TORONTO, Feb. 22, 2012 /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 hotel complex located in
Sanya, a city on Hainan Island, one of Boyuan's core markets. The hotel
complex consists of three buildings totaling 107,000 square metres and
is valued at US$23.9 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 a slight slowdown in the general
economy, there remains an abundance of high value opportunities for
us," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group.
"We expect to grow at our usual historical rates, however, as we
continue to monitor the current economic and market conditions we will
be very selective in the projects we choose to bid on to ensure maximum
Completion of Boyuan's new project is expected in the third quarter of
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, 2011, Boyuan completed more than 80 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 or follow us on Twitter @ www.twitter.com/boyuangroup.
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, 2011 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