Flex Builder error: The project properties files could not be read.
I started receiving this error in a Flex library project tonight and did some Google-ing. Thanks to a comment by Eric Hélier on this bug I was able to quickly fix the issue.
Eric mentioned the marking of Flex SWCs as external, which I had recently done. In my case though, it seemed to be marking locale as external that messed things up. I deleted the following line from my .actionScriptProperties file and the error disappeared, and leaving the locale merged in does not seem to affect SWC size anyhow.
<libraryPathEntry kind="1" linkType="2" path="${PROJECT_FRAMEWORKS}/locale/{locale}"/>
I hope this helps somebody out of a jam, preferably late at night or right at crunch time. 
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Hi Ben,
Happy that my comment helped someone out there !
So it’s the locale pathEntry in particular that maybe guilty…
Thanks alot. I ran into the same issue and this post helped me to quickly fix it.