Boyuan Construction Group, Inc., (TSX-V: BOY & BOY.DB) a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that it has initiated the building of two separate, mixed development projects in Sanya, on China's Hainan Island. The projects have an aggregate value of US $14.6 million.
"Hainan Island continues to be one of our primary markets given the demand for quality construction services in the region," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "In addition to the ongoing development of hotels and residential buildings, new opportunities are emerging for the construction of infrastructure and commercial projects linked to the region's emergence as a centre for tourism, vacations and retirement living."
The first project encompasses the construction of seven buildings with a total area of 44,000 square meters in Sanya's hot spring resort area. The buildings will be used as service apartments to support the growing logistical and infrastructure requirements of Sanya's burgeoning tourism industry as well as for residential and commercial purposes. The project is valued at $10.2 million and is expected to be completed in the first quarter of calendar 2011.
The second project involves the development of five buildings with a total area of 20,000 square meters. The buildings will be used for commercial purposes and as service apartments. The project is valued at US $4.4 million and is also expected to be completed in the first quarter of calendar 2011.
Hainan Island is China's largest special economic zone.