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National security behind latest China deal rejection

Michael Bleby and John Kehoe

Updated Jan 12, 2021 – 10.25am, first published at 1.57am

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A nearly $300 million acquisition of major building contractor Probuild has fallen through, after Treasurer Josh Frydenberg said he would reject China State Construction Engineering Corporation's bid for the Australia-based and South African-owned company.

National security concerns linked to state-owned China State Construction Engineering Corporation's connections to the Chinese defence industry is understood to be a key reason for the Treasurer not to approve the foreign investment.

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.

John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury.