Boyuan Construction Group, Inc., (TSX: BOY, BOY.DB, BOY.DB.A) a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that it has initiated construction on four new projects in the Hainan Island region, one of Boyuan's core markets.

"That fact that we are initiating so many new projects, in spite of the tight liquidity for property developers and the restrictive measures introduced by the central government, demonstrates our commitment to actively pursue high value opportunities regardless of market conditions," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "We believe current market conditions will continue for the foreseeable future, and therefore we will continue to be very selective in choosing which new construction projects we accept in order to minimize risk and to preserve capital."

Two of the four projects are located in Sanya city, a popular tourist destination on the south coast of Hainan Island:

A multi-family residential complex valued at US$17.0 million with a construction area of 94,500 square meters. Completion of this project is expected in the first quarter of 2014.
A mid-size hotel valued at US$3.4 million with a construction area of 12,000 square meters. Completion of this project is expected in the fourth quarter of 2013.

The other two projects are located in Wanning city, a tourism and administrative center in the southeast of Hainan Island:

A multi-family residential complex valued at US$38.9 million with a construction area of 118,000 square meters. Completion of this project is expected in the second quarter of 2014.
A commercial complex valued at US$24.8 million with a construction area of 103,000 square meters. Completion of this project is expected in the second quarter of 2014.

 

SOURCE: newswire.ca
 
 
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