Chinese Developer Announces Residential and Commercial Developments in Two Very Different Markets
- Aug 17, 2012
Hong Kong—A Chinese development company has announced the beginning of works on two different real estate projects worth $35.3 million. Boyuan Construction Group Inc. is an emerging company handling both commercial and residential development with a number of projects already under its belt. The two new projects that Boyuan has recently made public are a residential development consisting of 30 villas and two 12-story condominium buildings, as well as a 21-story commercial tower. The bulk of the announced investment will be directed towards the residential development, considering the amount of construction necessary for that project.
The residential project is located in China’s Hainan Lingshui County, a market Boyuan is trying to penetrate with this particular project. The project has a gross construction area totaling approximately 1.1 million square feet that will be divided into the 30 villas and the two condo buildings the company is prepping. The project is valued at around $29.3 million, and currently does not have a completion date.
Boyuan’s second project, the commercial tower, will be built at a cost of $6 million, over 250,000 square feet in one of the company’s more established markets. Located in Hiayan County, Jiaxing, the 21-story building will be developed with a deadline currently set for Q1 of 2014. The company actually has its corporate HQ in Jiaxing City, a market it knows very well.
Hainan Lingshui County is the venue of one of China’s most active tourism campaigns. The country’s International Tourist Destination Policy was launched three years ago in order to focus economic development on Hainan Island. The initiative is to get the island to become a major tourist attraction, and a tax-free shopping plan for foreign travelers was introduced to the area since January 2011.
Boyuan Construction Group Inc. handles commercial building and residential construction, as well as municipal infrastructure and engineering projects. It has completed a total of 80 projects over the last three fiscal years for both the private and public sector. The markets the developer is focusing on at the moment are the Yangtze River Delta, Hainan Province and Shandong Province.