This news report in 1954 says that the Shui Hing department store located at 92-97 connaught rd central and 185-195 des voeux central was going to be demolished.
That means the site is the one occupied by the current Li Po Chun Chambers. As a picture here (in photo section) shows it is along the tram route, it has to be on the des voeux central side located at 185-195 des voeux central .
It was founded in 1926 according to the following advertiement. The above news report indicates it was demolished around 1954. The advert below listed all the addresses of its branches. The prestige house branch (1963-?) was already opened but this store wasn't there. It confirmed its demolition around 1954.
Note that Sincere Department Store was just one block away across Wing Wo st or on its east side.
There was a scandal involving the company in 1937 that it was selling Japanese goods. It was after Japan invaded China in July 1937.
Photos that show this Place
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1966
This 1966 picture shows the demolition of Sincere was underway. The building next to it on the west with the Seiki sign on top was the building constructed after the Shui Hing Store was demolished around 1954 according to the above news report. It also mentioned the new building was 14 stories high.
https://gwulo.com/media/42086/zoom