External links Information by Hong Kong Housing Authority "History of Home Ownership Scheme", City University of Hong Kong website Hong Kong Place, part I, part II Ownership