BOYUAN EXPANDS INTO NEW MARKET WITH NEW US$27 MILLION CONSTRUCTION PROJECTS http://finance.yahoo.com/news/BOYUAN-EXPANDS-INTO-NEW-cnw-1228779831.html?x=0&.v=1
Press Release Source: Boyuan Construction Group, Inc. On Monday December 13, 2010, 12:18 pm EST
TORONTO, Dec. 13 /CNW/ -
- Market expansion due to growing demand in Hainan Province -
Boyuan Construction Group, Inc., (TSX: BOY & BOY.DB) a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that it has expanded into Boao, an emerging city in Hainan Province, and has initiated two residential construction projects with a Hong Kong-based property developer. The aggregate value of the two projects is US$27 million.
"Our decision to expand into Boao is due to a number of factors," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "It allows us to build on our previous work, relationships and reputation in the surrounding region. Equally important, the city is rapidly becoming a major centre for tourism and economic development, which we anticipate will lead to new opportunities for our construction and engineering services."
The first project, which will include the construction of 17 residential villas with a total area of 13,000 square meters, is valued at US$3 million. The project, which was begun earlier in 2010, is expected to be completed by the end of the current calendar year.
The second project will consist of the construction of a 29-storey residential building with a total area of 88,000 square meters. The US$24 million project, which is currently underway, is expected to be completed in the second quarter of calendar 2012.
Located in Hainan Province, Boao is home to Boao Forum for Asia, the most prestigious and premier forum for leaders in government, business and academia in Asia. The Forum is committed to promoting regional economic integration and bringing Asian countries even closer to their development goals. Hainan Province is China's largest special economic zone and one of Boyuan's primary markets.
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, 2010, Boyuan completed more than 80 projects for a number of private and public sector clients including Cargill and the Dalian Shide Group, a billion dollar conglomerate whose partners include DuPont, Mitsubishi and General Electric. Boyuan's current project backlog includes residential, commercial, industrial and mixed-use developments. From its operating bases in Zhejiang Province and on Hainan Island, Boyuan focuses on construction projects in China's fast-growing regions of the Yangtze River Delta, the city of Sanya and Shandong Province. For more information visit www.boyuangroup.com or follow us on Twitter at 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 final prospectus, the Company's AIF for the fiscal year ended June 30, 2010 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.
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