Hi Denis,
Good day!
Don't think that is the issue, we used the same user and created the project on hana studio rev 74. It work flawlessly.
The user were given content admin and modeling rights. Should be fine to create new XS Project.
There another work around to the issue, simply by un-checking the "shared project in SAP Rep.." After the project were created, share it using right click. It work flawlessly.
Regards,
Shaorong Chen