Australian Building Firm to be Sold to Chinese Construction Giant

15 Dec , 2014

A China based construction giant is about to buy one of Australia’s most sizeable construction companies for $1.15bn Australian dollars. ($951m; £603m)

China Communications Construction International (CCCI) is a subsidiary of China Communications Construction Company (CCCC), which is the world’s fourth largest construction firm by revenue. IT will buy Leighton Holdings’ building unit, John Holland.

Approximately 82% of John Holland’s workers will transfer to the new business.

The sale is subject to regulatory approval from Australia's Foreign Investment Review Board.

It was just last month that China and Australia signed a major free trade agreement. Ties between the two countries are an important source of growth especially for the Australian economy, with China as its largest trading partner.

Market watch, World Economy