Boyuan Construction Group, Inc., (TSX: BOY & BOY.DB) a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that it has expanded into Boao, an emerging city in Hainan Province, and has initiated two residential construction projects with a Hong Kong-based property developer. The aggregate value of the two projects is US$27 million.
"Our decision to expand into Boao is due to a number of factors," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "It allows us to build on our previous work, relationships and reputation in the surrounding region. Equally important, the city is rapidly becoming a major centre for tourism and economic development, which we anticipate will lead to new opportunities for our construction and engineering services."
The first project, which will include the construction of 17 residential villas with a total area of 13,000 square meters, is valued at US$3 million. The project, which was begun earlier in 2010, is expected to be completed by the end of the current calendar year.
The second project will consist of the construction of a 29-storey residential building with a total area of 88,000 square meters. The US$24 million project, which is currently underway, is expected to be completed in the second quarter of calendar 2012.
Located in Hainan Province, Boao is home to Boao Forum for Asia, the most prestigious and premier forum for leaders in government, business and academia in Asia. The Forum is committed to promoting regional economic integration and bringing Asian countries even closer to their development goals. Hainan Province is China's largest special economic zone and one of Boyuan's primary markets.