In 1912, the bank made further acquisitions at number 10 and number 11, the Bund, and began construction of the new building. Construction began on 5 May 1921, with the dome capped off on 23 June 1923. According to contemporary press reports, at the time of construction the bank hired feng shui masters to select the time and direction of the first excavation. In accordance with Chinese tradition, coins from around the world were buried in the foundations. Specially minted coins were placed in dark recesses of the building to ward off spirits. The construction took 25 months, and the completed building occupied 1.3 hectares, with an area of 23,415 m². The architect's firm, Palmer & Turner, also designed numerous other buildings on the Bund including the Yokohama Specie Building, Yangtze Insurance Building, and Bank of China Building.