If I was an architect or had a construction company, I would look at China with great interest, AS LONG AS I was getting my fees/progress payments upfront. The last thing that I would want to do is invest my money long-term in the finished product in such a foreign place.
Texas Utilities a few years ago make something like a $9 billion investment in British energy (electric) companies. Its stock rose to $50/share in early 2002. The company found that the foreign regulatory environment was impervious to its "way of doing things", and by the 4th quarter, the stock had lost nearly 80% of its value. Much of the British holdings were sold off for around a $6 billion loss, and what remains is in bankruptcy.
The golf industry in this country needs an affordable, feeder system to grow the participation rate. I haven't figured out how to achieve a quantum leap in productivity that would allow a course that today would cost $5MM+ to be built for half that amount, but perhaps someone can come up with new revolutionary drainage and irrigation systems, plus lower maintenance-intensive grasses. I know that our environmental friends wouldn't like it, but EPA and wetlands regulations need to be modified so land unsuitable for anything else can be dedicated to affordable golf. This can actually be done while improving the environment, wildlife habitat, and flood control.