Joe Hockey approves Chinese takeover of John Holland

TREASURER Joe Hockey has approved the takeover of one of Australia's biggest engineering firms, John Holland, by a Chinese construction company.

The Australian company, which employs more than 5600 people in eight countries, can now be sold to the Chinese firm CCCC International Holding Limited, a subsidiary of state-owned China Communications Construction Company.

Mr Hockey said despite concerns about a 2009 World Bank debarment of the Chinese company, the fourth largest construction company in the world by revenue, he was satisfied "arrangements" were put in place to ensure the takeover was not contrary to the national interest.

John Holland Group is currently owned by Leighton Holdings, after the construction giant took it over in 2000.

Some reports have indicated the Chinese takeover could be worth more than $1 billion once completed.


Topics:  business joe hockey national politics

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Be the first to see controversial animated children's film

FURRY FRIENDS: Mopsy (Elizabeth Debicki), Flopsy (Margot Robbie), Benjamin, Bea (Rose Byrne), Peter Rabbit (James Corden) and Cottontail (Daisy Ridley) in Columbia Pictures' PETER RABBIT.

Advanced screening of Peter Rabbit in Lismore this weekend

Rosanna has designs on female taboo

Artist Rosanna Pimm uses 3500 porcelain tampons to created her large scale performance installation  Riots of Passage in The Quad  as part of The Lismore Women's Festival on International Women's Day. Laying down and de-constructing the mandala structure symbolises the impermanence of the menstrual cycle and an end to female inequality in the world.

Rosanna has designs on female taboo

Another win for city's calender

NO PROBLEM: Eat The Street.

Another win for city's calender

Local Partners