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.
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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
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
