Australia opposes Chinese purchase

Australia opposes Chinese purchase

Tensions are rising between the two countries. Chinese CSCEC cannot obtain Australian profile.

Tensions between China and Australia are not entirely different. On Tuesday, Canberra vetoed the acquisition of state-owned China State Construction Engineering Company (CSCEC) by a Chinese group called construction company Profilt. “Safety reasons”.

So the Australian government is using a new foreign investment law. 1 has been in practice sinceThere is January, which allows officials to oppose the inflow of foreign funds into key sectors. But Prohibited Purchases is a small activity of A $ 300 million (190 190 million) in a sector where construction is not particularly vulnerable. Profilt has already collaborated with Chinese construction companies, especially with the participation of the Greenland team in setting up the tallest residential tower in Sydney.

Canberra has already blocked the acquisition of Lion Ball by Chinese Mengyu in August

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Cory Weinberg

About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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