Date post: | 15-Feb-2016 |
Category: |
Documents |
Upload: | the-british-chamber-of-commerce |
View: | 227 times |
Download: | 1 times |
In a city renowned for business and
fi nance, the subject of arts and culture has
long been a point of contention in Hong
Kong, almost as if a rich involvement in art
and culture might somehow get in the way
of the business machine which helps drive
the Asian economy.
Still, there is no question that Hong Kong’s
art and culture scene has been on the
rise again in the last few years. Institutions
around town, such as the Arts Centre
and the Academy of Performing Arts have
continued to champion arts and culture,
both th rough educat ion as we l l as in
performances and exhibitions. From plays
and musicals, to operas and symphonies,
both local and international art ists and
performers are re-emerging. Meanwhile, art
galleries have popped up in every corner of
Hong Kong, while our local art fair ART HK
at the HKCEC has grown to become one of
the most lauded amongst art aficionados,
with this year’s event showcasing works of
260 galleries from 38 countries, and more
than 1000 artists, drawing in a record crowd
of over 63,000 art collectors and enthusiasts
from around the world.
However, while there may be strong support
for arts and culture on the surface, there
is sti l l a certain skepticism towards the
arts and culture community from one very
crucial element – the artists themselves.
The city’s lifeblood of local talent commonly
complains of a disconnect between the
government and the arts industry in their
approach towards reigniting the art-scene
in Hong Kong.
Though the number of homegrown artists
may have been bolstered in recent years,
art ists have found that their expanding
community is being hindered by regulations
and lack of capacity. This has mainly been
attributed to the lack of sufficient options
for space and venues in which the city’s
art, cultural and creative industries can
further expand. With expensive land costs
and rising rents to contend with, artists
are finding it hard to maintain a space to
work, and therefore these industries often
lack a solid foundation for growth at the
grassroots level.
Partly as a means to try to help artists,
the government enacted new industrial
bu i l d i ng po l i c i es , i n t roduced du r i ng
i t s 2 0 0 9 p o l i c y a d d r e s s , o u t l i n i n g
tax incent i ves fo r bu i ld ing owners to
convert industr ia l propert ies for h igh-
end commercial use. As it happened, the
policy drove up rent in industrial buildings,
effectively compromising the operations
of local art ists and musicians who had
enjoyed the relatively low rent in various
industrial spaces throughout the outskirts
of the city. As a result, the measure has
actually been counter-productive for Hong
Kong’s art and culture industries, and has
presented the creative community with
new obstacles.
With a view to turning Hong Kong into
a metropolis of international culture and
changing people’s perception of Hong Kong
as a finance-focused city, the ambitious
des ign for the West Kowloon Cul tura l
District (WKCD) is the jewel in the crown
of the Hong Kong government’s strategic
promotion of art and culture. The plan is to
build an integrated art and culture district
with world-class facilities, which will feature
distinguished talent, iconic architecture
and will embrace new technologies, new
applications of IT, and numerous sustainable
features. The West Kowloon Cultural District
Authority (WKCDA) was given 40 hectares of
land, where they will build 15 core arts and
cultural facilities, including a contemporary
art museum, a mega-performance venue,
concert ha l ls and theatres, as wel l as
facilities which will provide a framework to
groom and educate local artists and provide
the best possible environment for them to
learn and grow.
Recent ly speaking to Br i t ish Chamber
members a t the Hong Kong C lub, Dr
Man Wai Chan, Execut ive D i rector o f
Project Delivery at the WKCDA provided
members with an update on the project’s
progress. Despite the lengthy planning
processes that have been put into the
WKCD so far, the project is still very much
in the ear l y s tages , w i th the WKCDA
having decided to move forward using the
concept design from renowned architect
Norman Foster. The Foster team is now
Capturing Culture:
By Ian Cruz
PAGE 4ManagingInfl ation
PAGE 12Annual Ball
PAGE 8UK Property
PAGE 18Lifestyle
In This Issue
(Continued on page 2)
July/August 2011 • Vol 26 • No 7
www.britcham.com
Plus• News / New Appointments• New Members• Shaken Not Stirred
modifying the concept plan following the second round of public engagement which
took place in August last year. Currently, the WKCDA are still in the process of finalising
its Procurement Strategy for the venues and infrastructures – a crucial step due to
the complicated nature of the project. Meanwhile, the Concept Planner (Foster +
Partners) and Project Consultant, Mott MacDonald are assisting with the Development
Plan process. However, the WKCDA has yet to finalise the appointment of Design
Consultants for the buildings.
Given the grand scale of this infrastructure project, the WKCD will eventually take up
a considerable portion of the West Kowloon District. As the district’s focal point, the
consultations with the general public have not just given the WKCDA a clear indication
of what they want to see in terms of art and culture, but also the kind of environment
they want the WKCD to provide. It was evident that the public did not just want an
arts-and-culture hub, but also a place for the general public to enjoy and spend time
in. Apart from the retail, dining and entertainment facilities within the district, the
WKCDA will also be setting aside a minimum of 23 hectares of open space out of the
40 hectares of land being used, much of which will feature green spaces that take
advantage of the surrounding waterfront view. With a strong emphasis on international
cultural exchange, transport access to the district will be convenient from other areas
of Hong Kong, and the new Express Rail Link will provide an easy and direct route to
China as well.
