TORONTO, May 26 /CNW/ - Boyuan Construction Group, Inc., (TSX-V: BOY & BOY.DB) a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that it has initiated the building of two separate, mixed development projects in Sanya, on China's Hainan Island. The projects have an aggregate value of US $14.6 million.
"Hainan Island continues to be one of our primary markets given the demand for quality construction services in the region," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "In addition to the ongoing development of hotels and residential buildings, new opportunities are emerging for the construction of infrastructure and commercial projects linked to the region's emergence as a centre for tourism, vacations and retirement living."
The first project encompasses the construction of seven buildings with a total area of 44,000 square meters in Sanya's hot spring resort area. The buildings will be used as service apartments to support the growing logistical and infrastructure requirements of Sanya's burgeoning tourism industry as well as for residential and commercial purposes. The project is valued at $10.2 million and is expected to be completed in the first quarter of calendar 2011.
The second project involves the development of five buildings with a total area of 20,000 square meters. The buildings will be used for commercial purposes and as service apartments. The project is valued at US $4.4 million and is also expected to be completed in the first quarter of calendar 2011.
Hainan Island is China's largest special economic zone.
About Boyuan Construction Group, Inc.
Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the business of residential and commercial building construction, municipal infrastructure and engineering projects. In its last four fiscal years ending June 30, 2009, Boyuan completed more than 125 projects for a number of private and public sector clients including Cargill and the Dalian Shide Group, a billion dollar conglomerate whose partners include DuPont, Mitsubishi and GE. Boyuan's current backlog includes residential, industrial and mixed-use developments, including a five-star hotel and a project at the Qingshan Nuclear Plant, China's first and largest nuclear facility. From its operating bases in Zhejiang Province and on Hainan Island, Boyuan focuses on construction projects in China's fast-growing regions of the Yangtze River Delta, the city of Sanya and Shandong Province. For more information visit www.boyuangroup.com or follow us on Twitter at www.twitter.com/boyuangroup
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. All information other than statements of historical fact may be forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking information contained in this press release includes, but is not limited to, the Company's continued focus on Sanya as one of its primary markets, the Company's expectation of construction opportunities in Sanya, the expected use of the projects and the expected completion dates of the projects. 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 include, but are not limited to: risk of macro-economy cycle, risk from competition, risk from insufficient marketing to secure new projects, risk in obtaining additional financing, risk involving permits and licences, reliance on key management member, risk from supply of raw materials, risk of financial leverage, risk of bad debts in accounts receivables, risk involved in real estate development, foreign exchange fluctuations, political and economic conditions in China and other risks included in the Company's annual information form for the fiscal year ended June 30, 2009 and in the Company's 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 are 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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SOURCE Boyuan Construction Group, Inc.
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