- Projects Total US$42.3 Million -
TORONTO, Sept. 3, 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 three new projects located in one of the Company's key markets.
"We are pleased to announce three new projects in one of our core markets, as Boyuan remains focused on opportunities for growth," said Mr. Cai Liang Shou, Chairman and CEO of Boyuan Construction Group. "We remain selective in choosing which new construction projects we accept in order to minimize risk and preserve capital as we continue to face the challenges of tight liquidity and restrictive central government policies."
The projects are located on Hainan Island, a growing tourist destination:
- A US$11.4 million residential development located in Baoting Li and Miao Autonomous County, an area in the southeast of Hainan Island. This development is expected to be completed in the fourth quarter of 2015 and has a total construction area of 52,600 square metres;
- A US$21.1 million residential development located in Sanya, a popular tourist destination on the southern coast of Hainan Island. This development is expected to be completed in the first quarter of 2016 and has a total construction area of 58,830 square metres and;
- A US$9.8 million hotel development located in Sanya. This development is expected to be completed in the fourth quarter of 2015 and has a total construction area of 37,000 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, 2013, Boyuan completed 46 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.
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