Chinese firm to buy australian builder

China Communications Construction International (CCCI) has announced that it will buy up Leighton Holdings' building unit John Holland, one of Australia's biggest construction giants (it generated revenues of A$4.5bn in 2013.)

The $1.15bn deal arrives after the two countries have signed a free trade agreement, strengthening ties between them and reinforcing China's supporting role in Australia's economy.

The merger will be subject to approval from Australia's Foreign Investment Review Board.