MARLTON, N.J. & CHONGQING, China, Nov. 12, 2012 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that it has been selected by Rising Sun International Real Estate Venture Investment LLC as construction manager for the first phase of the $1.4 billion Rising Sun Taipei City development in Chongqing, China. Hill's five-year contract has an estimated value of approximately $10.0 million.
Rising Sun Taipei City is located in Xiyong, near the Comprehensive Bonded Zone of Chongqing where both the IT industry district and the university town are located. The development will be approximately 1.09 million square meters (11.7 million square feet) of built-up area including a shopping mall, exhibition center, residences and other amenities.
"This development marks Hill's first major project management assignment in China," said Abdo E. Kardous, Senior Vice President and Managing Director (Asia/Pacific) for Hill's Project Management Group. "We are proud to have been selected for this assignment and our team will work hard to ensure a successful project for our client," added Kardous.
Rising Sun International Real Estate Venture Investment LLC currently manages a fund that invests primarily in Chinese real estate, including land acquisition, project development, purchase of residential and commercial real estate and other related businesses. For more information on Rising Sun, please visit their website at www.rsicfund.com.
Hill International, with 3,300 employees in 110 offices worldwide, provides program management, project management, construction management and construction claims and consulting services. Engineering News-Record magazine recently ranked Hill as the 8th largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.
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Certain statements contained in this press release may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information contained in this press release, the matters set forth herein including, but not limited to, any projections of revenues, earnings or other financial items; any statements concerning our plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include: modifications and termination of client contracts; control and operational issues pertaining to business activities that we conduct on our own behalf or pursuant to joint ventures with other parties; difficulties we may incur in implementing our acquisition strategy; the need to retain and recruit key technical and management personnel; and unexpected adjustments and cancellations related to our backlog. Additional factors that could cause actual results to differ materially from our forward-looking statements are set forth in the reports we have filed with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statement.
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