Moving forward, the chosen WKCD Project Consultant will be completing and fi nalising
the development plan by the end of the year, followed by the third and final public
engagement exercise, and fi nally a submission to the Town Planning Board. The process
of town planning is especially crucial as it can be considerably lengthy, and major
construction work cannot begin before the approval of the land grant. At the same time,
the Project Consultant will also be helping the WKCDA on their functional brief and
schedule of accommodation for the core art and cultural buildings, which will be essential
for the venues’ design and
building process. It has also
been decided that at least
three of the WKCD’s iconic
buildings will be subject to
an international architecture
c o m p e t i t i o n w h i c h w i l l
ensure that the d is t r ic t ’s
architecture will be of world-
class standard.
The construction process is
currently predicted to start
in 2013 and will be opened
in phases to ensure that all
venues will be fully functional
and utilised during the initial
opening in 2015. Although
the first phase of the WKCD
is years away, and the construction has yet to begin, the WKCDA will soon begin
to build the framework of promoting art and culture by holding interim programmes
of outdoor activities and events, such as staging the Hong Kong International Jazz
Festival, Cantonese operas, and exhibitions, all of which will give people a taste of
what the future WKCD will have to offer. In the next 20 years, the WKCD hopes to set
the tone, and be the focal point for arts, culture and the creative industries in Asia.
How the people of Hong Kong, and the international arts and culture community
at large will respond to the end result remains to be seen. But no doubt artists and
the public alike will have their eyes firmly on West Kowloon when the WKCD opens
in 2015.
COVER STORY
(Continued from cover)
MANAGING INFLATION . . . . . . . . . . . . . . . . . . . . . . . . 4CHINA AUTOMOTIVE INDUSTRY . . . . . . . . . . . . . . . . 5UK TAXES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6BUSINESS ANGEL PROGRAMME. . . . . . . . . . . . . . . . 7PROPERTY INVESTMENT . . . . . . . . . . . . . . . . . . . . . . 8ENVIRONMENTAL CHALLENGES . . . . . . . . . . . . . . . 10ANNUAL BALL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
INTERNATIONAL SCHOOLING . . . . . . . . . . . . . . . . . 15TADA! . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17THE WESTMINSTER TERRACE . . . . . . . . . . . . . . . . . 18VIEWPOINT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20NEWS AND NEW APPOINTMENTS . . . . . . . . . . . . . . 21NEW MEMBERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22SHAKEN NOT STIRRED . . . . . . . . . . . . . . . . . . . . . . . 23
Kevin Taylor
With the summer upon us, I am sure most of us are away on holidays, enjoying a well earned break and more importantly, spending
quality time with the family.
For those who attended the annual Britcham ball, I can sum it up with the UK (1975) hit single - Oh, What a Night! Themed as ‘We Will
Rock You’, we were all transported back to the Rock ‘n Roll era as we toasted to the good times for businesses in Hong Kong and
a successful year ahead. The ball was yet again the best evening in town. I would like to use this opportunity to thank our sponsors,
members and supporters for their continued support, and to express a special word of appreciation to the team at Britcham who put
together such fantastic events and who are truly the ‘engine’ of the British Chamber in Hong Kong.
The Greek debt crisis has spread wider and as I write this article, Italy is coming under tremendous pressure with the cost of borrowing
starting to raise major concerns in Europe. The economic challenges Europe faces should not be underestimated, and with US debt
continuing to grow without a strong, agreed-upon fi scal plan, the global economy continues to be under pressure. Such developments
place the spotlight of expectation fi rmly upon Asia to continue providing strong economic momentum. As investment continues to
fl ow into Asia and into Hong Kong from China, sustaining high growth, it also raises concerns about asset price infl ation, especially in
residential property markets, where values in some markets including Hong Kong have soared since the beginning of 2009. While the
Asia story remains strong, we have to remain cautious about infl ationary pressures.
As you know, one of the challenges that we have long highlighted is the almost impossible task of getting children into quality
primary schools in Hong Kong. I am delighted that this has now become a fi rm fi xture on the political agenda. With cross-chamber
collaboration between the Italian, American, Canadian Chambers, our own Chamber, and the international business community,
the government has now accepted we have a problem impacting business and investment on Hong Kong Island. However, the
government feels that we do not have a primary school issue in Kowloon and the New Territories regarding high-quality English-
based education. This is not correct, and we will continue to supply our collected facts and fi gures on the subject independently. The
most concerning issue is that in some cases, local state schools are struggling to fi ll their places whilst international schools at the
primary level are completely full. It is surely not beyond reasonable expectation for the government, with the support of the business
community, to allow more school accommodation to be made available to the international schools in order to satisfy demand,
or to involve the local schools in creating a quality, shared, international-based education system with an international curriculum
environment. We will not let this subject drop, and we are making progress.
The brand new Baker Tilly Hong Kong Business Angels website has now been launched; this wonderfully successful programme has
grown fantastically over the past four years, giving more entrepreneurs the opportunity to pitch their business plans to angel investors
and move their business to the next stage. Please do help spread the good word about this dedicated website and encourage both
startup companies and investors to register at angel.britcham.com.
In chamber news and events, Britcham and the Irish Chamber of Commerce of Hong Kong are together celebrating the recent historic
visit of Queen Elizabeth II to Ireland. This is in memory of Ireland and Britain’s war dead and in honour of the Queen’s visit marking the
culmination of the peace process and a new era in the relationship between our two countries. This can only be positive.
Finally, do have a great holiday, enjoy your break and we’ll see you soon.
Happy Holidays!
