Boyuan Construction Group, a China-based construction company listed on the Toronto Stock Exchange, says it has expanded into Boao in Hainan Province and has launched two residential construction projects.
Boyuan Construction Group Inc., a China-based construction company listed on the Toronto Stock Exchange, says 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 valued at US$27 million.
Based in Zhejiang Province and on Hainan Island, Boyuan focuses on construction projects in China’s fast-growing regions of the Yangtze River Delta, the city of Sanya and Shandong Province.
“Our decision to expand into Boao is due to a number of factors,” said Boyuan chairman Cai Liang Shou.
“It allows us to build on our previous work, relationships and reputation in the surrounding region. 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 metres, 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, the construction of a 29-storey residential building with a total area of 88,000 square metres, is worth US$24 million. Currently underway, it is expected to be completed in the second quarter of calendar 2012.
-DCN News Services