The Pandemic accelerated the mess.
ByNick Corbishley, forWOLF STREET:
Construction and real-estate development giant and funds management firm Grocon Group which built some of Australias most iconic modern buildings, including three of its five tallest skyscrapers, as well as major projects in India and Abu Dhabi declared insolvency on Friday, according to ABC News, and is putting several of its construction companies into administration (a form of bankruptcy), following years of legal wrangles, industrial disputes, and months of lockdown. The company, which is family owned, reportedly owes tens of millions of dollars to creditors, including hundreds of subcontractors.
Australias construction industry, which accounts for 13% of Austra…
Read the full article at: https://wolfstreet.com/2020/11/22/australian-construction-real-estate-development-giant-grocon-hits-wall-amid-industry-swoon-that-started-in-mid-2019/
