"Construction activity generally, general construction, civilengineeringand housing, have a vital, dynamic effect on getting an economy going, " he said.
They also enjoy a continuing monopoly over constructionandcivilengineering projects, from dams to bridges, and highways to metropolitan underground light railways.
"Hopewell misjudged the speed of major civilengineeringconstruction in China, the complexities of land acquisition and budgeting, " says Michael Green of Nomura Research Institute.