According to reports, the Australian Ministry of Financial has rejected the Chinese state-owned enterprise China State Construction Company’s acquisition of an Australian construction company in response to national security risks 
 
China state-owned enterprise China State Construction Group planned to acquisition Australian Construction Company Probuild up to 300 million USD, which is 23.4 million HKD. However, Australian Finance Minister Josh Frydenberg and Foreign Investment Review Committee believed that the trade may constitute risks of national security in Australia. This is not in the interests of Australia, the Australian Federal Government will veto the transaction, and China State Construction will eventually cancel the acquisition.  
 
According to ABC, South African parent company of Probuild Wilson Bayly Holmes-Ovcon (WBHO) confirmed to the local media, China State Construction already cancel acquisition. The reason is Frydenberg, and Foreign Investment Review Committee thought that the trade is harmful to national security, so that Australian Government rejected the trade. WBHO also stated, they already communication with potential acquirer in very long time, both had reached consensus, but the transaction fell through.  
 
Australian Financial Department had not response to report and indicated to not commenting on foreign investment review arrangements. Australian Acting Prime Minister McCormack confirmed that China Construction withdraw the acquisition but said it could not disclose the reason for the rejection of foreign investment review.  
 
Source: Stand News #Jan12
 
 https://bit.ly/33sXZU9
 
#Australia #NationalSecurity #China #Construction #Finance #Risk #Probuild #WBHO 

“One Belt One Road” from China has become a dead end, the photo of the construction made into ruins exposed, hundreds of billions of debts to other countries 
 
China aims to expand its influence in the world, has announced a project of “One Belt One Road” recently. However, there are more and more argument, including many countries broke into a “debt trap”. Including Montenegro, Sri Lanka, Kazakhstan, Kenya, and other countries, although they once received preferential treatment from China’s “One Belt One Road”, China did half of the construction, but left the construction sites in ruins, and the roads really became “dead roads”.  
 
The Sun from England stated from the report, in countries with weaker economic power such as Asia, Europe, and Africa, China advocates the “One Belt One Road” initiative and makes these countries willing to believe in China, but in the end, it will fall into a debt trap. These countries allow China to carry out construction projects in China, but many projects are only halfway through, resulting in construction sites turned into rubble, and they must make these countries debt with about NT$100 billion.  
 
Source: Stand News #Jul16

 https://bit.ly/37Pgd4C
 
#China #OneBeltOneRoad #HeavyDebt #TheSun #Construction #Infrastructure