BOYUAN REPORTS FY 2010 THIRD QUARTER FINANCIAL RESULTS

Toronto, Ontario – May 28, 2010 – Boyuan Construction Group, Inc., (TSX-V: BOY & BOY.DB) a fast-
growing construction company in China of commercial, residential and municipal infrastructure projects,
reported today its financial results for the three and nine-month periods ended March 31, 2010. All figures
are in U.S. dollars unless otherwise stated.

Selected Third Quarter Financial Highlights

In thousands except share and % data Q3 2010 Q3 2009 Change
Revenue $31,048 $15,939 +94.8%
Gross profit $5,159 $2,319 +122.4%
Gross profit margin 16.6% 14.6%
Net income $2,156 $1,160 +86%
Earnings per share - diluted $0.09 $0.05 +80%

“We realized significant gains across each of our primary financial targets even though the third quarter is
generally our weakest due to seasonal factors and work stoppages relating to the Chinese New Year holiday
period,” said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. “In particular, we increased our
gross margins above historical norms to 16.6%, grew our after-tax net income by more than 85% to $2.2
million and signed new agreements worth $76.6 million, our largest total to date for a quarter and further
validating our decision to expand into neighbouring markets in Shandong.”

Q3 Business and Operational Highlights

• Awarded a 16-storey commercial construction project in Shandong valued at $19 million.
• Signed a $17.5 million agreement to construct a 20-storey, five-star hotel on Hainan Island.
• Awarded a 200,000 square meter commercial building project in Shandong province valued at $22
million.
• Signed an $18.1 million agreement to construct a 32-storey residential project in Shandong province.
• Year-to-date revenue totalled $103.7 million, surpassing the 12-month total of $101.7 million for
FY2009.

Highlights Subsequent to Quarter End

• Awarded a 50,000 square meter residential project in Zhejiang province valued at $6.9 million.
• Signed a $23.3 million agreement to construct a 35-storey commercial project, Boyuan’s tallest to
date, in Shandong province.
• Initiated construction of two, separate mixed development projects on Hainan Island valued at $14.6
million
• Received conditional approval to graduate to the Toronto Stock Exchange (TSX).

Selected 9-Month Financial Highlights

In thousands except share and % data 9-Month 9-Month Change
2010 2009
Revenue $103,663 $60,598 +71.1%
Gross profit $17,550 $8,533 +105.7%
Gross profit margin 16.9% 14.1%
Net income $5,463 $5,578 -2.1%
1
Adjusted net income $8,706 $5,578 +56%
Earnings per share - diluted $0.24 $0.22 +9%
2
Adjusted Earnings per share - diluted $0.35 $0.22 +59%

1
Adjusted net income is not a recognized measure under Canadian GAAP. It excludes a stock-based compensation charge of $3.2
million related to the fair value transfer of shares under the "make-good provision" of a financing agreement signed in July, 2009. The
Company believes that adjusted net income is more representative of its performance as the make good charge is a non-cash
accounting charge and not related to its business activities.
Review of Financial Results
Revenue for the third quarter ended March 31, 2009 was $31 million, up 94.8% from $15.9 million for Q3 of
FY2009. Revenue for the first nine months of FY2010 was $103.7 million, compared to $60.6 million for the
same period in FY2009.

Boyuan recognizes revenue on the percentage-of-completion method, measured by the ratio of costs
incurred up to a given date to estimated total costs for each contract. The significant year-over-year growth in
revenue was primarily attributable to an increase in the number of successful project bids with higher
contract value by the Company as well as to an increase in demand for construction and engineering
services in the Yangtze River Delta region and Hainan Island, Boyuan’s core markets. Growth was also due
to the Company’s decision to expand into Shandong province.

Higher demand for construction and engineering services is due to ongoing urban migration and an
expansion of China’s middle class, which drive the need for new housing, commercial and public
infrastructure projects.

Cost of construction for the third quarter of FY2010 was $25.9 million compared to $13.6 million for Q3 of
FY2009. Cost of construction for the first nine months of FY 2010 was $86.1 million, up from $52.1 million
for the comparable period in FY2009. The increase was primarily as a result of higher expenses associated
with greater project volume and an expanded work force. Cost of sales includes all direct material, labor,
subcontract and other related costs, such as equipment repairs.

