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Chinese labourers work at a construction site in Beijing May 16, 2003. China's economy is slowing as the SARS virus thumps consumer spending, foreign investment and factory output, and things are likely to get worse before they get better, analysts said on Thursday. China's economy grew a year-on-year 8.9 percent in April, slowing from a rise of 9.9 percent in the first quarter, the government said. Reuters/Wilson Chu

The Bradmill denim factory finally has a new owner. The factory situated in Yarraville has been bought by a local developer for more than AU$160 million.

According to Star Weekly, Tommy Jiang, who is the owner of a Chinese language newspaper and radio station in Melbourne, has bought the site from former Carlton football club vice-president Colin De Lutis.

Back in 2002, when the Bradmill business went into receivership, De Lutis bought the 24-hectare wide area site for AU$7 million and gradually bought two neighbouring blocks by paying AU$16 million. In 2007 again, manufacturing stalled due to transfer of the fabric-weaving section overseas.

The site, which has been renamed to “Yarraville Gardens,” is all set to house a “mini-city” worth AU$2 billion. As far as the renaming goes, it has made Maribyrnong Council upset as it’s similar to the name of “Yarraville Gardens parkland.”

In 2011, the area, which was once a complete industrial zone, was restructured for the purpose of residential and mixed use, with the help of an independent planning panel and the Maribyrnong council. Now it reportedly has as many as 1,500 dwellings in a mix of townhouses and high rise apartment blocks. The area has been considered very significant in terms of business as it surrounded by Francis Street, McIvor Reserve and the Newport freight railway line.

Previously, the site was reportedly ready to be sold at AU$120 million, but the deal got cancelled at the last moment. After Jiang got hold of the site through his Fortune Property Group, he told Fairfax Media that he would bring about developments in Melbourne’s west, which would be significant as well as prove beneficial.

Jiang is a local Chinese and has been living in Australia for 27 years. “We’ll need to talk to the government for their idea for the western suburbs planning. We also want to bring in some new ideas, to create more benefit for local people,” he said.

He also plans to build up a nice shopping centre and community activities which would represent the history of the site. In 2014, former Maribyrnong mayor Grant Miles assured that Maribyrnong Council would lobby the state government to boost public transport serving the site.

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