We believe that this trend has arisen due to two factors: a sharp cutback in capital expenditure in China, the biggest contributor to construction activity among Asian emerging markets, but more importantly, increased opportunities among these developed markets. An unusually high number of natural disasters among the developed countries in 2011 have heavily damaged existing infrastructure and a large portion of the reconstruction effort, particularly in Japan and New Zealand, has yet to be completed. Meanwhile, Taiwan, Singapore, Hong Kong are implementing major plans to improve inter- and intra-transport links after years of perennial underinvestment.