TORONTO, Aug. 27, 2018 /CNW/ - Boyuan Construction Group,
Inc., (TSX: BOY) (TSX: BOY.DB.A) has commenced construction on four
new projects with combined contract values of US$81.1 million. The new projects include a
commercial and two residential development projects in the
fast-growing city of Jiaxing, as well as a residential development
in the city of Qionghai in Hainan
Province.
"Boyuan continues to grow its presence and reputation in
Jiaxing," said Mr. Cai Liang Shou,
Chairman and CEO of Boyuan Construction Group. "Located halfway
between Shanghai and Hangzhou --- and commuting distance from both,
Jiaxing continues to benefit from a booming local economy and
surging development prospects. The city is also increasingly being
recognized as a major freight and logistics hub due to the fact
that approximately 140 million people are located within a three
hour drive of Jiaxing. We expect Jiaxing to remain an area of
strategic focus for us for some time."
Details for the three new projects in Jiaxing are as
follows:
- A US$15 million, 50,102 square
meter commercial development expected to be completed in the third
quarter of 2019;
- A US$30.2 million residential
development, spanning 108,876 square meters, expected to be
completed in the fourth quarter of 2019; and,
- A US$29.9 million residential
development encompassing over 240,000 square meters, that is
expected to be completed in early 2020.
Boyuan's latest projects also include a US$6 million, 15,000 square meter residential
development in the city of Qionghai in Hainan Province. This project is expected to
be completed in the second quarter of 2019.
About Boyuan Construction Group, Inc.
Backed by a longstanding track record, Boyuan Construction
Group, Inc. ("Boyuan" or the "Company") has the knowledge and
expertise to design and build a wide range of commercial and
residential developments, as well as municipal infrastructure and
engineering projects. Based in Jiaxing City and with a growing
presence in both Zhejiang Province
and Hainan Province, Boyuan
focuses on construction projects in China's fast-growing regions of the Yangtze
River Delta and the Hainan
Province. The Company's current project backlog includes
residential, commercial, industrial and mixed-use developments. For
more information visit www.boyuangroup.com.
Caution Regarding Forward-Looking Information:
Certain information contained in this news release constitutes
forward-looking information, which is information relating to
future events or the Company'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
news release includes, but is not limited to, management's
expectation to comply with the Alternative Information Guidelines.
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 news 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 news release include, but are not limited to:
risk of a general cease trade order being issued, risk of 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, 2017 and in the Company's public disclosure documents
filed with certain Canadian securities regulatory authorities and
available at www.sedar.com. The forward-looking statements
contained in this news 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.