Boyuan Initiates Three New Projects on Hainan Island
- Projects Total US$35.5M in Value -
TORONTO, Sept. 16, 2013 /CNW/ - Boyuan Construction Group, Inc., TSX: BOY, BOY.DB, BOY.DB.A) a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that it has initiated construction on three new projects in the Hainan Island region, one of Boyuan's core markets.
"Launching these new projects once again demonstrates our commitment to actively pursue high value opportunities in spite of the tight liquidity for property developers and the restrictive central government policies that characterize the current market," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "However, we will continue to be very selective in choosing which new construction projects we accept in order to minimize risk and to preserve capital."
Two of the projects are located in Sanya city, a popular tourist destination on the south coast of Hainan Island:
- A multi-family residential complex valued at US$15.6 million with a construction area of 55,000 square meters. Completion of this project is expected in the fourth quarter of 2014.
- A water theme park valued at US$12.0 million with a construction area of 130,000 square meters. Completion of this project is expected in the fourth quarter of 2014.
The other project is located in Qiongzhong, an autonomous county located in the central part of Hainan Island:
- A multi-family residential complex valued at US$7.9 million with a construction area of 33,000 square meters. Completion of this project is expected in the second quarter of 2014.
About Boyuan Construction Group, Inc.
Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the business of commercial building and residential construction, municipal infrastructure and engineering projects. In its last three fiscal years ending June 30, 2012, Boyuan completed more than 50 projects for a number of private and public sector clients. Boyuan's current project backlog includes residential, commercial, industrial and mixed-use developments. From its operating bases in Zhejiang Province and in Hainan Province, Boyuan focuses on construction projects in China's fast-growing regions of the Yangtze River Delta, Hainan Province and Shandong Province. For more information visit www.boyuangroup.com.
Caution Regarding Forward-Looking Information:
Certain information contained in this press release constitutes forward-looking information, which is information relating to future events or the Company's future performance and which is inherently uncertain. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-looking information contained in this press release. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking information contained in this press release have been identified in the Company's AIF for the fiscal year ended June 30, 2012 and in the Company's other public disclosure documents filed with certain Canadian securities regulatory authorities and available at www.sedar.com. The forward-looking information contained in this press release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as otherwise required by law.
SOURCE Boyuan Construction Group, Inc.For further information:
Boyuan Construction Group, Inc.
Mr. Paul Law, CFO
+(852) 9329 5088
(416) 815 0700 ext. 233