BOYUAN BEGINS NEW US$43.1 MILLION RESIDENTIAL PROJECT IN HAINAN PROVINCE
Monday, May 02, 2011
- Represents Boyuan's second largest contract value to date -
TORONTO, May 2 /CNW/ - 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 initiated construction on four luxury residential buildings, each 25 stories high. The four buildings, which total 140,000 square meters, are located in the Sanya Peninsula district on Hainan Province. The project is valued at US$43.1 million and represents the Company's second largest project to date.
"Based on our excellent reputation for building first class projects on time and on budget, demand for our construction and engineering services remains strong, particularly in Hainan, where our two largest projects to date are located," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "The region's emergence as a major international tourist destination continues to lead to opportunities for us to construct tourism-related projects such as hotels as well as supporting residential buildings."
Completion of the new project is expected to be in the third quarter of calendar 2012.
The new project is located near two of Boyuan's other projects that are currently under construction in the Sanya Peninsula district. As reported previously, the Company is completing its largest project to date, a 150,000 square meter US$44.3 million residential project, and a 40,000 square meter US$7.5 million clubhouse facility in the new Serenity Marina which is being constructed in preparation for the Sanya leg of the Volvo Ocean Race, scheduled for February, 2012.
Hainan Province is one of Boyuan's core markets. Demand for Boyuan's construction and engineering services in the region, especially in the major cities of Sanya and Haikou, is being driven by China's International Tourist Destination Policy, which aims at developing Hainan as a major international tourism destination by 2020.
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 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 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.
For further information: Contacts
Boyuan Construction Group, Inc.
Mr. Paul Law, CFO
+(852) 9329 5088
TMX Equicom or TMX Equicom
Joe Racanelli Philip Dale
(416) 815 0700 ext. 243 (416) 815 0700 ext. 253
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