Gross profit for the third quarter of FY2010 was $5.2 million, or 16.6% of revenue, compared to $2.3 million,
or 14.6% of revenue, for the same period of FY2009. Gross profit for the first nine months of FY2010 was
$17.5 million, or 16.9% of revenue, compared to $8.5 million, or 14.1% of revenue, for the same period of
FY2009. The year-over-year improvement in gross profit margins in Q3 by 200 basis points was due to a
higher percentage of revenue contributed from higher margin projects, particularly in Hainan Island, where
the Company experiences strong demand for its services but faces limited competition, and a slightly lower
than average gross margin in Q3 FY2009. Historically, the norm for the Company's gross margins is 15%.

After-tax net income for the third quarter of FY2010 was $2.2 million, or $0.09 per fully diluted share,
compared to net income of $1.2 million, or $0.05 per fully diluted share, for Q3 of FY2009.

After-tax net income for the nine-month period was $5.5 million, down 2.1% from $5.6 million for the same
period of FY2009. The decline is attributable to a non-cash stock-based compensation charge of $3.2 million
that the Company incurred in the first quarter of FY2010. As previously reported, the charge related to the
fair value transfer of shares under the make good provision of a financing agreement signed in July 2009.
The charge is in full compliance with Canadian generally accepted accounting principles.

Excluding the make-good provision charge, adjusted net income for the nine-month period ended March 31,
2010 was $8.7 million, or $0.35 per share diluted, which compares to $5.6 million, or $0.22 per share diluted,
for the same period in FY2009. The Company believes that adjusted net income is more representative of its
profitability and performance since the make good charge is a non-cash accounting charge and not related to
its business activities.

The Company had working capital of $38.2 million, including cash, restricted cash and cash equivalents of
$6.1 million for the period ended March 31, 2010. This compares to $22.4 million and $5.5 million,
respectively, at June 30, 2009.

Outlook
“We are very encouraged by our short-term prospects and believe that we are well on track to realize our
after-tax net income target of $12.4 million for FY 2010 given our backlog and the number of projects
currently under way,” added Mr. Shou. “Over the longer term horizon, we believe that our focus on Hainan
Island and our recent decision to expand into Shandong provides tremendous opportunities for sustained

2
Adjusted earnings per share is not a recognized measure under Canadian GAAP. It is calculated by dividing the Company's adjusted
net income by the number of outstanding shares (diluted).
growth, particularly as demand for quality construction and engineering services in these markets remains
high and the competitive landscape continues to be fragmented.”

Boyuan’s consolidated statements for the three and nine-month periods ended March 31, 2010 and related
management’s discussion and analysis (MD&A) will be filed with securities regulatory authorities
within applicable timelines and will be available via SEDAR at www.sedar.com.

About Boyuan Construction Group, Inc.

Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the business of residential and
commercial building construction, municipal infrastructure and engineering projects. In its last four fiscal
years ending June 30, 2009, Boyuan completed more than 125 projects for a number of private and public
sector clients including Cargill and the Dalian Shide Group, a billion dollar conglomerate whose partners
include DuPont, Mitsubishi and GE. Boyuan’s current backlog includes residential, industrial and mixed-use
developments, including a five-star hotel and a project at the Qingshan Nuclear Plant, China’s first and
largest nuclear facility. From its operating bases 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. For more information visit www.boyuangroup.com or follow us on Twitter at
www.twitter.com/boyuangroup

Caution Regarding Forward-Looking Information:

