Construction firm hit by falling prices

Construction material trader and property developer K Wah International Holdings is encountering falling prices of cement products in the Shanghai and Guangzhou markets.

The price of cement pipes has fallen 15 per cent to 400 yuan (about HK$372.2) per square metre from last year.

Lui Che-woo, chairman of K Wah subsidiary International Pipe, said a HK$11.14 million operating loss on China operations was 'not surprising' during the first couple of years of International Pipe's investment there.