CHAIRMAN’SMESSAGE
EditorsIan CruzSam Powney
DesignBill MoAlan WongKen Ng
Advertising ContactCharles Zimmerman
Project ManagementVincent Foe
Jointly Published by Speedfl ex Medianet Ltd andThe British Chamber ofCommerce in Hong Kong1/F, Hua Qin International Building340 Queen’s Road Central, Hong KongTel: 2542 2780Fax: 2542 3733Email: info@speedfl ex.com.hkEditorial: Ian@speedfl ex.com.hk sam.powney@speedfl ex.com.hkAdvertising: charles@speedfl ex.com.hk
British Chamber of Commerce Secretariat
Executive DirectorCJA Hammerbeck CB, CBE
General ManagerCynthia Wang
Marketing andCommunications ManagerEmily Ferrary
Special Events ManagerBecky Roberts
Events AssistantMandy Cheng
Business Development ManagerDovenia Chow
Membership ExecutiveLucy Jenkins
AccountantMichelle Cheung
Executive AssistantJessie Yip
SecretaryYammie Yuen
Offi ce AssistantSam Chan
Room 1201, Emperor Group Centre, 288 Hennessy Road, WanchaiTel: 2824 2211Fax: 2824 1333Website: www.britcham.com
© All published material is copyright protected. Permission in writing from the Publishers must be obtained for the reproduction of the contents, whole or in part. The opinions expressed in this publication are not necessarily the opinions of the Publishers. The Publishers assume no responsibility for investment or legal advice contained herein.
The Magazine of the BritishChamber of Commerce in Hong Kong
Sky-rocketing oil prices are fueling inflation and reducing people’s
disposable income. This is exacerbated in Hong Kong by rising costs of food imports and
housing. The combined effect lifted Hong Kong’s Consumer Price Index to 4.6% in April
2011 over a year earlier, which is on average 3.1% higher than the preceding 12-month
period*. If you do nothing, infl ation will undermine your spending power and leave you with
less money to spend.
So how can you guard your assets and prevent inflation from jeopardising your
long-term goals?
Review your budgetAn effective way to deal with inflation is to plan for it in your budget. While your
income is most likely fi xed, your expenses will vary and are more likely to increase than
decrease.
Review your budgets to ensure your savings plans and long-term goals are still on track.
Make a monthly direct debit for your tax payment to a tax reserve account, and a second
monthly debit for your savings to your investment plan. What you don’t see you don’t
miss; instead you are forced to review what is left in your wallet and to cut back on
discretionary spending without putting your long-term goals in danger.
Invest into Growth assets for long termInflation makes it difficult to see what is happening to your family balance sheet. If
you have money invested in the bank at, say, 2 per cent per annum and infl ation is
running at 5 per cent per annum, your
real wealth is actually reversing at 3 per
cent per annum. In real terms $100 can
quickly become $97. This means your
investments are losing spending power,
and that will ultimately mean you need to
save more, work longer, or expect a less
comfortable retirement lifestyle.
Long term wealth is built through exposure
to assets with real earnings power and
strong growth potential. Equities are the
best placed asset class to fil l this role.
The key is to invest in companies which
can continue to grow earnings and those
less exposed to economic cycles. An
investment climate characterised by rising
infl ation presents a challenging environment
for investors, but it also presents new
oppor tun i t i es . Not a l l count r ies a re
experiencing the same levels of infl ationary
pressures. US interest rates are very low,
whi le Europe, Japan and developing
markets are all at different stages in the
economic cycle. Diversifi cation across asset classes, as well as within each asset class
across different regions, is an important and effective infl ation defense.
Means to an endSo review your budgets, set up your savings plans and invest in robust, well-diversifi ed
portfolios that focus on long-term performance. This is the best infl ation defense and the
best attack. Regular portfolio reviews and strategy adjustments are also critical to ensure
your investment plan refl ects changes in the market, as well as that in your life.
We know it’s tough to keep a balanced view of things around money in turbulent times
and a fi nancial guide with a compatible philosophy can help to keep you grounded,
even when the markets are not.
Ultimately, combating infl ation is just part of your journey to protect and grow your wealth
in order to achieve what you aim at in life. Remember smart money management and
investing are a means to an end – and they mean little without linking them directly to how
you want to lead your life.
*Source: Consumer Price Indices for April 2011 (23 May 2011), The Census and Statistics
Department, HKSAR
If you would like to discuss this article, or would like to learn more about ipac, please email
[email protected] or visit www.ipac.com.hk
The above information is of general advice only, which has not taken into account
the investment objectives, financial situation or particular needs of any person.
Before making an investment decision, you should speak to a fi nancial planner
to consider whether this information is appropriate to your needs, objectives
and circumstances.
By Jason Powell, Sales Manager, ipac fi nancial planning Hong Kong limited
Guarding against infl ation
www.br i tcham.com4
BUSINESS
Shop 7, G/F, Paramount Bldg.,12 Ka Yip Street, Chai Wan, Hong Kong.
2009 was an important year for the China automotive industry. This was the year
that China exceeded the United States and Japan in becoming the top car manufacturer
by production volume. 2010 saw China produce just under 14 million units, a 33% increase
from 2009 and therefore consolidating its position as the world’s largest automotive
manufacturer. Into 2011, China’s position in the automotive market remains strong and this
is unlikely to change for the foreseeable future.
As well as being the largest manufacturer, China is recognised as the largest automotive
market in the world, given the size of the population where only one in fi ve owns a car.
The forecast is that by 2015, the demand for cars in China will reach 25 – 30 million units.
Foreign car manufacturers are therefore naturally drawn to such an exciting market where
the number of potential consumers is staggering.
