In 1982, the built a promenade along the waterfront around the New World Centre in , Kowloon. In 2003, the Group announced it would spend HK$40 million to build the Avenue of Stars, a project supported by the Hong Kong Tourism Board, , the of the and the .
The avenue was opened to the general public on 28 April 2004 with an opening ceremony held the previous day, 27 April. The opening ceremony was presided over by a number of government and industry figures including Henry Tang , Stephen Ip , Patrick Ho , Selina Chow , Manfred Wong , and Cheng Yu Tung ; in which the privately-funded Avenue was handed over to the Hong Kong SAR government as public property.
At opening, the avenue honours an initial 73 inductees elected by the Hong Kong Film Awards Association and the readers of City Entertainment.
The Avenue of Stars is the eastern node of several tourist attractions along the Tsim Sha Tsui waterfront. In addition to the promenade and New World Centre, a number of attractions exist including the , , and the .
Entering from Salisbury Garden, a 4.5-metre-tall replica of the statuette given to winners at the Hong Kong Film Awards greets visitors. Along the 440 metre promenade, the story of Hong Kong's one hundred years of cinematic history is told through inscriptions printed on nine red pillars. Set into the promenade are plaques honouring the celebrities. Some plaques contain hand prints and autographs of the stars set in cement, but most of the plaques only contain celebrities' names as they are now deceased.
The promenade commands a stunning panoramic view across Victoria Harbour. At night it is a popular viewing place for the display. It is a good place to go to see the glamourous stars of HK.
A large replica of the 2008 Summer Olympics torch will be on permanent display here.