The birthplace of modern Malaysia, Stadium Merdeka was the site of one of the nation's most important events. It was here on 31 August, 1957 that power was transferred from the British empire to the newly independent Malaysian government. Tens of thousands of people crowded into the stadium which was built specifically for this occasion. While the stadium is an important part of Malaysia's history, it was almost destroyed. The building and land was given to a private company to build a RM1,000,000,000 entertainment and office complex. In exchange, the company would have built seven other stadia in other locations. However, public outcry and the mid-1990's Asian economic collapse saved the facility.