sentences:  The Land Development Corporation obtained approval from the Executive Council to acquire land in Wan Chai, including this site, for redevelopment as part of an urban renewal project.A consortium was formed comprising Chinese Estates (40%), Kwong Sang Hong (25%), Chi Cheung Investment (20%) and Peregrine Group (15%).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.