The former Taipingshan Market bordered Market Street, today's Po Hing Fong. The historical record notes a market was opened on 25 July 1844 at Taipingshan. Not sure if it was in the same location.
In the 1890s, the plague was most serious in the Taipingshan District. As a result of the passage of the Taipingshan Resumption Ordinance in 1894, a large area comprising 6.2 acres of land was resumed from private owners for re-planning and improvement. Wooden structures and buildings in the affected areas were either burnt down or demolished.
Sources:
(1) "Europe in China" by E. J. Eitel
(2) Historical and Statistical Abstract of the Colony of Hong Kong 1841-1930
(3) "Making Hong Kong - A History of its Urban Development" by Pui-Yin Ho
(4) 1889 Map at https://www.hkmaps.hk/viewer.html