Boyuan Initiates Five New Projects
- Projects Total US$102.2 Million -
TORONTO, Nov. 28, 2014 /CNW/ - Boyuan Construction Group, Inc., (TSX: BOY, BOY.DB.A) a growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that it has initiated construction on five new projects located in the Company's key markets.
"We continue to successfully execute on our growth strategy with five new projects initiated in our core markets," said Mr. Cai Liang Shou, Chairman and CEO of Boyuan Construction Group. "Recently we have been more active in securing projects as we see signs that the real estate market is stabilizing in China. However, we will continue to remain selective in which projects we undertake in order to both minimize risk and preserve capital."
Two projects are located in Sanya City a popular tourist destination on the southern coast of Hainan Island:
- A US$8.4 million residential development expected to be completed in the fourth quarter of 2015 with a total construction area of 29,600 square metres and;
- A US$13.7 million residential development expected to be completed in the second quarter of 2017 with a total construction area of 50,000 square metres.
Three projects are in Zhejiang Province, located on the eastern coast of mainland China:
- A US$29.4 million residential development located in Jiaxing, expected to be completed in the fourth quarter of 2016 with a total construction area of 106,000 square metres;
- A US$25.2 million residential development located in Haining, 125 kilometres west of Shanghai. This development is expected to be completed in the fourth quarter of 2016 and has a total construction area of 96,000 square metres and;
- A US$25.5 commercial development located in Jiaxing expected to be completed in the second quarter of 2017 with a total construction area of 79,000 square metres.
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, 2014, Boyuan completed 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, 2014 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.
Boyuan Construction Group, Inc: Mr. Paul Law, CFO, +(852) 9329 5088, [email protected]; TMX Equicom, Katelynn Thissen, (416) 815-0700 ext. 276, [email protected]
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