Boyuan initiates two new projects valued at US$26.1 million
Nov 24, 2017, 09:26 ET
TORONTO, Nov. 24, 2017 /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 started construction on two new projects in Jiaxing, Zhejiang Province. The combined value of these projects is US$26.1 million.
"We are pleased to announce that we have initiated construction on two new projects in Jiaxing, which is known for its increasingly vibrant property market and home to our Company's headquarters," said Mr. Cai Liang Shou, Chairman and CEO of Boyuan Construction Group. "Boyuan remains focused on disciplined execution in our core markets. Our reputation for high-quality builds strengthens our ability to secure future business in key markets."
Both projects are located in Jiaxing, a city with a strong economy and fast growing middle-class population. The first project is a commercial development with a construction area of 15,542 square meters and a contract value of US$5.5 million. It is expected to be completed in the first quarter of calendar year 2019. The second project is a residential development with a construction area of 91,556 square meters and a contract value of US$20.6 million. Completion of this project is expected in the third quarter of calendar year 2019.
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, 2017, Boyuan completed 42 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 and the Hainan 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. All information other than statements of historical fact may be forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking information contained in this press release includes, but is not limited to, management's expectation to comply with the Alternative Information Guidelines. 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 include, but are not limited to: risk of a general cease trade order bing issued, risk of risk of macro-economy cycle, risk from competition, risk from insufficient marketing to secure new projects, risk in obtaining additional financing, risk involving permits and licences, reliance on key management member, risk from supply of raw materials, risk of financial leverage, risk of bad debts in accounts receivables, risk involved in real estate development, foreign exchange fluctuations, political and economic conditions in China and other risks included in the Company's AIF for the fiscal year ended June 30, 2017 and in the Company's 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 are 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, Paul Law, CFO, +(852) 9329 5088, [email protected]; NATIONAL Equicom, Lana Pisarenko, Investor Relations, (416) 586-1947, [email protected]
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