The closure of Taikoo Sugar Refinery and Taikoo Dockyard released a vast acreage of land in the Quarry Bay district of Hong Kong. A new company, Swire Properties, was incorporated to create a new urban landscape in the area - today known as Taikoo Place & Cityplaza - beginning with Taikoo Shing (“Swire City”), Hong Kong Island’s first private residential estate, and the retail/office complex Cityplaza (its underground car park formed from the old Taikoo dry-dock). These were to be the first of an extensive portfolio of “mixed-use” properties developed and managed by Swire Properties.