- Projects Total US$113.8M in Value -
TORONTO, Jan. 22, 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 four new projects with a combined value of US$113.8 million.
"We are delighted that Boyuan continues to initiate new projects in spite of the tight liquidity for property developers and the restrictive central government policies that characterize the current market in China today," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "We believe this is a validation of our strategy to continue to seek out quality opportunities regardless of market conditions, while remaining very selective in choosing which new construction projects we accept in order to minimize risk and preserve capital."
The four new projects are as follows:
- A residential development valued at US$8.3 million located in Lingao County on the northern shore of Hainan Island. This development consists of four buildings ranging from 11 to 18 storeys in height and covers a total construction area of 37,000 square metres. The project is expected to be completed by Q1, 2015.
- A residential development valued at US$43.3 million located in the port city of Sanya on the southern shore of Hainan Island. This development consists of seven buildings covering a total construction area of 145,400 square metres. The project is expected to be completed by Q2, 2015.
- A residential development valued at US$21.5 million located in Ledong County in the southwest of Hainan Island. This development consists of two 25-story buildings and 19 three-storey villas covering a total construction area of 68,400 square metres. The project is expected to be completed by Q2, 2015.
- A commercial development valued at US$40.7 million located in Jiaxing City in the eastern coastal province of Zhejiang on mainland China. This project has a total construction area of 241,445 square metres and is expected to be completed by Q3, 2015.
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 more than 45 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.
SOURCE: Boyuan Construction Group, Inc.
For further information:
Boyuan Construction Group, Inc.
Mr. Paul Law, CFO
+(852) 9329 5088
(416) 815 0700 ext. 233