Foreign brands currently hold approximately 85% of the Chinese market and in the recently
announced 12th Five-Year Plan of the People’s Republic of China (12.5 plan), one of the
key goals is to see market share for domestic brands reach 50% by 2015 and for exports
to reach 10%. The 12.5 plan also emphasises the need for Mergers and Acquisitions (M&A)
to consolidate the industry and, in fact, many people believe that M&A activity is the key to
achieving the main goals of the 12.5 plan.
To date, we have seen numerous partnerships develop, where large Chinese car
manufacturers are cooperating with foreign brands. These partnerships allow foreign brands
to gain access to the Chinese market due to the 50% ownership of a domestic entity
restriction, whilst the domestic manufacturer can learn what makes a foreign automobile so
desirable to the Chinese and Western consumer.
The direction for the next five years is to
move the Chinese automotive industry up
the value chain and for China to become
leaders in the green energy vehicle sector.
The 12.5 p lan inc ludes object ives and
funding for the sector to develop a new
energy car where one million units could be
produced by 2015. With over urbanisation
and ci t ies l ike Shanghai restr ict ing the
number of non-electric car registrations,
going green is high on the agenda and is
perhaps the golden prize of the automotive
industry.
We saw a number of new hybrid and energy
vehicles being revealed at the recent Shanghai
Motor Show, where the intention is for some
of these models to go into production. The
ultimate desire, however, is to develop a
workable pure fossil fuel-free automobile
wh ich w i l l requ i re s i gn i f i can t ba t t e r y
development time. Indeed, the government
expects to see three to fi ve major enterprises
Automobiles‘Made in China’ or ‘Made by China’
leading the way and also hopes to see the
cost of producing batteries reduced by half
by 2015.
With this drive to move up the value chain
and with M&A activity being encouraged,
we have already seen the big local car
manufacturers acquire famous European
brands and par ts manufac tu res . By
acquiring overseas brands and know-how, it
allows the benefi ts of learning how the ever
popular western market automobiles are
made without having to surrender domestic
market share.
Indeed, after acquiring a foreign manufacturer, besides obtaining the brand, you will
have access to their technology, R&D, management know-how, distribution channel and
supply chain which can take many years of development to acquire. The affi liation with
a high end brand would also send a strong message to the market place regarding your
own brand. The acquisition of Jaguar Land Rover by Tata of India, for example, saw
people’s perception of Tata change. Another example would be Skoda cars, where the
brand was considered to be at the low end of the market in the 90s, but since joining
the VW group, a Skoda Octavia is well-known to be a variation of an Audi A3 or a
Volkswagen Golf.
Besides foreign M&A activity, the Chinese government is keen to consolidate the domestic
market and reduce the number of manufacturers. There are currently more than 50, but
15 is seen as a more appropriate number. Manufacturers in China may therefore look at
sharing knowledge and merging. By working together, the domestic players will have an
increasingly signifi cant role in the global market.
Although the 12.5 plan is keen for M&A activity, it is also cautious of merging for the sake of
merging. It is important that the merger is of commercial sense and is well executed in order
to be successful.
Most people will know what the famous foreign brands are, but the challenge is: how
do you know who is for sale and whether your target company can fit in with your
portfolio? How will you structure post-acquisition in order to retain talent and know-
how? Tax planning? How will you merge culture and experience? It is important to
engage with local automotive M&A specialists who know the lay of the land and can
assist you in your expansion.
M&A indeed may not be the only solution. Manufacturers could consider forming local
partnerships to share intellectual property (IP) and know-how. In the past, we have seen
alliances such as Nissan with Renault and Rover with Honda, where knowledge has been
shared. Chinese companies may also form such alliances in future with mutual respect and
common objectives. With Chinese technology consistently improving and with the drive to
develop a new breed of automobiles, we may indeed see a shift of the domestic and global
automotive market place within this decade.
By Daniel Lin, Managing Partner, Grant Thornton Jingdu Tianhua
5July/August 2011 • Vol 26 • No 7
BUSINESS
“…the residence rules are vague, complicated and perceived to be subjective. In certain circumstances it is not possible for a person to be sure whether they are tax resident in the UK or to know what activities or circumstances would make them tax resident. ….”
With these words the UK Treasury launched, on 17 June 2011, its consultation on
a new statutory test of what constitutes tax residency in the UK. The new test is designed
to provide certainty for taxpayers in assessing their residency treatment. While this certainty
will be welcomed given the unsatisfactorily vague nature of the current UK tests of tax
residency, it does come at a price and some of the permissiveness of the current regime will
be lost. The new rules are intended to be introduced with effect from 6 April 2012.
For the purposes of the new test a distinction is to be made between three classes of taxpayer:
1. ‘Arrivers’ – individuals who have not been resident in all of the previous three tax years;
2. ‘Leavers’ – individuals who have been resident in one or more of the previous three tax
years; and
3. ‘Full time workers abroad’ – individuals who leave the UK to work abroad. Full time
workers are classifi ed as those who work aboard for at least a tax year, who do a 35
hour working week and spend less than 20 days working in the UK.
Each class will have its own set of rules and ‘safe-harbours’ – clear guidelines that confi rm
when individuals will not be regarded as UK resident. This contrasts with the current
position where it is not possible to say defi nitively that even an individual who does not step
foot in the UK during a tax year is not UK resident. While these rules are clear (for the most
part) they cannot always be described as generous.
The rules are still based on a day count and will take the existing “presence at midnight” test as
to whether an individual was present in the UK on a particular day. For each class of individual
there is then a safe harbour day count, within which an individual will not be treated as resident.
