The company in charge of redeveloping the former marine police headquarters in Tsim Sha Tsui has been fined for working too slowly, according to the Lands Department. But the department has refused to disclose how much the company had to pay.
Flying Snow, a subsidiary of Cheung Kong Holdings, paid HK$325.8m for a 50-year land grant in May 2003. Work was scheduled to be completed by 31 March last year.
But the Lands Department said it had granted the developer an extension 'subject to the payment of a premium', which the developer paid in January.
South China Morning Post