BOYUAN STARTS NEW PROJECT VALUED AT US$15.4 MILLION IN CORE SHANDONG PROVINCE MARKET
Tuesday, May 31, 2011
TORONTO, May 31, 2011 /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 begun construction of a residential project valued at US$15.4 million The project, which will consist of 12 buildings and a gross construction area of 98,000 square meters, will be built in Zaozhuang, an emerging tier-two city in Shandong Province, one of Boyuan's core markets.
"Our contract wins in the Yangtze River Delta and Shandong over the past month illustrate the general robustness of China's construction market as well as the merits of our geographic diversification strategy," said Mr. Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "Our growth is being fueled by the development of China's tier-two cities, which is occurring in tandem with the country's ongoing urban migration."
As indicated by recent census data, China's urban population has grown to to 666 million or nearly 50% of the country's total. It is estimated that China's urban population will surpass the country's rural population in 2015.
Completion of Boyuan's new project is expected in the fourth quarter of calendar 2012.
Zaozhuang, a city with a population of approximately 4 million, is located in Shandong,one of China's most economically diversified provinces. Shandong Province has high concentrations of manufacturing as well as oil and gas production activities.
Since first expanding into Shandong in September 2009, Boyuan has developed a number of residential and commercial projects in the Province. Shandong has since emerged as one of Boyuan's core markets along with the Yangtze River Delta and Hainan 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: Contacts
Boyuan Construction Group, Inc.
Mr. Paul Law, CFO
+(852) 9329 5088
(416) 815 0700 ext. 243
(416) 815 0700 ext. 253