Chinese Investor Pulls Out Of A 400million Shopping Tower

A Chinese-backed investment firm has pulled the pin on two towers worth $400million after a backlash from a local politician who spoke out against the company's Communist Party links.
Nanshan [/news/singapore/index.html Singapore] was set to have a 10 per cent stake in the transformative [/news/adelaide/index.html Adelaide] Central Market Arcade redevelopment, along with ICD Property and the Adelaide City Council.
But after Adelaide City councillor Phillip Martin slammed the joint venture during council meetings and on radio, the project is now set go on without the Nanshan Group subsidiary.
At the centre of the councillor's criticism was the former chairman of the Shandong-based parent company, Song Zuowen. 
A Chinese-backed investment firm has pulled the pin on two shopping towers worth $400million after a backlash from a local politician who spoke out against the company's Communist Party links. Pictured: A depiction of the Adelaide Central Market Arcade tower
Mr Zuowen is reported to have a net worth of about $2.5billion, phượng hoàng cổ trấn making him one of the richest men in China after founding the conglomerate which holds interests in aluminium, textiles, kynghidongduong.vn finance, tourism, aviation, health, education and real estate, in 1978.
He enjoys a cosy relationship with the Chinese Communist Party and is regarded very highly as a businessman in the authoritarian state, despite being named in a 2016 corruption hearing for allegedly taking bribes.
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Mr Martin was strongly opposed to the South Australian capital doing deals with the state-owned Chinese enterprise, seeing it as a major risk in the wake of deteriorating diplomatic relations.
Nanshan Singapore has not commented publicly on the matter, but on Wednesday developer ICD Property confirmed the group had pulled out of the project.
'Nanshan Singapore's withdrawal comes following negative public statements in various forms which misrepresented their character and brand,' ICD Property managing director Matt Khoo said in a statement.
Song Zuowen enjoys a cosy relationship with the Chinese Communist Party and is regarded very highly as a businessman in the authoritarian state, despite being named in a 2016 corruption hearing for taking bribes
The Adelaide Central Market Arcade includes a 38-storey tower, 11,172 sqm of retail space, an apartment complex, a hotel and a second high rise with offices. Pictured: A depiction of the shopping area
'As a huge disappointment to South Australia, they have decided to withdraw from the project and focus their energy on the eastern seaboard.
'At a time when the local economy, more than ever, needs strong, consistent investment in the state to drive job growth and retention, this is a regrettable result.'
The Adelaide Central Market Arcade includes a 38-storey tower, 11,172sqm of retail space, an apartment complex, a hotel and a second high rise with offices.
Mr Khoo said the project will continue without the support of Nanshan Singapore and that other potential investors are already lining up.
Although Mr Martin is a critic of the the Singapore-based firm, it does have approval from the Foreign Investment Review board and has been involved in a number of high-profile partnerships in Australia.
The company provided $85million for the Pullam Sydney Airport Hotel development and $225million for the Riverside Oaks golf and tourism resort in NSW.
Nanshan Singapore also owned 20 per cent of Virgin Australia Airlines before the coronavirus pandemic and has invested heavily in Australian wool.
Daily Mail Australia has contacted City councillor Phillip Martin and the Nanshan Group for comment.
Mr Khoo said the project will continue without the support of Nanshan Singapore and that other potential investors are already lining up. Pictured: A depiction for the Adelaide Central Market Arcade from the outside




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