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'Giant' rises from the ashes
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THE mysterious company which caused a storm by showing up in Zhuhai last week to buy old pre-sale contracts connected with the famously stillborn Giant Building from buyers and investors has been confirmed to be acting on behalf of Shi Yuzhu, boss of the infamous Giant Group.
The Jiefang Daily in Shanghai said on Saturday that Shi, who became a quick-fix IT millionaire in the early 90s but then pushed his business empire to the brink of bankruptcy by over expanding the firm, has admitted he intended to repay his debts to buyers of the building, which will tower 72 floors high if completed, and indicated he was hoping to make a comeback.
The building, planned to be the highest in China at that time, drew hundreds of investors and buyers who paid more than 100 million yuan (US$12 million) as deposits or investment.
The newspaper quoted Shi's staff as saying he had repaid 100 million yuan owed to the buyers in Hong Kong two weeks ago.
Shi said his new company in Shanghai, set up by Shi and some of his old staff after Giant collapsed in 1997, has been successful, with last year's sales reaching 230 million yuan.
He said the company paid 150 million yuan in taxes last year.
(SD News)
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