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15Oct92 UK: SHIMIZU TO REMAIN FORCE IN CONSTRUCTION.

Japanese construction and property giant Shimizu plans to remain a force in British construction despite making property slump losses of more than £200 million.Shimizu, which developed the prestigious One America Square in the City, now plans to liquidate its property companies S C Properties and S C Investments, resulting in the sale of four buildings.The company confirmed exceptional losses of 45,400 million yen (£230 million) on its British property operations out of worldwide losses of 72,900 million yen.But Shimizu (UK) - the £40 million turnover British construction arm - will continue and the company hopes to become more active.The UK arm of the £10,000 million turnover Japanese company was set up in 1979 and specialises in contracts for Japanese clients.It has been involved in the Toyota plant at Derby, One America Square, a development at the corner of Old Bond Street and Piccadilly in London, an office development for Kawasaki at Aldgate, London, and development at Stockley Park near Heathrow.The construction arm is currently working on contracts for Japanese client Yaohan at Edgware Road, London, and Rikkyo Japanese school in Bury St Edmunds.A spokeswoman for the company said the decision to sell the UK buildings did not necessarily mean an end to property investment in Britain.But she said the company did not think that this was the time to promote investment.Shimizu has yet to agree terms of sale on its British building interests and the matter will be complicated by the number of joint ventures in which it is involved.