Chinese government-owned construction giant China Railway Construction Group’s first venture into Australia with local partner Brisbane-based construction company Rimfire Constructions has collapsed.
The joint venture formed by the two parties, CRCG-Rimfire Pty Ltd which debuted in the Australian market exactly a year ago has been placed under voluntary administration.
Grant Thornton is handling proceedings, with the first creditors meeting to be held on Monday.
It was a big disappointment for the world’s third largest construction company, according to a media statement by the company.
“Unfortunately, the appointment of an administrator to Rimfire Constructions (Qld) Pty Ltd being the subsidiary of our joint venture par…
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