Arrivers Fewer than 45 days in the UK
Leavers Fewer than 10 days in the UK
Full time workers abroad Fewer than 90 days in the UK (up to 20 working days)
For those seeking to establish residency in the UK there are two factors that will show UK
residency conclusively:
1. being resident in the UK for 183 days or more in one tax year; and
2. having your only home (or homes) in the UK.
Between these safe harbours, there is a sliding day count scale for ‘Arrivers’ and ‘Leavers’
that sets out when individuals falling within those categories will be treated as resident. In
contrast to the current position, where all the facts of an individual’s life are relevant (from
homes to shotgun certifi cates and parking permits), only fi ve defi ned factors are relevant:
1. Whether your family is UK resident
2. Whether you have ‘substantial’ employment in the UK
3. Whether you have ‘accessible’ accommodation in the UK
4. Whether you have been resident for more than 90 days in the previous two years
5. Whether you spend more days in a single other country than you do in the UK
A statutory defi nition of UK tax residency
Using these factors, a sliding scale is then set out for each of the ‘Arrivers’ and ‘Leavers’
dictating when they will be resident, based on their day counts and the number of factors
that they meet. By using these tests, individuals will be able to determine when they will be
resident. The government’s hope is that this “will allow individuals to assess their residence
status simply and without the need to resort to specialist advice.” While the consultation is
refreshingly light in terms of anticipating abuses, there is a proposal to extend the temporary
non-resident rules. These currently tax capital gains and offshore income gains made by
an individual who is non-resident for less than fi ve tax years on their return (where such an
individual was resident in the UK in four out of the seven years before leaving). It is proposed
that they should be extended to some types of investment income; dividends from close
companies are mentioned, while bank interest and dividends from listed companies are
excluded. It would seem likely that profi ts from insurance policies may also be caught by
this rule when enacted.
This article is provided for information only and cannot be relied on as tax advice.
By Katie Graves, Partner, and Philip Munro, Associate, Withers Hong Kong
www.br i tcham.com6
BUSINESS
A large gathering crowded the Kee Club on June 15th for the launch of a new
website for the Baker Tilly Hong Kong Business Angel Programme. With food and
drinks generously provided by Baker Tilly Hong Kong, the evening was indicative
of the great interest the programme has generated in a city often criticised for its
lack of new investment opportunities. Launched in 2007, the Baker Tilly Hong
Kong Business Angel Programme committee has reviewed hundreds of enterprises
looking for initial or growth investment, and has put many in touch with investors
from the British Chamber of Commerce. This is the first such programme to be
launched by a chamber of commerce in Hong Kong.
In reaction to its tremendous appeal, Baker Tilly Hong Kong and the British Chamber
of Commerce have been working to improve the programme by building a new
website with the capabilities needed to handle the growing number of applicants
and Angel investors. In mid June, this came to fruition with angel.britcham.com, a
new website setting out the programme’s aims and mechanisms and providing an
attractive, easy-to-use online registry for investors and enterprises seeking investment.
“This takes, in my view, an already excellent programme to the next level,” said
Andrew Ross, Managing Director of Baker Tilly Hong Kong.
The new website provides separate pages for business Angels to see the benefi ts and
to register, and for entrepreneurs to fi ll in their details and upload their business plan.
Angels can see a full list of vetted businesses looking for investment for only HK$5,000
per annum. If entrepreneurs receive approval of their business plans by the committee,
they can simply wait for interested investors to get in touch. Of course, they may also
be invited to present their plan in front of assembled Angels at the regular and much-
anticipated Baker Tilly Hong Kong Business Angel Programme breakfast events, the
next of which will be taking place at the end of September. This remains the greatest
opportunity for entrepreneurs to share their ideas face to face with interested investors.
For more information about the Baker Tilly Hong Kong Business Angel Programme
and the next event, which is taking place at the end of September, please visit the
website angel.britcham.com or contact: [email protected].
Angels Go OnlineNew Website for theBaker Tilly Hong Kong Business Angel Programme15 June, 2011Kee Club
7July/August 2011 • Vol 26 • No 7
BUSINESS
Baker Tilly Hong KongBusiness Angel Programme
Take your businessto
new heights
If you have a great idea, or have started a new business and are looking to grow, the Chamber would like to help.
The Baker Tilly Hong Kong Business Angel Programme is run by the British Chamber of Commerce to bring entrepreneurs and investors together to create exciting new partnerships. This programme gives entrepreneurs with new business ventures, or SMEs looking for funding to expand, the opportunity to present their business plan to potential investors (known as Angels).
Shortlisted applicants will be given advice and assistance by a sub-committee of experienced professionals. Applicants, who do not need to be members of the British Chamber of Commerce, should be seeking to raise between USD100,000 to USD2,000,000. The deadline for applications for the next event is Friday 2nd September 2011.
If you’re an entrepreneur or SME looking for investment, and would like to fi nd out more about this programme, please visit our website angel.britcham.com or email [email protected]
Calling all Start Ups
With more overseas banks such as The Bank of
China coming into the market, there is a massive opportunity
in the UK for overseas investors and expats. One area of
the UK that has huge potential is Cornwall. Here, locals find
it difficult to buy property in their area as wages are much
lower in this part of the UK, but overseas investors have
realised the huge potential in the area and are making the
most of the opportunities.
