China-Australia relations: Chinese firm pulls out of US$230 million bid for Australian builder Probuild

Jan 12, 2021 | INVESTING

State-owned China State Construction Engineering Corporation has dropped its bid for the Australian builder of the tallest residential tower in Sydney, Probuild, after indications that Australian Treasurer Josh Frydenberg would block the deal on national security grounds.Probuild’s South African parent company, Wilson Bayly Holmes–Ovcon (WBHO), said in a statement that China State Construction Engineering Corporation had walked away from its unsolicited proposal to pay a reported A$300 million …

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