The owner of the Beijing Imperial Palace Hotel has applied for conditional urban planning to the Land, Public Works and Transport Bureau (DSSOPT) to develop two buildings at its land plot, local media reports.
The Beijing Imperial Palace Hotel has been sealed from the public since 2016 after failing to uphold safety regulations.
The hotel has also been part of a long-term ownership dispute between Amax International Holdings and Victory Success, a company owned by the Suncity Group.
Under the proposed planning by the DSSOPT, two buildings are supposed to be built at the land plot, with the maximum height of buildings limit is set between 70 meters to 140 meters.
DSSOPT will collect opinions from the public about the draft plans and will submit the draft after July 18.
Earlier this year, Amax International Holdings offloaded its 24.8 percent stake in Greek Mythology casino to local Macau investment firm, Fu Po International Limited for HK$38,000 (US$4,881).