Subbies in fear as construction giant about to collapse

ANOTHER major Queensland construction company is about to go bust amid rising concern Chinese investors are pulling out of the real estate market.

Brisbane-based Rimfire Constructions had told subcontractors and suppliers it would pursue a court-approved scheme of arrangement as creditor claims mounted.

A scheme of arrangement allows for a deal to be struck between a company and its creditors.

Rimfire last year formed a joint venture with China Railway Construction Group, the world's third-largest construction company, to develop residential and commercial developments.

Rimfire had sought financial support from its Chinese partners, which had not been forthcoming.

More at The Courier-Mail

News Corp Australia

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