So why the UK?With over 500,000 inhabitants moving to the UK every year,
housing is very much in demand. After all we are only a relatively
small island and we’re running out of space. Ignore the negative
press; if you invest and sit tight on your portfolio, it will always do
well. Ian Clark, MD of Midas Estates comments:
“Think back to the fi rst house you bought and what it would be
worth now. Mine was £19k and is now worth £250k. There is no
way that I could have made that kind of money from any other
kind of investment. Never panic and don’t sell prematurely, that’s
how the rich get richer and the poor get poorer.”
• The UK has fantastic opportunities within the student
market and student rentals are very much in demand - year
upon year this market expands allowing student landlords
the chance to profit. Key areas in the UK for this type of
investment are Bristol, Swindon, Reading and Cardiff.
• London wil l never stop growing, even in a recession
properties here are sound investments.
• Coastal locations remain popular and landlords can expect
to achieve £1,000-£3,000 a week nearly all year round.
Top Tips onTop Tips onUK Property InvestmentUK Property Investmentfor Overseas Investorsfor Overseas Investors
Top Tips on Property Investment1. Be duly diligent and carry out as much research as
possible.
2. Location, location, location.
3. Remember that this is an investment. You’re not
looking for a home that you would like to live in
yourself.
4. Always go for growth if possible so you can refi nance
and buy again to keep building your portfolio.
5. Don’t buy anything smaller than 450 square feet.
6. Get to know the area you’re looking to buy in - visit
the shops, pubs and restaurants and speak to the
locals. Ask them if it’s safe at night and enquire
about the schools etc. Local people will tell you
everything and these are the people who will rent
your investment property.
7. Look for easy access to motorways, train stations
and public transport links.
8. Always have a buffer or slush fund and increase it as
you build your portfolio. This will cover, for example,
lack of rent, repairs or an increase in mortgage rates
and will let you ride out any storm.
9. Research rental properties within the area and take
£100 off to make sure you get it spot on.
10. You should not buy your fi rst buy-to-let investment if
you are not prepared to give it 5 to 10 years.
By Ian Clark, MD of Midas Estates
For more information, please visit www.hk.midasestates.com
www.br i tcham.com8
BUSINESS
On Thursday 16 June, if any of your colleagues said they were off to Hong Kong
Disneyland (HKDL) for a business trip, you might have been wrong to doubt them! Thanks
to the Chamber’s Environment Committee, 22 participants enjoyed an afternoon in the
Magic Kingdom, learning about the environmental measures and plans that Mickey and the
cast members (ie. their staff) live by.
Starting in the Sleeping Beauty conference room of the Hong Kong Disneyland Hotel, Tina
Chow, Manager for Environmental Affairs and her team gave a very thought-provoking
overview of the business and the environmental challenges it faces. There are so many
aspects to operations – the hotel, theme park, F&B outlets, shops, vehicles etc – but
also sourcing, waste management, indoors, outdoors and more. You could virtually hear
the visitors (or guests in HKDL speak) contemplating the different ways the resort can
achieve its ‘3 R principle’ (reduce, reuse, recycle) and meet its goals to reduce electricity
consumption, cut green house gas emissions and send less waste to landfi ll.
On to Inspiration LakeOur tour took us through one kitchen, housing a rainbow of recycle bins – and that was just
one of eleven central collection depots for waste. With simple instructions on what was to
be disposed of where, cast members were busy matching ‘rubbish’ to bin – it was very clear
and simple waste separation, yet on an industrial scale. The less typical recyclable items
were particularly fascinating: empty glass bottles from wine etc are taken to Tuen Mun where
they are converted into bricks, and food waste and green waste are channeled off site into a
machine where they are converted into compost – which is then used throughout the grounds.
By Fiona Donnelly
EnvironmentalityTM
Around the corner we had a briefing on the lawn
where we learned about some of the key aspects
of the irrigation system, the landscaped areas of the
premises accounting for the lion’s share of the water
consumed. No doubt, starting from a greenfi eld site,
HKDL has had more chances than most to set things
up right – and in this infrastructural aspect they have
seized the chance.
Inspiration Lake is man-made and fi lls from channels
in the surrounding hilly catchment area. HKDL meets
70% of its water needs through this rainfall capture.
Furthermore, there are ‘smart’ sprinklers that keep
the lawns croquet-ready. The electronic wizardry that
controls the water fed to these areas record the rainfall,
and switch on automatically only to the extent that the
lawn has received a deficit in water supply naturally.
No automatic timers, just water switched on when it is
genuinely needed.
www.br i tcham.com10
ENVIRONMENT
Jiminy Cricket, the rooms are fabulous too!We proceeded to a guest bedroom where we learned about more gadgetry. HKDL
has adopted Energy Management Systems. In each hotel room this sensor activated
system switches off lights – energy efficient compact fluorescent and LED light bulbs
where possible – and air-conditioning when the room is empty. It can also calculate
sunrise and sunset times every day and adjust the on and off times of l ighting
automatically. HKDL has enjoyed electricity consumption reductions through this
system alone.
The character we saw the most during our visit was
Jiminy Cricket, the emblem chosen by Disney as the
internal logo for their ‘environmental mental ity’, or
EnvironmentalityTM as they call it. The Jiminy character,
as the conscience of Pinocchio in the movie of the
same name, is an apt reminder to all cast members that
every little bit makes a big difference, another mantra of
the company.
Calling all cast members!In learning about HKDL’s steps to incorporate reusable
cutlery and glasses in all of the park’s dining outlets, to
roll out more solar lights, use more green vehicles and
solar club cars and much more, what was very clear was
the process of getting ALL cast members involved.
