TORONTO, Jan. 15, 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 a five star luxury hotel located in Lingshiu, a city on Hainan Island, one of Boyuan's core markets. The hotel consists of 45,000 square meters of construction area covering a total of three floors. The project is valued at US$10.9 million.
"The initiation of construction of this first class hotel complex in one of our core markets is an example of how, regardless of tighter liquidity for property developers and the restrictive measures introduced by the central government, we are still actively pursuing and evaluating high value opportunities," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "We believe current market conditions will continue in the short term and therefore we will continue to be very selective in choosing which new construction projects we accept in order to minimize risk and to preserve capital."
Completion of Boyuan's new project is expected in the first quarter of calendar 2014.
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, 2012, Boyuan completed more than 50 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, 2012 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