HK Stock Market Move | CSC DEVELOPMENT (00830) fell more than 8% in the afternoon; Hong Kong's Buildings Department says it is investigating a steel reinforcement quality incident at a HK$100 million villa.

CSC DEVELOPMENT (00830) fell more than 8% in the afternoon. As of press time, it was down 8.21% at HK$0.615, with turnover of HK$1.2388 million. On the news front, on the evening of October 3, in response to the recent widely watched issue concerning steel reinforcement configuration at a certain luxury home, the Buildings Department of the Hong Kong Special Administrative Region Government issued a notice stating that it is investigating the incident. It has so far found that in one of the ground-level lower beams of the detached house involved, the protective layer was not configured with wire mesh in accordance with the approved plans, and that the steel reinforcement configuration of some floor slabs did not comply with the approved plans. The detached house belongs to the ONE STANLEY project located in Stanley, Hong Kong. The developer and project seller of ONE STANLEY told the media that they attach great importance to the Buildings Department's follow-up on certain construction quality matters concerning the detached house, as well as recent remarks made on social media in this regard, and will follow up seriously. According to information on the project's official website, the main contractor is Hyde Building Engineering Company Limited, a wholly owned subsidiary of CSC DEVELOPMENT.