Shui On constructing new deal

Shui On Construction and Materials (Socam) chairman Vincent Lo Hong-sui says the company will finalise the details for a new investment by the end of this month.

Speaking after the firm's annual general meeting, Mr Lo would say only that the project would be connected with the construction business.

Last week, Shui On teamed up with Lafarge, the world's largest building materials maker, in a US$650 million joint venture to develop the mainland's cement business.

Mr Lo also revealed that China Infrastructure, in which Shui On owns a 34 per cent stake, would seek a Hong Kong listing in the third quarter of this year.

Meanwhile, Mr Lo said the scale of the Taipingqiao project in Shanghai's Luwan district, owned by Socam's sister company Shui On Land, might be smaller than had originally been expected, as the city government preferred lower density developments.

The project was originally planned to comprise 1.23 million square metres of residential, commercial and retail space.