BOYUAN BEGINS NEW US$23.1 MILLION PROJECT IN CORE YANGTZE RIVER DELTA MARKET
Thursday, May 19, 2011
- Mixed project combines residential and commercial buildings -
TORONTO, May 19 /CNW/ - Boyuan Construction Group, Inc. (TSX: BOY) (TSX: BOY.DB), a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that it has initiated construction on a new mixed development project comprising a total of 13 residential and commercial buildings ranging from three to 31 stories high. The 13 buildings, which total 80,000 square meters, will be built in Huaian City, which is located in the Yangtze River Delta, Boyuan's core market. The project is valued at US$23.1 million.
"We are very pleased with our newest development project," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "Not only is it our first in Huaian City, a major urban centre in Jiangsu Province, it illustrates the continued strength of China's construction market and the ongoing demand for our services, particularly within fast growing tier two cities."
Completion of the new project is expected to be in the second quarter of calendar 2013.
Huaian City is located in Jiangsu Province in eastern China and has a population of approximately five million. Traditionally known for its farming and agricultural production, recent urbanization and industrialization has transformed Huaian City into an important, fast growing economic centre. Jiangsu Province forms part of the Yangtze River Delta, Boyuan's primary market in tandem with Hainan Province and Shandong Province.
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: 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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