However, press reports in China indicate Mr Meng returned to his homeland in May of last year where he is set to make a comeback in the restaurant and catering industry.

The distinctive Neerim Road residence with a curved facade was built in the 1990s and originally designed by architect Gerry Rihs when owned by importer and former BRW Rich Lister Howard Chia.

It last traded in 2011 for $6,006,666 when sold to Mr Meng by Andrew Low, who last year was appointed the Australian boss of Asia’s largest investment bank CITIC Securities. There was no marketing for the property before it sold.

Records show it was transferred in June to a company solely owned by businessman Peter Loupos.

The Waitan Restaurant, owned by Australia Xiangeqing Investments, opened in 2013 amid a blaze of publicity after a lavish $10 million make-over that included three bars, a dim sum bar, eight private dining rooms, a members-only space and award-winning chef John Rankin at the helm.

In late 2013, Fairfax Media reported its success among high-end diners had prompted the sale of eight $10,000 memberships giving them access to the VIP rooms, valet parking and the chance to purchase a $50,000 six-litre bottle of cognac.

However, at the time Chinese President Xi Jinping’s austerity drive was already starting to cause headwinds in China’s high-end restaurant industry, and Mr Meng’s China-based Xiangeqing restaurant chain was no exception.

As Reuters reported, Xiangeqing posted a net loss of 68.4 million yuan in the first quarter of the year, making it just one of many restaurant casualties in the crackdown on Chinese government extravagance.

In 2014, the China-based company changed its name to Cloud Live amid reports Mr Meng planned to take it out of the restaurant trade into cloud computing. 

Mr Meng resigned as chairman of Cloud Live the following year after China’s Securities Regulatory Commission launched an investigation for suspected violations of securities law. 

Meanwhile, in Sydney the Waitan Group’s directors had all resigned by early 2017, a year before the liquidators were called in, leaving Mr Meng as the sole director.

Recent media reports in China indicate Mr Meng returned to his homeland in May last year where he has also returned to the food and catering industry.

The Waitan Group’s collapse has left outstanding debts worth $1.3 million, of which $1 million is owed to the tax office and the Office of State Revenue.

Source: Domain.com.au

23^rd July 2018