Former tycoon Shi Yuzhu, once named by Forbes Magazine as one of the richest men in China, has returned to Zhuhai from Shanghai to meet his creditors, Guangdong media reported yesterday. Mr Shi, 39, who founded the Giant Group in Zhuhai in 1992, has quietly returned to his former powerbase and begun paying off his debts, the New Evening Express said. Although no precise figures are available, it is believed Mr Shi owed hundreds of millions of yuan when his Giant Group collapsed four years ago. The tycoon was left with heavy debts, and construction of the Giant Building had barely started. The building was meant to become a landmark for Zhuhai, but instead the site has become an eyesore. Hundreds of buyers had bought units in the building. The newspaper said that five days ago, Mr Shi began advertising in the Zhuhai Special Zone Daily through a firm called Shian. The advertisement said Shian was prepared to buy back units of the Giant Building. It also said Mr Shi had paid back his creditors in Hong Kong. According to the New Evening Express, Shian is a new company established on December 21. The newspaper said that after the Giant Group went bankrupt in 1997, Mr Shi secretly went to Shanghai with a few colleagues and set up a new health food company called Shanghai Jiante Biotechnology. The report said Jiante's sales topped 190 million yuan (HK$178 million) in 1999.