Sino Group
In the end, the government accepted the redevelopment proposal of the Hong Kong Heritage Conservation Foundation to convert the building into a boutique hotel. The HKHCF was initially set up under the name Nice Brilliant Limited in December 2007, and changed its name in March 2008. The HKHCF has close ties to Robert Ng's Sino Group, and two of his children sit on its board. Legislator Fernando Cheung accused them of being a "one-man NGO" set up for business purposes rather than social service. The conversion project is planned for completion at the end of 2011, with an estimated cost of HK$64.9 million.