Australian construction giant Probuild has collapsed and been placed in administration, leaving around $5 billion (US$3.6 billion) in building projects in limbo. Probuild confirmed on Thursday that its South African parent company, Wilson Bayly Holmes-Ovcon (WBHO) Ltd, had abruptly ended all cash and securitisation support in Australia. “We are caught up in a set of circumstances, not of our making. We are working closely with the administrator on a number of plans to protect our clients, subcontractors and employees. “The Probuild brand is strong, and we intend to keep it that way. We have several options for raising the necessary capital to continue as a premium Australian building company. These will all be pursued,” a Probuild spokesperson said in a statement. WBHO said they had adopted a more conservative bidding strategy for new lower-risk projects in response to Australia’s increasingly competitive and contractual construction environment. However, sourcing acceptable projects had …