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© Provided by Xinhua | Chinese Ambassador to Egypt Liao Liqiang (L), Egyptian Health Minister Hala Zayed (C) and Egyptian Assistant Minister of Health
Treasurer Josh Frydenberg has rejected a $300 million bid by China to acquire a major Australian building contractor.
China State Construction Engineering Corporation has now formally withdrawn its offer to takeover local construction giant Probuild.
Probuild’s South African parent company confirmed the deal was taken off the table in a statement, saying the offer was withdrawn “following advice that it’s application would be rejected by the Federal Government on the grounds of national security.”
In a statement, Mr Frydenberg said “the government does not comment on the application of the foreign investments screening arrangements as they apply or could apply to particular cases”.
Sky News understands the federal government has concerns about the firm’s links to the Chinese defence industry.
Acting Prime Minister Michael McCormack also addressed the treasurer’s comments, saying “I can assure Australians the Australian government will always do what’s in