Boyuan initiates two new projects in Sanya and Ledong, Hainan
Boyuan Construction Group, Inc., a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that it has initiated construction on three new projects located in two of the Company's key markets.
"Launching these new projects once again demonstrates our commitment to actively pursue high value construction opportunities regardless of market conditions and continues the momentum we carried into the first quarter of the year," said Mr. Cai Liang Shou, Chairman and CEO of Boyuan Construction Group. "However, we continue to be very selective in choosing which new construction projects we accept in order to minimize risk and preserve capital in light of the tight liquidity for property developers and the restrictive policies imposed by the central government that characterize the current market in China."
Two of the projects are located on Hainan Island, one of China's most rapidly growing regions:
•A US$8.5 million residential development located in Ledong County, a tourist and agricultural area in the southwest of Hainan Island. This development has a total construction area of 27,000 square metres and is expected to be completed in the first quarter of 2015;
•A US$8.2 million school project located in Sanya City, a tourist destination on the south coast of Hainan Island. This project has a total construction area of 19,200 square metres and is expected to be completed in the third quarter of 2015;
The other project is located in Zhejiang province on mainland China:
•A US$21.6 million residential development located in Haining City, a rapidly growing industrial center 125 kilometres west of Shanghai. This development has a total construction area of 68,500 square metres and is expected to be completed in the first quarter of 2016.
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