The city was founded in 1973 under the New Towns Development Programme of the Hong Kong government. Its current name was named after the nearby village of Sha Tin Wai. Housing the industrial area of Fo Tan, Shatin's economy once heavily relied on manufacturing, logistics and transportation. Since the late 1990s, it has undergone an extensive transition into areas such as business, service, tourism, entertainment, culture, education, sports, technology and scientific research. This has been marked by the building of Sha Tin Racecourse, Hong Kong Sports Institute and the Hong Kong Science Park in its outskirts.