Certain information contained in this press release constitutes forward-looking information, which is information relating
to future events or the Company's future performance and which is inherently uncertain. All information other than
statements of historical fact may be forward-looking information. Forward-looking information is often, but not always,
identified by the use of words such as “seek”, “anticipate”, “budget”, “plan”, “continue”, “estimate”, “expect”, “forecast”,
“may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar words or
phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking
information contained in this press release includes, but is not limited to, the Company’s outlook on higher demand for
construction and engineering services in China, China's ongoing urban migration and expansion of middle class, need for
new housing, commercial and public projects in China, strong economic indicators in China, optimism on Chinese
construction industry over the short term, and impact of economic trends (such as rising property value) on tier-two
Chinese cities. Forward-looking information involves known and unknown risks, uncertainties and other factors that may
cause actual results or events to differ materially from those anticipated in such forward-looking information. The
Company believes the expectations reflected in the forward-looking information are reasonable but no assurance can be
given that these expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-
looking information contained in this press release. Some of the risks and other factors which could cause results to
differ materially from those expressed in the forward-looking information contained in this press release include, but are
not limited to: risk of macro-economy cycle, risk from competition, risk from insufficient marketing to secure new projects,
risk in obtaining additional financing, risk involving permits and licences, reliance on key management member, risk from
supply of raw materials, risk of financial leverage, risk of bad debts in accounts receivables, risk involved in real estate
development, foreign exchange fluctuations, political and economic conditions in China and other risks included in the
Company's AIF for the fiscal year ended June 30, 2009 and in the Company’s public disclosure documents filed with
certain Canadian securities regulatory authorities and available at www.sedar.com. The forward-looking information
contained in this press release are made as of the date hereof and the Company undertakes no obligation to update
publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise,
except as otherwise required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts
Boyuan Construction Group, Inc. The Equicom Group Inc.
Mr. Paul Law, CFO Joe Racanelli
+(852) 9329 5088 (416) 815 0700 ext. 243
paullaw@zjboyuan.com.cn jracanelli@equicomgroup.com
Boyuan Construction Group, Inc.
Consolidated Balance Sheets
(Expressed in US Dollars)

(Unaudited) (Audited)

March 31, June 30,

2010 2009
$ $
Current Assets
Cash and cash equivalents 4,290,223 2,365,738
Restricted cash 1,805,123 3,101,189
Accounts receivable 1,512,641 4,447,059
Unbilled revenue 47,284,891 35,528,915
Other receivables 8,715,421 2,216,873
Inventory 1,967 658,150
Advances to suppliers and prepaid expenses 14,705,932 2,971,020
78,316,198 51,288,944
Deferred transaction costs 209,763 55,222
Due from related parties - 113,010
Property and equipment 6,947,936 5,946,748
Land use rights 117,746 112,243
85,591,643 57,516,167
Current Liabilities
Bank loans 19,119,088 12,926,776
Accounts payable and accrued liabilities 15,218,596 12,842,823
Income taxes payable 4,993,128 1,318,874
Deferred revenue 135,370 1,454,145
Automobile loans 82,823 118,292
Due to related parties 386,843 22,839
Future income tax 148,569 202,000
40,084,417 28,885,749
Future income tax 719,214 573,000
Convertible debentures 6,213,251 1,880,200
47,016,882 31,338,949

Shareholders' Equity
Share capital 7,372,376 6,139,860
Contributed surplus 7,345,221 1,890,711
Reserve 2,760,648 1,928,732
Equity component of convertible debentures 372,533 137,295
17,850,778 10,096,598
Retained earnings 18,958,365 14,326,995
Accumulated other comprehensive income 1,765,618 1,753,625
20,723,983 16,080,620
38,574,761 26,177,218
85,591,643 57,516,167
Boyuan Construction Group, Inc.
Consolidated Statements of Income and Comprehensive Income
(Expressed in US Dollars)
(Unaudited)

Three Months Ended Nine Months Ended

March 31, March 31, March 31, March 31,
2010 2009 2010 2009
$ $ $ $
Construction revenue 31,047,790 15,938,724 103,663,405 60,598,237
Cost of construction 25,888,544 13,619,467 86,113,559 52,065,027
Gross profit 5,159,246 2,319,257 17,549,846 8,533,210
Expenses
Amortization of property and equipment 149,460 2,179 438,690 205,777
General and administrative expenses 1,135,091 516,636 2,910,749 555,745
1,284,551 518,815 3,349,439 761,522
Income from operations 3,874,695 1,800,442 14,200,407 7,771,688
Other Income (expense)
Interest and other income 28,264 1,248 215,042 (14,892)
Foreign exchange loss (21,071) - (88,569) -
Interest expense (547,253) (169,068) (1,684,514) (247,466)
Stock-based compensation (101,028) (101,028)
Make good provision - - ( 3,243,192) -
(641,088) (167,820) (4,902,261) (262,358)
Net income before income taxes 3,233,607 1,632,622 9,298,146 7,509,330
Income taxes (1,077,153) (472,978) (3,834,860) (1,931,315)
Net income for the period 2,156,454 1,159,644 5,463,286 5,578,015
Other Comprehensive Income
Unrealized gain on foreign exchange translation 15,950 28,921 11,993 72,837
Comprehensive income for the period 2,172,404 1,188,565 5,475,279 5,650,852