‘Not in good shape’: more construction industry collapses could follow Probuild

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Soaring costs and Covid disruptions have hammered the sector, experts say, and governments show little sign of stepping in

Constructions workers at Probuild’s The Ribbon project on Sydney’s Darling Harbour after the company was placed into administration.Constructions workers at Probuild’s The Ribbon project on Sydney’s Darling Harbour after the company was placed into administration.Last modified on Thu 24 Feb 2022 16.32 GMT

“Everyone assumes that everyone’s making bucket loads of money,” Davies said, noting city skylines are often dotted with cranes, and governments talk up the accelerated spending on infrastructure as a spur for economic growth. Probuild itself had also been struggling for some time. In 2020, WBHO entered talks to sell it to China’s state-owned China State Construction Engineering Corporation for a reported $300m.

“The impact of lockdown restrictions on the retail, hotel and leisure and commercial office sectors of building markets [has] created high levels of business uncertainty

 

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