At local site level, various steering committees combining cast members from different
business sectors throughout the organisation meet regularly, track progress against
goals, monitor technologies and keep developing EnvironmentalityTM. Mixing up the
teams and involving everyone resulted in one particularly simple yet ingenuous solution
to a problem. Hotel Engineering Services have to change the batteries in safes before
they run out, so guests don’t get their goods stuck in the safe, but rather than waste
these not wholly used batteries, they are now passed to the Merchandise team, who use
them for the toys that are used for demos. Mixing up teams, another waste to energy
idea is discovered.
HKDL are very conscious of their plans to grow but do so living by their EnvironmentalityTM
ethos. They are founding members of Hong Kong Green Purchasing Charter, Gold
Award winners in the hotels, Restaurant and Catering Companies at the inaugural 2008
and 2011 Hong Kong Awards for Environmental Excellence, but these are very much
rosettes for what they want to do. Programmes like Earth Days, Tree Care and Nature
Walks are part of their attempt to inspire children, parents, employees and communities
to make a lasting, positive change to the world and their total commitment to living with
EnvironmentalityTM.
As the great man Walt Disney said himself in 1950, “conservation isn’t just the business of
a few people. It's a matter that concerns all of us.” It’s good to remember Jiminy’s anthem:
Always let your conscience be your guide.
For more information on HKDL’s environmental work, visit: www.hongkongdisneyland.com/
environment
11July/August 2011 • Vol 26 • No 7
Thank you to everyone who joined us and rocked out at
the Grand Hyatt on Friday 24th June for the Standard Chartered
Bank and The British Chamber of Commerce Annual Ball.
Inspired by the theme, guests donned their best rock star outfi ts and
enjoyed a riot of rocking entertainment in a ballroom decked out in
glitter balls, slash curtains and ballroom glitz!
Guests were welcomed with themed cocktails, before indulging in
a spectacular fi ve star rock concert menu. Highlights included an
Iced Tomato Martini served with Scallop Tartar, a Grilled Wagyu
Rock Burger, and Jim Beam Chocolate Pralines. Guests were
able to sample some fi ne British real ales with their meal – kindly
sponsored by mybrewerytap.com. After dinner whisky was kindly
provided by Glenmorangie.
A night of non-stop entertainment started with guests being ‘met’
on arrival by Freddie Mercury, courtesy of Madame Tussauds who
provided one of their world famous waxworks for the occasion.
The crowd went wild for the highlight of the evening’s show – live
performances from two very special acts flown in from the UK
by Virgin Atlantic Airways, who kept the dance-floor full with their
tributes to Tina Turner and Freddie Mercury.
The Brit ish Chamber chose the KELY Support Group as the
designated Charity for the Ball, and through various fundraising
activities, raised over HK$525,000. Prizes in the Live Auction were
generously donated by Chamber members and luxury British
brands and included: a studded clutch donated by legendary British
handbag designer Lulu Guinness, a pair of gemstone earrings from
Melville Fine Jewellery and Bridges Tsavorite, a rock star retreat
in glamorous Bali donated by Aman Resorts and Garuda Airlines,
a night in the Rock Star Suite at the Hard Rock Hotel at City of
Dreams, Macau, and a stunning limited edition print of the famous
Beatles Sergeant Pepper album cover signed by the artist and
‘godfather of British pop art,’ Sir Peter Blake.
All guests at the Ball took home a great gift bag with prizes kindly
donated by Chamber members, including: Elemis skincare products,
a mug from Jaguar, gifts from British fashion brand Accessorize,
BBC Worldwide DVD’s and books, an Alessi napkin holder from
Colourliving, a TaDa! ‘We Will Rock You’ gift experience, and a gift
from Jaguar.
A huge thank you to all those who sponsored the event, which really
would not be possible without the support of our members.
www.br i tcham.com12
EVENTS
You can see more photos of the Ball on the Chamber’s website: www.britcham.com/event_photos
If you would like copies of any of these photos, please contact: [email protected]
13July/August 2011 • Vol 26 • No 7
With thanks to our sponsors:
––––––– Many thanks to the following companies who donated prizes for the Annual Ball 2011 –––––––
––––––––––––––––––––––––––––––––––––––– Title Sponsor ––––––––––––––––––––––––––––––––––––––––
––––––––––––––––––––––––––––––––––––––– Gold Sponsors ––––––––––––––––––––––––––––––––––––––––
––––––––––––––––––––––––––––––––––––––– Silver Sponsors ––––––––––––––––––––––––––––––––––––––––
–––––––––––––––––––––––––––––––––––––––Other Sponsors and Supporters ––––––––––––––––––––––––––––––––––––––––
EVENTS
Set up last year, TaDa! are taking the gift world by storm
with their eye-catching and creative gifts.
In Asia, where gift giving is a must in corporate culture, it’s often
diffi cult to know what to buy. TaDa! make it easy. Packaged up
in fun, bright boxes, the gift set is beautifully presented making
the ‘unwrapping’ part of the experience. The gift packages
come in a variety of different options including Zen, Life,
Delicious, Excite, Escape and Ultimate. Each box has sixteen
options to choose from so your gift is sure not to disappoint
even the fussiest of clients.
However, what I liked most about TaDa! gift experiences was
not the concept, but the content. The TaDa! team are not ones
for gender stereotyping. For women, the options aren’t all facials
and shopping. Obviously the Britcham team are into more than
that… promise! We were given a Life box by the lovely team at
TaDa! and with a wealth of diverse and creative options from
which to choose – Henna body painting, boxing, painting,
and Japanese fl ower arranging, to name but a few – we were
overwhelmed with choice. After much discussion, we opted
for Batucada – a Brazilian drumming experience in the small
Pelourinho Brazilian Cultural Centre in Sheung Wan.
