TORONTO, Nov. 16, 2011 /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 a residential
development located in Haikou, a city on Hainan Island, one of Boyuan's
core markets. The development totals 109,000 square metres and is
valued at US$23.6 million.
"Demand for our services remains strong as the government continues to
set policies and encourage infrastructure and tourism investment in
Hainan, consistent with its stated goal of making Hainan Island a major
international tourist destination by 2020," said Mr. Cai Liang Shou,
Chairman of Boyuan Construction Group. "This additional project on the
island reflects our growing presence and reputation as a premier
provider of construction and engineering services."
Completion of Boyuan's new project is expected in the fourth quarter of
Launched in 2009, China's International Tourist Destination Policy is
aimed at fostering Hainan Island's economic growth and development. As
part of the goal to turn Hainan Island into a major international
tourism destination, a tax-free shopping plan for foreign travelers was
implemented effective January 1, 2011.
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, 2011, Boyuan completed more than 70 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 or follow us on Twitter @ 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.
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, 2011 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. 253