HONGKONG tycoon Henry Fok's multi-billion dollar project in the Nansha Economic Zone has benefited from lower construction costs as a result of China's austerity policy. Mr Fok's son, Benjamin, said the new policy had pushed down the price of building materials in China, including cement and steel products. ''The credit crunch has had an effect on the pace of property development in China and caused lower demand for construction materials,'' he said. Mr Fok said the Nansha project was moving ahead as scheduled. Located 54 kilometres from Guangzhou, the Nansha Economic and Technology Development Zone in Panyu covers an area of 54 square kilometres at the mouth of the Pearl River delta. While the Nansha Economic Zone continued to draw in foreign capital, Mr Fok believed that the austerity measures would not affect the project. He said building work on the commercial and residential complex above the podium of the ferry pier would start shortly. The property will comprise offices, serviced apartments and a shopping arcade. Mr Fok said the master plan of the whole Nansha project would be in place soon.