One insight I may be able to offer is that in the construction business you only draw the minimal amount possible that you need to cover materials and labor costs while a project is in process, this is how I do it and the other legitimate construction operators as well, because you never know what kind of obstacle can come down the road even as youre trying to be as cost effective and prudent as possible - Count your chickens later, so to speak, when all is said and done and a project is finalized.
From following GHII the I think that Mgmt is following this construction rule of thumb, and that the profit margins of several of last years projects being wrapped up about now, the 10-K hinted to if I am remembering correctly...
RE the China housing crash... Well the issue is with the new changes to chinese taxes on real estate, the real estate stocks in general are getting punished, and this has little to no bearing upon the construction sector IMO.. projects will be sanctioned and awarded plenty in the future, its really just a matter of how efficiently any project can be completed. Remember, the lowest bid often wins any contract, and then you have to really do a crack job of managing to pull your profit margin. I think GHII is doing better than ever in these areas. We just gotta wait maybe a week or so to find out....
malc
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