Probuild's South African owner has rallied behind the top-tier builder after a near $300 million buy-out by one of China's largest construction players fell over at the 11th-hour, when Treasurer Josh Frydenberg indicated he would reject the bid.
After eight months' consideration by the Foreign Investment Review Board, the deal has become the latest casualty of Australia's deteriorating relationship with China with national security concerns cited as a key factor in the federal government's decision to torpedo the transaction.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
