Boyuan Construction Group starts $US43.1m residential project in Sanya
Boyuan Construction Group, Inc., (TSX: BOY & BOY.DB) a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced yesterday 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.