crawf
January 6th, 2011, 03:22 PM
Another development for the southern CBD
Chinese property developer's Adelaide foray to revive south end
http://www.adelaidenow.com.au/property/news/city-living-to-revive-south-end/story-e6frefgc-1225983201380
http://resources0.news.com.au/images/2011/01/06/1225983/205988-building.jpg
An 11-storey office building at 400 King William Street is helping to change the city. Picture: Sarah Reed
A BILLIONAIRE Chinese property developer plans to build a 15-storey apartment building in King William St, in his first foray into the Australian property market.
Billionaire Cheng Hui Xu, who is reputedly China's 18th largest property developer, has submitted a development application with the Adelaide City Council through his company Tangcheng Holdings.
The application is for a student accommodation building with a ground-floor restaurant and cafe to be built on the site south of the Brecknock Hotel at 399 King William St.
Mr Xu bought the site last year for $2 million.
The building would be the highest in the southern end of King William St, situated around a cluster of several new mid-rise buildings, including the 11-storey office buildings at 400 King William St and the nearby Edge building.
The Optus building on the corner of South Tce is 14 storeys high.
Property Council of Australia SA executive director Nathan Paine said the development reflected a two-pronged revival that of King William St south, and the student accommodation sector.
"There's no question in my mind that the southern end of King William St has really been re-enlivened by the tramline extension, and we are seeing quite a lot of activity down there now," Mr Paine said. "And I think as the global economy picks up again, international student numbers will continue to come into South Australia and need somewhere to live."
Mr Xu, who lives in West Lakes, also plans to develop a 300apartment building with a ground floor commercial precinct in Gouger St near China Town.
Other developments by Mr Xu are privately funded through the pre-sale of Chinese apartments, so the development is not expected to face the financial constraints of similar projects. Mr Xu could not be contacted for comment.
Chinese property developer's Adelaide foray to revive south end
http://www.adelaidenow.com.au/property/news/city-living-to-revive-south-end/story-e6frefgc-1225983201380
http://resources0.news.com.au/images/2011/01/06/1225983/205988-building.jpg
An 11-storey office building at 400 King William Street is helping to change the city. Picture: Sarah Reed
A BILLIONAIRE Chinese property developer plans to build a 15-storey apartment building in King William St, in his first foray into the Australian property market.
Billionaire Cheng Hui Xu, who is reputedly China's 18th largest property developer, has submitted a development application with the Adelaide City Council through his company Tangcheng Holdings.
The application is for a student accommodation building with a ground-floor restaurant and cafe to be built on the site south of the Brecknock Hotel at 399 King William St.
Mr Xu bought the site last year for $2 million.
The building would be the highest in the southern end of King William St, situated around a cluster of several new mid-rise buildings, including the 11-storey office buildings at 400 King William St and the nearby Edge building.
The Optus building on the corner of South Tce is 14 storeys high.
Property Council of Australia SA executive director Nathan Paine said the development reflected a two-pronged revival that of King William St south, and the student accommodation sector.
"There's no question in my mind that the southern end of King William St has really been re-enlivened by the tramline extension, and we are seeing quite a lot of activity down there now," Mr Paine said. "And I think as the global economy picks up again, international student numbers will continue to come into South Australia and need somewhere to live."
Mr Xu, who lives in West Lakes, also plans to develop a 300apartment building with a ground floor commercial precinct in Gouger St near China Town.
Other developments by Mr Xu are privately funded through the pre-sale of Chinese apartments, so the development is not expected to face the financial constraints of similar projects. Mr Xu could not be contacted for comment.