NANYANG Holdings is redeveloping the site of its cotton mill in Kwun Tong into a 27-storey industrial and commercial building. The company is currently transferring its textile operations to Shanghai. It expects to take vacant possession of the 4,389 sq m Kwun Tong site in May. Nanyang hopes to start foundation and piling work in June, with completion of a 48,212-sq m building expected in early 1995. The development is fully financed through a $220 million mortgage loan. Nanyang intends to use part of the new building for warehouse space and will lease the remainder to third parties.