Australian engineering and construction company John Holland is looking to diversify into both residential development and hotel investments. This goal seems likely thanks to a $1.1 billion budget funded by its new parent company, Chinese infrastructure and engineering behemoth CCCC International Holding.
John Holland will establish a new development and investments group that will generate new business in property development, infrastructure public-private partnerships, and merger and acquisition opportunities, a John Holland spokeswoman told the Australian Financial Review. "We are also looking at the further expansion of our business in international markets," she said.
Tom Roche, John Holland's executive general manager in development and investments, and a former infrastructure executive at investment firm Babcock & Brown, will reportedly head the new group.
CCCI's parent, China Communications Construction Company, is the largest listed company in the international infrastructure and engineering sector with 100,000 employees and a 165 ranking on the Fortune Global 500 in 2015. It also dabbles in urban development and property development. CCCI is its financing arm for overseas business.