I am having the same problem, where the spatial reference is defaulting my false easting and northing values. My project data is supposed to include false easting, northing 1968500 , 13123333.3333~ but it defaults to 600000, 4000000 and the software wont let me change it. I am running ArcMap 10.6.1. I tried it at my work where we use ArcMap 10.2 and it worked fine. One thing to note also is that ArcCatalog allowed me to change the spatial reference at my work. However, at home using ArcMap 10.6.1 that it wont allow me to change the spatial reference. and Yes I checked that the folder is not read only. Any suggestions. It is fascinating that ArcMap 10.2 got it right....
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