Category: construction company

Australian Construction Giant Probuild Falls Into Voluntary Administration

February 24, 2022
administrationAustraliaBusiness & EconomyCompaniesconstruction companyjosh frydenbergWorld
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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…

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Australian Construction Insolvencies on Track to Surge Amid Costs Spike

December 26, 2021
Australiaconstruction companyconstruction costsinsolvencyUncategorizedWorld
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One of Queensland’s major building companies BA Murphy Constructions, has been put into liquidation just before Christmas, adding to a growing list of insolvent builders nationwide. The collapse came amidst the deepening concerns that the ongoing surge in material and labour costs will see more construction companies go under in the coming months. According to…

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As China Evergrande’s Debt Crisis Deepens, Unpaid Small Business Owners Speak of Despair

September 16, 2021
ChinaChina Business & Economychina evergrandeChina Evergrande Groupconstruction companyproperty developer
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SHENZHEN, China—Wu Lei says his small construction company in central China has accepted commercial paper from property developer Evergrande as payment for two years but with that paper’s value now in doubt, his firm is on the verge of collapse. China Evergrande Group, saddled with more than $300 billion in total liabilities equivalent to 2…

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