[ONH] 114 Waymouth Street | 78m | 26lvl | U2 Apartments

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monotonehell
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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#421 Post by monotonehell » Sun Dec 24, 2017 1:27 pm

Mr Liang, a known visitor to Adelaide Casino, confirmed “no Datong funds have been used for anything other than Datong business”.
That's a strange little tidbit to insert into there. What are the Advertiser trying to say?
Exit on the right in the direction of travel.

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#422 Post by ghs » Sun Dec 24, 2017 4:04 pm

“I am currently in China working with the Chinese government trying to resolve this issue. The funds from China will thus enable construction on U2 to resume. I hope to be able to provide a positive report in the very near future.”
Rumours Datong faces administration are unfounded, said Mr Liang who claimed he would re-engage Built Environs to resume construction once finance became available.
If Datong are able to get the finance for this then I would think Built Environs would be reluctant to proceed again.

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[ONH] Re: [ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#423 Post by citywatcher » Sun Dec 24, 2017 6:16 pm

monotonehell wrote:
Mr Liang, a known visitor to Adelaide Casino, confirmed “no Datong funds have been used for anything other than Datong business”.
That's a strange little tidbit to insert into there. What are the Advertiser trying to say?
Probably that while his company owes millions he made sure that he got paid well enough to go to the casino

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#424 Post by Smithy85 » Mon Jan 22, 2018 7:29 pm

Pedestrian walkway on Waymouth street has been removed. I would say BE are now 100% removed from the site.

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#425 Post by Ben » Tue Jan 30, 2018 4:53 pm

The company behind the $36 million Aria on Gouger apartments has gone into liquidation
Giuseppe Tauriello, The Advertiser
January 30, 2018 1:54pm

UNCERTAINTY surrounding the future of a major CBD apartment project has escalated with a sister development falling into the hands of liquidators.

Futong Investment & Development, a vehicle established by Datong Australia to oversee the $36 million Aria on Gouger project, has collapsed over unpaid taxes.

The 12-storey project was completed in mid-2015, but liquidator Alan Scott from BRI Ferrier confirmed more than 30 of the building’s 93 apartments were owned by Datong and would now be sold as part of the liquidation process.

Datong had earlier entered into a financial borrowing arrangement with high-interest chargers CEG Direct Securities and La Trobe Financial in relation to the apartments.

Mr Scott declined to comment on debts owed by the company and the likely impact on Datong’s 25-storey U2 on Waymouth development.

Construction of that project was brought to a halt in December after Built Environs walked off the job and then terminated its building contract over unpaid bills understood to amount to $3.5 million.

Datong general manager Ping Huang recently returned to Adelaide following a trip to China, where he sought to restore the flow of funds for the project following a decision by the central government to limit capital leaving the country.

Yesterday, he said he was confident the project would be revived.

“This is a very sad day for Datong as we are very proud to have developed the Aria on Gouger apartments and added such a high-quality development to the city’s south west quadrant,” he said in a statement.

“We remain confident that Datong will bring the U2 on Waymouth project to fruition. We hope to share some good news on this front in the near future.”

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#426 Post by timtam20292 » Tue Jan 30, 2018 6:21 pm

Until I see the crane going back up here, I'll remain doubtful the project will get back on its feet.

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#427 Post by Algernon » Tue Jan 30, 2018 6:40 pm

Ben wrote:
Tue Jan 30, 2018 4:53 pm
Mr Scott declined to comment on debts owed by the company and the likely impact on Datong’s 25-storey U2 on Waymouth development.
Likely impact? Being dead twice?
Ben wrote:
Tue Jan 30, 2018 4:53 pm
“We remain confident that Datong will bring the U2 on Waymouth project to fruition. We hope to share some good news on this front in the near future.”
Yeah nah.

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#428 Post by wilkiebarkid » Sat Mar 03, 2018 8:04 am

The mortgagee CEG Securities has the keys to this site and is in sale negotiations already according to an article in today's Advertiser.

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#429 Post by ghs » Wed Mar 14, 2018 8:25 pm

From today :
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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#430 Post by timtam20292 » Fri Mar 16, 2018 10:53 am

This was posted on the U2 facebook page about 3 hours ago.
You might be looking at this page searching for answers with regards to the project and your deposits. We did not sell this development, this site was setup for marketing very early on and the developer changed agents. However your deposits should be in a solicitors trust account. You will need to go back and check your paper work and also look for your deposit receipts to verify who it is. If you would like to have a chat please feel free to contact myself on 0421323699. So clients may have trouble with English and we have Mandarin speaking agents in the office who maybe able to assist. Other than that you should seek legal advice with a property lawyer.

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#431 Post by rev » Fri Mar 16, 2018 11:20 am

timtam20292 wrote:
Fri Mar 16, 2018 10:53 am
This was posted on the U2 facebook page about 3 hours ago.
You might be looking at this page searching for answers with regards to the project and your deposits. We did not sell this development, this site was setup for marketing very early on and the developer changed agents. However your deposits should be in a solicitors trust account. You will need to go back and check your paper work and also look for your deposit receipts to verify who it is. If you would like to have a chat please feel free to contact myself on 0421323699. So clients may have trouble with English and we have Mandarin speaking agents in the office who maybe able to assist. Other than that you should seek legal advice with a property lawyer.
"should be".
So dodgy Chinese developer has made off with peoples money?

