Chinese enterprises investing in international infrastructure markets have been experiencing greater investment risks than ever before. To relieve investment pressures, this study identified risk variables and analyzed driving factors affecting investment risk in international infrastructure construction, based on Southeastern Asian data collected from numerous official reports and websites. Fifteen representative risk variables were identified by time-weighted grey relational analysis (GRA). The hierarchical structure among risk factors was explored using the interpretative structural modeling (ISM) method and matrice d’impacts croises multiplication appliqúe an classement (MICMAC) analysis. The results of the study showed that corruption of the host country, efficiency of legal frameworks in settling disputes, voice and accountability play critical driving roles in Southeastern Asia for Chinese enterprises. This study contributes a general method for the exploration of driving powers to help optimize the allocation of limited resources by Chinese investors.