- Projects Total US$95.5M in Value -
TORONTO, Dec. 12, 2013 /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 three new projects with a combined value of US$95.5 million.
"These new projects once again demonstrate the high value opportunities that exist in China today, even in spite of the tight liquidity for property developers and the restrictive central government policies that characterize the current market," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "However, we will continue to be very selective in choosing which new construction projects we accept in order to minimize risk and to preserve capital."
One of the new projects is located in Wenchang City on the northeast coast of Hainan Island, one of Boyuan's major markets:
- A multi-family residential complex valued at US$25.7 million with a construction area of 67,400 square meters. This project is expected to be completed in the first quarter of 2015.
The other two projects are located in the northern province of Zhejiang:
- A commercial complex in Haining City consisting of four buildings ranging from 13 to 25 storeys and a total construction area of 116,000 square meters. This project is valued at US$27.2 million and is expected to be completed in the first quarter of 2015.
- A commercial complex in Jiaxing City consisting of two buildings with a total construction area of 114,000 square meters. This project is valued at US$42.6 million and is expected to be completed in the third quarter of 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