Josh Frydenberg's effective blocking of the Probuild takeover shows that China no longer gets the benefit of the doubt on foreign investment decisions.
Australia has begun the new year with no let-up in resolve over its turbulent relations with China. Treasurer Josh Frydenberg has effectively blocked China State Construction Engineering Corporation’s $300 million bid for South African-owned, Australian-based construction firm Probuild. The would-be buyer has links to China’s defence industries.
Probuild has built two highly-sensitive buildings here: Victoria’s police headquarters and the head offices of biotech giant CSL. It would appear that China’s state-owned behemoths are not welcome.
Loading...
The Australian Financial Review’s succinct take on the principles at stake in major domestic and global stories – and what policy makers should do about them.
