Pai-lau tower? | Gwulo: Old Hong Kong

Pai-lau tower?

Pai-lau tower?

Detail cropped from this photo:

Does anyone know what the big building with the Chinese characters on was?

I'm not clear if the temporary tower was built on top of that building, or if it was built on across one of the roads behind it (Wing Wo Street or Gilman Street).

Date picture taken (may be approximate): 
Wednesday, May 1, 1935