Updated

Probuild in administration as South African parent calls time

Michael Bleby and Nick Lenaghan

Updated Feb 23, 2022 – 6.24pm, first published at 4.43pm

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Building contractor Probuild has become the largest casualty of Australia’s increasingly pressured construction industry, after its South African parent appointed administrators after propping it up by 2 billion rand ($132.1 million) over the past four years.

Johannesburg-listed builder Wilson Bayly Holmes-Ovcon said on Wednesday it put the Australian business into administration after it had “severely depleted” its resources and racked up losses to date that would have a “significant” effect on WBHO’s financial performance.

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.

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.