May 4 2010
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 a commercial project valued at US $23.3 million.
The 35-storey, 115,000 square meter building will be developed in the city of Weifang, in China's Shandong province. The project is expected to be completed by the fourth quarter of 2012. When completed, the building will represent the tallest ever constructed by Boyuan.
"Since expanding into Shandong province last September, we have been very encouraged by the number of opportunities that have emerged where we can apply our commercial and residential construction expertise," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "Our latest contract win is significant in that it shows continued growth in both the value and size of our projects in the region."
As a Class 1 general contractor, Boyuan is licensed to construct buildings up to 40 storeys tall.
Boyuan has signed five major contracts in Shandong since entering the market in September, 2009. With today's contract award, Boyuan's aggregate value of contracts signed thus far in Shandong is US $94 million.
Shandong is one of China's most economically diversified provinces with high concentrations of manufacturing as well as oil and gas production activities. Weifang, one of Shandong's principal cities, has a population of 8.5 million people.
Source: http://www.boyuangroup.com/