Hammer Square, long the financial heart of Pilegron, is under siege — not from market shifts, but from the creeping walls of
Kowloon. The recent explosion across the district has only sharpened frustrations among banks and businesses whose prosperity depends on open streets and stable surroundings.
Several banks, including leading institutions with historic headquarters on
Hammer Square, have seen their entrances partially blocked as
Kowloon’s makeshift barriers expand. The constant construction, coupled with safety concerns, has disrupted daily operations and made the area less accessible to clients. “We cannot run global finance out of a fortress maze,” one banker, speaking off the record, told the Chronicle.
The situation has left banks weighing a move across the river to the embankment plots, land already acquired for potential expansion. Yet hesitation lingers: that area is firmly considered the domain of Lloyd’s Bank, raising fears of direct competition. Still, many insiders believe the risks of staying put outweigh the uncertainties of crossing the river.
Beyond their own operations,
Hammer’s banks are openly aligning with their borough’s stance:
Kowloon must be cleared. By supporting
Hammer’s redevelopment plans, the banks envision a new, modern square — one of open plazas, gleaming facades, and easy access. Such a transformation, they argue, would not only restore stability but also benefit the city as a whole.
As
Hammer pushes harder for the relocation of
Kowloon’s residents, the financial sector has become one of its most influential backers. To many bankers,
Kowloon represents more than an unruly neighbor — it is a direct obstacle to the prosperity of Pilegron’s financial lifeline.