Australia's construction industry has new competition after the world's third largest construction company, China Railway Construction Corporation, makes its debut here.
The Chinese government owned giant has taken a majority stake in Brisbane-based construction company Rimfire Constructions, originally set up in 2013 by former Lendlease head of apartment construction Adam Moore, Danny Cain and ex-Mirvac Cameron Kirkwood.
The company, now named CRCG-Rimfire, is also joined by a new director, former Chinese giant Dalian Wanda's general manager in Sydney, Charlie Li.
It will focus on the construction of high-rise commercial and residential projects as well as infrastructure projects in the resources sector not just in Australia, but in the wider Asia Pacific. Australia is the centre for the company's expansion plans and it is understood it is looking at projects in New Zealand.
CRCG-Rimfire has secured its first two construction contracts – two apartment projects in Brisbane, "Omega Apartments" and "Lume Apartments".
HG Developments is the developer for Omega, at 61 Brookes Street, Bowen Hills near Brisbane CBD and close to Brisbane's $2.9 billion RNA Showgrounds regeneration precinct.
Omega boasts larger than average-size apartments with one-bedroom units starting at 54sq m.
Lume Apartment is a high-end 118 executive apartment tower in Kangaroo Point, Brisbane, developed by Brisbane developer DevCorp.
Main specialty
One of the largest companies in China and in the world, the $28 billion CRCC, owned by the highest level of government in China, has been responsible for large projects such as the Beijing-Shanghai High-speed Railway. It was established in 2007, as a result of the Chinese government's public float of its rail assets.
CRCC is dual listed in the Hong Kong and Shanghai stock exchanges.
Ranked 62 on the Fortune Global 500, it specialises in railways, highways and real estate projects globally and returns an annual revenue of about $127 billion.
Outside of China, the Beijing-based company was involved in the Hong Kong West Rail, the Macau Parliament Building and the Mecca Metro in Saudi Arabia.
But its main specialty is railway projects in Africa. It was involved in many large projects in Algeria, Nigeria, Libya, Angola and Saudi Arabia. In the last two months, the company signed on two more rail projects in Bangladesh and Zambia.
In real estate, the group has undertaken 21 projects in China including the Beijing Xipai International Apartment project.
In wider Asia, it is building the Four Seasons Residence and Hotel high-rise project at KLCC city central precinct in the Malaysian capital, Kuala Lumpur. CRCG-Rimfire is also assisting CRCC in this project.
