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Legislative Council - Fifty-Fourth Parliament, Second Session (54-2)
2020-02-18 Daily Xml
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Adelaide Central Market Arcade

The Hon. F. PANGALLO (15:22): I seek leave to make a brief explanation before asking the Minister for Trade and Investment a question about Adelaide Central Market Arcade's proposed new $400 million development.

Leave granted.

The Hon. F. PANGALLO: Late last year, the Adelaide city council unveiled plans for a $400 million redevelopment of the Central Market Arcade, which will feature an impressive 35-storey residential, commercial and retail structure. It has been revealed that Melbourne-based company ICD Property will partner with global investors Nanshan Group Singapore, together with Australian property development firm Sinclair Brook and Adelaide architecture firm Woods Bagot to deliver the project.

Nanshan's parent company was founded by China's 56th richest man, Song Zuowen, and has extensive global interests in mining, airlines, resorts and property. Mr Zuowen senior has a crooked bent. He paid $1.5 million in bribes to a corrupt Chinese official who was arrested in Australia in 2013 in possession of 25 rare diamonds, nine kilograms of gold bars and $19 million in Australian currency. Mr Zuowen senior was replaced as chairman of the group by his son Jeremy, who now lives in Australia. My questions to the minister are:

1. Has the government played any role in the project and/or has it given advice to the Adelaide city council about it, including how the project will be funded, and will the South Australian Financing Authority be involved in providing finance for the project?

2. Has the government sought the due diligence undertaken by the council in terms of selecting its private partners to develop the project?

3. Was the government consulted, and is it satisfied with the companies involved in the $400 million project?

4. Is the government aware of the notorious history associated with this company and its founder?

5. Is the government comfortable with such a financial arrangement with a company with such a chequered past, and will it demand the Adelaide city council conducts a proper integrity review of the project, the company's criminal link and whether or not Mr Zuowen senior has any part in the project?

The Hon. D.W. RIDGWAY (Minister for Trade and Investment) (15:26): I thank the honourable member for his ongoing interest in this great state of South Australia and the extensive number of questions. For all the ones that relate directly to the government, I think my answer is no. It's a city council project. The project is being managed by the city council, so I suggest he get an update from the Adelaide city council.

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