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#432 Post by how good is he » Fri Mar 16, 2018 5:44 pm

The mortgagee I assume is on-selling the property with the current presale apartment contracts in place so potentially they go with the property to the new buyer. I say this as I note the Colliers advertising says "70% pre-sales of 257 apartments" and "With 15% of the construction and 70% of apartment presales completed to date ...... all the hard work has been done." Why would they put this unless included?

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#433 Post by Jaymz » Fri Mar 16, 2018 7:30 pm

rev wrote:
Fri Mar 16, 2018 11:20 am
timtam20292 wrote:
Fri Mar 16, 2018 10:53 am
This was posted on the U2 facebook page about 3 hours ago.
You might be looking at this page searching for answers with regards to the project and your deposits. We did not sell this development, this site was setup for marketing very early on and the developer changed agents. However your deposits should be in a solicitors trust account. You will need to go back and check your paper work and also look for your deposit receipts to verify who it is. If you would like to have a chat please feel free to contact myself on 0421323699. So clients may have trouble with English and we have Mandarin speaking agents in the office who maybe able to assist. Other than that you should seek legal advice with a property lawyer.
"should be".
So dodgy Chinese developer has made off with peoples money?
Unlikely this is the case rev. Having been caught up in the New Mayfield debacle then the money will be safe.

Unfortunately though, I see the level of communication between buyer and developer is still beyond acceptable.

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#434 Post by Ben » Mon Apr 16, 2018 11:58 am

From The Advertiser
Former developer of U2 apartment project in Adelaide’s CBD makes effort to regain control
Giuseppe Tauriello, The Advertiser
21 minutes ago

OFFSHORE, local and interstate groups are circling the site of a stalled apartment project in Adelaide’s CBD as its former developer enters a race against time to regain control of the project.

While several parties are looking closely at the Waymouth St site, the directors of Runtong Investment and Development are in talks with major creditors and builder Built Environs in a bid to avoid liquidation and complete construction of the $60 million project.

After falling into administration last month, Runtong’s directors Jin Liang and Yong Liu have put forward a deed of company arrangement (DOCA) proposal, vowing to repay most creditors by June 30 this year and to enter a payment plan with mortgagee CEG Securities, which is owed almost $30 million.

The proposal requires the approval of major creditors and relies on the proceeds from a sale of land in China – the details of which remain confidential until settlement next month, the directors say.

However, as negotiations around the sale of the Waymouth St site enter their final stages, it appears their last-ditch effort may have come too late.

CEG director Jim Ventrice said he was open to the proposal but believed a sale of the Waymouth St property would result first, effectively ending the directors’ hopes of reclaiming ownership.

“They’re in China continuing the sale of the Chinese property to complete the U2 project but we can’t wait any longer and so we’ve gone to market,” he said.

“I have agreed to accept what the directors have offered, however it’s whoever comes first. Either way the money will come in, either from the directors or another source.

“I believe the site will be sold prior to them achieving what they have proposed.”

Colliers International director Oliver Totani, who is leading the sale campaign, said inquiries had been fielded by local, interstate and offshore developers, with a short-list entering the final stages of negotiations.

“It’s a complicated deal, with many moving parts,” he said. “However, the site’s location, its value proposition and de-risking nature of the development approval and pre-sales is likely to see us enter into an exclusive arrangement very shortly. We’re pretty confident that we’ll get a result.”

Runtong – an offshoot of Datong Australia – called in administrator Worrells after failing to pay creditors including Built Environs, which walked off the U2 site in December.

In his latest report to creditors, Worrells’ Nick Cooper suggested the company may have been trading while insolvent since June 30, 2017.

An investigation into claims from creditors that the company’s directors had misappropriated company funds had not commenced, he said, due to a lack of available records.

Mr Liang has previously denied using Datong funds “for anything other than Datong business”.

Speaking after last week’s second meeting of creditors, which was adjourned for 45 business days, Mr Cooper said he was preparing a report for ASIC regarding the company’s failure to maintain basic books and records.

“What is unusual was there wasn’t any creditors ledger at all, there were certain records but they’re obviously not in English, they’re in Chinese, and there are some financial statements but they’re historical – 30 June 2016 was the last external financial statements prepared,” he said.

“At the moment we’re not supporting it (DOCA) because we haven’t seen the evidence that they (Runtong directors) can meet the preconditions and reach agreements with all these parties, but we don’t know what can happen over the next 45 days.

“If they can convince us they do have agreements with all the parties and can raise the necessary funds to pay unsecured creditors in full then we would likely change our opinion.”

According to Mr Cooper’s report, Built Environs is owed $5.2 million and secured creditor NAB is owed more than $2 million. Unsecured creditors are unlikely to receive any dividend in the event Runtong enters liquidation. Built Environs did not return calls.

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[ONH] Re: 114 Waymouth Street | 78m | 26lvl | U2 Apartments

#435 Post by ghs » Thu May 17, 2018 9:03 pm

The 'for sale' sign has been removed.

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