Swire Properties submitted a compulsory sale application in respect of a site on Tong Chong Street. The site, which involves two buildings, has a gross site area of approximately 20,060 sq ft. According to media reports, the site can provide floor space of approximately 300,000 sq ft with a market valuation of approximately HKD1.2 billion.

A Swire Properties spokesperson responded that the Company intends to redevelop the site for office and other commercial uses, subject to a successful bid in the compulsory sale. The media reported that the Company has already acquired all units at Zung Fu Industrial Building and has applied for compulsory sale of Wah Ha Industrial Building on Shipyard Lane. Swire Properties is also partnering with Henderson on another project on Pan Hoi Street.