Since the boom years of the huge infrastructure spend in South Africa for the 2010 Soccer World Cup, the construction sector has not been an easy place for investors to make money. 

The World Cup spend, together with megaprojects such as the Gautrain, led to some extremely profitable years for construction businesses. Fattened by these profits, companies launched ambitious global expansion plans, often using South African-funded capital structures. These projects were often based on overly generous global and domestic economic growth forecasts. Many of these plans, however, have proved detrimental...

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