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…
Australian Construction Giant Probuild Falls Into Voluntary Administration
Australian Construction Insolvencies on Track to Surge Amid Costs Spike
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…
As China Evergrande’s Debt Crisis Deepens, Unpaid Small Business Owners Speak of Despair
September 16, 2021
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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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