TORONTO, Aug. 27, 2018 /CNW/ - Boyuan Construction Group, Inc., (TSX: BOY) (TSX: BOY.DB.A) has commenced construction on four new projects with combined contract values of US$81.1 million. The new projects include a commercial and two residential development projects in the fast-growing city of Jiaxing, as well as a residential development in the city of Qionghai in Hainan Province.
"Boyuan continues to grow its presence and reputation in Jiaxing," said Mr. Cai Liang Shou, Chairman and CEO of Boyuan Construction Group. "Located halfway between Shanghai and Hangzhou --- and commuting distance from both, Jiaxing continues to benefit from a booming local economy and surging development prospects. The city is also increasingly being recognized as a major freight and logistics hub due to the fact that approximately 140 million people are located within a three hour drive of Jiaxing. We expect Jiaxing to remain an area of strategic focus for us for some time."
Details for the three new projects in Jiaxing are as follows:
- A US$15 million, 50,102 square meter commercial development expected to be completed in the third quarter of 2019;
- A US$30.2 million residential development, spanning 108,876 square meters, expected to be completed in the fourth quarter of 2019; and,
- A US$29.9 million residential development encompassing over 240,000 square meters, that is expected to be completed in early 2020.
Boyuan's latest projects also include a US$6 million, 15,000 square meter residential development in the city of Qionghai in Hainan Province. This project is expected to be completed in the second quarter of 2019.
About Boyuan Construction Group, Inc.
Backed by a longstanding track record, Boyuan Construction Group, Inc. ("Boyuan" or the "Company") has the knowledge and expertise to design and build a wide range of commercial and residential developments, as well as municipal infrastructure and engineering projects. Based in Jiaxing City and with a growing presence in both Zhejiang Province and Hainan Province, Boyuan focuses on construction projects in China's fast-growing regions of the Yangtze River Delta and the Hainan Province. The Company's current project backlog includes residential, commercial, industrial and mixed-use developments. For more information visit www.boyuangroup.com.
Caution Regarding Forward-Looking Information:
Certain information contained in this news 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 news release includes, but is not limited to, management's expectation to comply with the Alternative Information Guidelines. 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 news 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 news release include, but are not limited to: risk of a general cease trade order being issued, risk of 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 AIF for the fiscal year ended June 30, 2017 and in the Company's public disclosure documents filed with certain Canadian securities regulatory authorities and available at www.sedar.com. The forward-looking statements contained in this news 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.
SOURCE Boyuan Construction Group, Inc.