TORONTO, Oct. 29, 2018 /CNW/ – Boyuan Construction Group, Inc., (TSX: BOY, BOY.DB.A) today announced that it has commenced construction on three new residential projects with combined contract values of US$54.9 million.
“While developments may have slowed in China’s top-tier cities, we remain well positioned to capitalize on development opportunities in smaller cities that are close to the major centres,” said Mr. Cai Liang Shou, Chairman and CEO of Boyuan Construction Group. “Two of our new residential projects announced today are in smaller cities in our home province of Zhejiang, where we continue to build our presence. The other project is in Yancheng, which is a prefecture-level city in northeastern Jiangsu province.”
The first project is a 104,967 square meter residential development in Yancheng City in Jiangsu Province. The project has a contract value of US$13.1 million and is expected to be completed by the fourth quarter of 2019.
The second project is a 70,404 square meter residential development in Pinghu City in Zhejiang Province, with a contract value of US$17.4 million and completion targeted for the first quarter of 2020.
Also in Zhejiang Province, the third project is also a 62,886 square meter residential development in Tongxiang City. It has a contract value of US$24.4 million and is expected to be completed in the third quarter of 2020.
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 bing 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, 2018 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.
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