Its business activity constituted the manufacturing, processing and distributing of traditional Chinese herbs and medicines throughout the region, from southern Thailand to Singapore, and Medan and Sumatra in Indonesia.  Business thrived when Penang island was made a free port in 1872. Penang was then known as a shopping haven for tourists looking for cheap tax-free imported goods.

 

When the free port status was removed by the Federal Government in 1969, Yin Oi Tong’s business was severely affected. In 1997, the decline in business volume was further exacerbated by the repealing of the Rent Control Act 1966 which caused many inner city tenants to move out. In June 30, 2009, having difficulties sustaining its businesses, Yin Oi Tong moved out from the building owned by the Cheah Kongsi to Paya Terubong.

Unknown to most, Yin Oi Tong Medical Hall had another function. Not only did it sell Chinese herbs and medicines, it played an important and special role as an unofficial banking and financial institution for commoners who would like to remit money back to their relatives in China.
 

On October 13, 2010, an agreement was reached between the Cheah Kongsi and Green Buildings Sdn Bhd to restore the vacated premise’s façade. It was to adhere to the requirements for buildings within the UNESCO heritage zone, and constructed with the Green Building Index in mind. It is to be re-opened as a traditional Chinese medicine hall and museum with a souvenir shop, a traditional Chinese medicine resource centre, a bistro and lodging for tourists. Discussions on the possibility of having a physician based at the medical hall were held with Chinese medicine practitioners, including Yin Oi Tong!

The restoration of the building will take at least two years and targeted for a 2012 opening.

 

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