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Fri April 23 2021

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Australia clears Chinese takeover of Hochtief subsidiary

9 Apr 15 Australia’s treasurer Joe Hockey has approved the sale of Hochtief subsidiary John Holland Group to a Chinese construction giant.

CCCC International Holding Limited will acquire John Holland, which is one of Australia’s largest engineering and construction companies and employs over 5,600 people in eight countries. The deal had been announced in December.

CCCC International is a wholly owned subsidiary of China Communications Construction Company (CCCC), the fourth-largest construction company in the world by revenue, with a presence in over 80 countries.

Hockey said that the Australian government welcomes foreign investment where it is not contrary to our national interest. “Foreign investment has helped build Australia’s economy and will continue to enhance the wellbeing of Australians by supporting economic growth and prosperity,” he said. “I note there have been some media reports about CCCC in relation to a World Bank debarment in 2009. I have sought advice and action on these and other issues in relation to CCCC. As a result, appropriate arrangements have been put in place to mitigate any concerns in relation to this issue and I am satisfied that this investment is not contrary to our national interest.”

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