- Reputation for high-quality builds continues to win new contracts -
TORONTO, Nov. 21, 2016 /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 two new residential projects in Jiaxing, Zhejiang Province, with combined contract values of US$84.1 million.
"We are most pleased to be commencing construction on both of these much needed residential builds in the increasing vibrant property market in Jiaxing," said Mr. Cai Liang Shou, Chairman and CEO of Boyuan Construction Group. "Only one hour by road from Shanghai, or twenty minutes by high-speed rail, Jiaxing is becoming an attractive proposition for buyers who work in Shanghai, and we expect continued growth in this market."
The first residential project has a construction area of 180,000 square meters, a contract value of US$38.1 million with an expected completion by the fourth quarter of calendar year 2018. The second project has a construction area of 143,190 square meters, a contract value of US$46.0 million with an expected completion by the first 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, 2016, Boyuan completed 41 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 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 Boyuan'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 estimates for the contract values and expected completion dates for the projects, and management's expectation of the effect of the projects on the Company's ability to secure future projects. 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 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, 2016 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, Inc, Mr. Paul Law, CFO, +(852) 9329 5088, [email protected]; NATIONAL Equicom, Keith Richards, Investor Relations, (416) 848-1599, [email protected]