Australia Rejects $300M Chinese-Bid for Construction Giant Probuild

Treasurer Josh Frydenberg handed down the updated economic and fiscal outlook in Canberra, Australia on Dec 17 , 2020.Sam Mooy/Getty Images

A multi-million dollar bid by one of the world’s largest construction firms to acquire a majority stake in Australian-based Probuild has been blocked by the foreign investment regulator and Treasurer Josh Frydenberg.

The almost $300 million bid by the state-owned China State Construction Engineering Corporation (CSCEC) to acquire an 88 percent stake in Probuild was rejected on “the grounds of national security” by the Foreign Investment Review Board (FIRB).