Image source: Probuild
An unconfirmed Chinese company is believed to be bidding for the acquisition of Probuild, an established Australian construction group.
Both China State Construction Engineering or China Railway Construction Corporation have been speculated to be the said bidder for this major purchase.
This week, WBHO announced that it had received proposals by a Chinese-based company that wishes to acquire the company.
For some length of time, both Chinese and Japanese companies have been researching the Australian construction market for purchase opportunities.
The Australian reported that an unidentified Chinese group recently attempted to purchase an Australian construction company, CIMIC.
According to The Australian, Probuild reports an annual turnover of $1.7b.
China State Construction Engineering has seven listed companies and more than 100 secondary holding subsidiaries. They work on projects including housing, real estate, infrastructure, design and investment properties.
China Railway Construction Corporation is based in Beijing and is a power-house construction company under the administration of the State Council of China.
Their business spans from project contracting, survey design consultation, industrial manufacturing, real estate development, logistics, trade of goods and materials as well as capital operations.
Probuild recently completed the tallest and building tower in Melbourne’s CBD, The Aurora Melbourne Central which is also the tallest communal lounge in Melbourne with 952 apartments and luxurious amenities.
Probuild is actively quoting for tenders including the Charter Hall Development in Richmond.
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