Boyuan Construction Group declared that it has commenced the construction of two projects that are valued at US$35.3 million. Boyuan is a developing construction organization from Jiaxing City, China, that promotes housing, corporate and municipal infrastructure and engineering ventures.
The first project is a housing undertaking in Hainan Lingshui County, which is an unexplored region for Boyuan. It involves two 12-story condominiums and 30 bungalows. It will be spread over 110,000 sq. m and is worth US$29.3 million. The date of completion is yet to be agreed upon. Lingshui is in the southeast sector of Hainan Island. China’s International Tourism Destination Policy has the goal of promoting Hainan Island’s financial growth. In a bid to make it an attractive destination for international tourists, a tax-free shopping scheme was set in motion since January 1, 2011.
The second project is a commercial high-rise in Hiayan County, Jiaxing, an important market area of Boyuan. The commercial high-rise will be made up of 21 floors, spread over 23,000 sq. m and worth US$6 million. The venture is anticipated to be completed by the first quarter of 2014.
According to Cai Liang Shou, Chairman of Boyuan Construction Group, they have been careful in choosing projects for development that would yield optimum profitability, considering the present financial environment and tougher liquidity for real estate promoters in China. In spite of this scenario, the achievement of the two new projects, one in an established market and one in a new area, proves that there is no dearth of projects; only they have to be chosen wisely.