China's bid to acquire the John Holland Group Pty Ltd, one of Australia's largest engineering and construction companies, has been approved, Federal Treasurer Joe Hockey said yesterday. "The government welcomes foreign investment where it is not contrary to our national interest," Hockey said. The state-owned China Communications Construction Company (CCCC) reportedly last year offered to buy John Holland for 1.15 billion Australian dollars ($880 million) through a subsidiary CCCC International Holding Limited, according to DPA. John Holland, which is owned by the Spanish-controlled Australian listed Leighton Holdings Limited, has operations in Australia and in New Zealand, South-East Asia and the Middle East and employs 5,600 people. The World Bank banned CCCC and its subsidiaries from participating in any of its projects until January 2017 over fraudulent practices in road construction in the Philippines. Hockey said he had sought advice on the World Bank bar and other issues related to CCCC. "As a result, appropriate arrangements have been put in place to mitigate any concerns in relation to this issue and I am satisfied that this investment is not contrary to our national interest." CCCC is the fourth-biggest construction firm worldwide with operations in more than 80 countries. Part of global contractor Leighton Holdings, John Holland is one of Australia's biggest engineering and construction firms, employing more than 5,600 workers in eight countries, according to AFP.