The Wan Chai Market was initially a wet place where merchants would sell their belongings.

A consortium was formed comprising Chinese Estates (40%), Kwong Sang Hong (25%), Chi Cheung Investment (20%) and Peregrine Group (15%).

[5] Chinese Estates, controlled by Joseph Lau Luen-hung, agreed with the Urban Renewal Authority in 1996 to jointly redevelop the site into a luxury residential-commercial complex.

Phase two of the project, which requires the demolition of the building, was scheduled to start early 2008 and be completed by mid-2011.

[6] In 2007, the Urban Renewal Authority and the Development Bureau jointly announced that the facade and the front part of the historic market building will be preserved in the redevelopment project; the front part will be used as a shopping centre.