Boyuan Initiates Three New Projects in Key Markets
- Projects Total US$38.3 Million -
TORONTO, April 3, 2014 /CNW/ - Boyuan Construction Group, Inc., (TSX: BOY, 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 located in two of the Company's key markets.
"Launching these new projects once again demonstrates our commitment to actively pursue high value construction opportunities regardless of market conditions and continues the momentum we carried into the first quarter of the year," said Mr. Cai Liang Shou, Chairman and CEO of Boyuan Construction Group. "However, we continue to be very selective in choosing which new construction projects we accept in order to minimize risk and preserve capital in light of the tight liquidity for property developers and the restrictive policies imposed by the central government that characterize the current market in China."
Two of the projects are located on Hainan Island, one of China's most rapidly growing regions:
- A US$8.5 million residential development located in Ledong County, a tourist and agricultural area in the southwest of Hainan Island. This development has a total construction area of 27,000 square metres and is expected to be completed in the first quarter of 2015;
- A US$8.2 million school project located in Sanya City, a tourist destination on the south coast of Hainan Island. This project has a total construction area of 19,200 square metres and is expected to be completed in the third quarter of 2015;
The other project is located in Zhejiang province on mainland China:
- A US$21.6 million residential development located in Haining City, a rapidly growing industrial center 125 kilometres west of Shanghai. This development has a total construction area of 68,500 square metres and is expected to be completed in the first quarter of 2016.
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, 2013, Boyuan completed 46 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, 2013 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.
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