China Billionaire & Chairman of Rizhao Steel Du Shuanghua Terminates $666 Million Acquisition of Singapore Far East Shopping Centre after Failing to Receive Approval to Develop Property under Strategic Development Incentive Scheme with 20% Additional Gross Floor Area Which Requires Joint Submission with Adjacent Property by 31st December 2023
13th April 2024 | Hong Kong
China billionaire & Chairman of Rizhao Steel Holdings Du Shuanghua has been reported to terminate the $666 million (S$908 million) acquisition of Singapore Far East Shopping Centre after failing to receive approval (from Singapore Urban Renewal Authority) to develop the property under the Strategic Development Incentive scheme with 20% additional gross floor area (Requires joint submission with adjacent property by 31st December 2023). In 2023 September, Rizhao Steel Holdings Du Shuanghua had won the tender to buy Singapore Far East Shopping Centre for $666 million (S$908 million) via Bright Ruby Resources investment vehicle Glory Property Development. Du Shuanghua is the Chairman of Rizhao Steel Holding Group, which is one of China largest steel company. Rizhao Steel Holding Group Co., Ltd. (referred to as Rizhao Steel) is a large-scale steel enterprise, integrating sintering, iron making, steel making, rolling, pickling, coating, pipe making, power generation, oxygen production and cement production. The company has started operating in 2003, and until 2018 production has reached an annual output of 15 million tons of steel. More info below:
“ China Billionaire & Chairman of Rizhao Steel Du Shuanghua Terminates $666 Million Acquisition of Singapore Far East Shopping Centre after Failing to Receive Approval to Develop Property under Strategic Development Incentive Scheme with 20% Additional Gross Floor Area Which Requires Joint Submission with Adjacent Property by 31st December 2023 “
China Billionaire & Chairman of Rizhao Steel Du Shuanghua Buys Singapore Far East Shopping Centre for $666 Million via Bright Ruby Resources Investment Vehicle Glory Property Development
30th September 2023 – China billionaire & Chairman of Rizhao Steel Holdings Du Shuanghua has won the tender to buy Singapore Far East Shopping Centre for $666 million (S$908 million) via Bright Ruby Resources investment vehicle Glory Property Development. Du Shuanghua is the Chairman of Rizhao Steel Holding Group, which is one of China largest steel company. Rizhao Steel Holding Group Co., Ltd. (referred to as Rizhao Steel) is a large-scale steel enterprise, integrating sintering, iron making, steel making, rolling, pickling, coating, pipe making, power generation, oxygen production and cement production. The company has started operating in 2003, and until 2018 production has reached an annual output of 15 million tons of steel. More info below:
Rizhao Steel Holding Group
Rizhao Steel Holding Group Co., Ltd. (referred to as Rizhao Steel) is a large-scale steel enterprise, integrating sintering, iron making, steel making, rolling, pickling, coating, pipe making, power generation, oxygen production and cement production. The company has started operating in 2003, and until 2018 production has reached an annual output of 15 million tons of steel. At present, Rizhao Steel workforce consists of more than 16,000 employees, a young, talented and multi-skilled team with an average age of only 32 years, among which more than 91% have obtained a college degree or higher education level. With a per capita steel production exceeding 1,000 tons per year, Rizhao Steel labor productivity has reached the domestic leading level. Rizhao Steel’s main products include flat steel (hot rolled coil, hot rolled sheet, cold rolled coil, slit by length coil & sheet, pickled coil & sheet and galvanized coil & sheet); long products such as section steel, rebar, wire rod; by-products including cement, steel slag powder, grain slag powder etc. Among these, high quality flat steel products account for more than 70% of the total steel output. The highlight of the company’s world-leading equipment and technology is the exclusive introduction of Endless Strip Production (ESP) technology, which is the world’s currently most advanced hot-rolled strip steel production technology, and stands for the third technological revolution of the steel industry, realizing production of the specifications 0.6-6.0mm × 900-1600mm.
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