CHANG YUNBO IS faced with an investment-risk problem. He is deputy general manager, overseas department, of China Communications Construction Company (CCCC), which is ranked 224 in the Global 500 companies, has plenty of capital and has vast experience worldwide of building infrastructure projects. The Chinese government has mandated his state-owned company to grow its portfolio of foreign projects aggressively in the next few years. When Yunbo scans the globe for construction project opportunities, Brazil looks ideal: the country badly needs infrastructure development, offers access to natural resources that are strategically important to China and has a growing economy with strong fundamentals.
The problem is that CCCC and other Chinese construction companies do not want to hold the performance risk of what are often big infrastructure projects alone.
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