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Shi Yuzhu about entrepreneurship: conscience and wealth must be proportional to the

    About Giant Group in January 1997 when the crisis of the assets, liabilities, Shi Yuzhu made in the back after the details to the media:

    I start with debt: 100 million of pre-Hong Kong, China 50 million pre, which is 150 million. Then the operator of the debt, crystal trophy there are several, one was the production of raw material suppliers of health care products, one of which is owed others, there is a knot into the second one, is to write material for me, and the pen material to settle, then the line regulation,crystal gifts are generally doing so.

    This accumulated - as some others, including computers, this one has about 100 million. This total debt is 250 million.

    My assets is this: the giant buildings, the audit result is 170 million, of course, everything in it. The land of money,crystal laser we settle for; design fees, more than 10 million dollars; project costs.

    There is an asset, we have 1 million square (square) meters of office, own property, buy this one even with a renovation,crystal products it took more than 50 million. This is a 2  2 亿.

    We have more than 300 million of receivables.

   china crystal General operation, I told the suppliers of raw materials into the two end one, I told the agents is a knot into the second. Under normal circumstances, this exposure should not come out.

    crystal box 300 million of receivables is there a billion into the two end one has a good reputation, not a problem; other two hundred million associated with the management, it is difficult to discuss, not all get back to, but the intensity of the larger , playing court, you can come back a little more.

    Such a calculation, I was not too bad assets from the point of view of the book.

    One that the media giant's bankruptcy, the situation is changed, you owe, that all depends on can not afford, and people have to catch up to the; people who owe you, he thought the giant went bankrupt, not to you, at least he told you drag, and this debt as long as the delay for two years, * (from) the law (say) you can not catch up.

    So this piece of receivables on out.

    But that time has been as a hedge Shi Yuzhu, he said:

    Yeah that difficult time, we even have no money for a lawsuit. Court must first pay a sum of money.

    When the crisis came, Shi Yuzhu only two options:

    First, the bankruptcy, but bankruptcy is not the government agreed, known as the giant was very big, and now may not realize, (then) most famous companies in Zhuhai is a giant, giant bankrupt if that investment in Zhuhai have a great impact on the environment, so we talk with government officials (of bankruptcy), the government does not agree, that things can not talk of bankruptcy. So we did not go the way of bankruptcy, but we can not save, say, dragging it, and only this path, and a drag, something we also did nothing.

    For the "draw a giant bankruptcy," this issue, Shi Yuzhu said:

    About bankruptcy, I would like to stress that even if a giant bankruptcy, but also the people I have the money. There was bankruptcy creditors would like to draw, and later did not mention. Because the Giants got left a giant building, building into the bankruptcy proceedings will auction, the auction is not making much money, because all to cash, and then deducting attorneys' fees, how much money he can not get counted.
 

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