TaDa! make it very easy – one phone call to their concierge with
our preferred dates, an email confi rmation and we were good
to go. Given that the Britcham team’s only previous musical
performance took place in a karaoke room in Kowloon, it was
with some trepidation that our rhythmically challenged group
made the trip to Des Voeux Road West. On arrival we were
met by our host William, an enthusiastic drumming guru in a
small studio absolutely bursting with fascinating percussion
instruments, many that we’d never seen before.
William was patient and good-humoured, both traits that were
needed for working with our group! He introduced us to the
world of Brazilian beats and started us off on the relatively simple
shaker. Easy enough you might think until we were promoted
from that to the frenzied world of the full Batucada set including
large drums, snare, tambourine and, at one point, coconuts.
The journey through the different Brazilian music was fascinating
and, with each of us given a separate rhythm, the drumming
session was both a real test of concentration and nerve and
also a great team-building exercise. Only by working together
and LISTENING could we produce anything resembling proper
percussion music and, by the end of the hour long introductory
session, we were all pretty pleased with ourselves. The best part
of all was that by the end of it the stress of the working week
had completely faded away. Of course, we had to celebrate that
with a Friday night drink.
For more information on TaDa! original gift experiences, please
visit www.tada.net
DrummingExperienceBy Hilary Thomas
17July/August 2011 • Vol 26 • No 7
LIFESTYLE
Redefi ning Luxury
It’s really too tempting to imagine living here.
For a start, I arrived by taxi from Hong Kong Central in only fi fteen minutes. You drive straight off the main highway into a quiet, leafy road and up to the imposing building itself. The
entrance itself is in shade; overhung, as I later discover, by the jutting projection of the club-house.
Hard to believe that the city is so close by. In fact, The Westminster Terrace is framed by a pristine
backdrop of wooded hills. It’s only when you get inside the building and look back across the water
towards Tsing Yi and the city that you become aware that this really is the gateway to the city.
It must be a reassuring feeling to arrive here after a long day at work. The lobby is designed entirely
in marble and is inhabited by just one, eminently capable receptionist. To add to this discretion,
the elevators can only be activated by card-carrying residents. I head up towards a suite designed
by acclaimed designer Ikebuchi-san, who also designed the residence’s public areas, and in a few
seconds the lift doors open – straight into the apartment itself.
Ikebuchi-san’s work is delightfully understated, a truly delicate and thoughtful use of space. Moving
around the apartment, every inch of every room seems full of natural light. On the wall hangs a subtle,
smoky modern painting of a wood scene, complimenting a thin gold leaf panel near the entrance - the
kind of detail one is often aware of only subconsciously. All this comes as a welcome relief from the
ostentatious and miscalculated displays of luxury so common in downtown Hong Kong. It must be a
great relief to come back to this refuge, and to watch the boats making their way across the water from the quiet of the dining room table.
The furnishings too are elegantly simple. Ikebuchi’s bathrooms are walled entirely in a light marble which strings the light out across its skeins. Yet
the wash-sink, the shower, the mirror and the cupboards are all very practical and immediately obvious, with none of the irritating ‘little tricks’ and
decorations that have crept into bathroom styles in recent decades. The main bathroom does have one major surprise though, before you ever reach
it in fact: from the master bedroom its sliding doors masquerade as one of the cupboards.
It would be perfect for having friends to stay. The guest bedroom is amply sized, simple, but extremely comfortable. Throughout the rooms of this
suite, oak fl oor boards and window sills contribute to the overall feel of orderly comfort, yet once again this aspect is easy to overlook. Rather than
stand out with polished grains or patterns, the wood’s soft, dark hue allows one to focus exclusively on the bright space above. Adding to this almost
dreamy effect is the matching oak window sill which juts out just enough that the guest can use it as a very admirable desk.
Perhaps the most wonderful aspects of the Ikebuchi suite however, were the wonderful views out over Approach Bay and the Ting Kau Bridge,
including one spectacular vista…from the bathtub!
Grosvenor and Asia Standard International’s new development The Westminster Terrace at Approach Bay aims to redefi ne extravagant living in Hong Kong, offering new benchmarks for space and sweeping views of the surrounding bay. Sam Powney spent the day at the new develop-ment to discover its intriguing designs, and how it offers the luxury of both seclusion and accessibility.
By Sam Powney
www.br i tcham.com18
LIFESTYLE
The Club-HouseThe club-house is another reservoir of sedate charm, with a
spacious armchair lounge and two dining areas set back close to
the entrance. This is the perfect place to entertain - there must be
capacity for 40 or 50 people. A pair of enormous fi bre-frame lamps
dominate the high ceiling, but once again the eyes of the visitor are
drawn outside. This time, it is not just to the harbour, but also to
the garden and the set-piece pool. True to modern form, the water
appears to fl ow over the pool sides into vertical space (I eventually
spot a very discreet barrier beyond). The deliberately tropical garden,
with its stone banks and terraces, allows one to meander around a
surprising diversity of plant-life.
Altogether, the club-house allows precisely the kind of versatility of space that makes for a great
social event. In other words, after spending some time sipping cocktails in the marble-panelled
main hall, relaxing by the pool and then chatting with friends on the vast sofas at the far end of
the club-house, it still remains for one to go and play snooker in the billiards room!
Bringing to bear all the background and talent of the world-famous Grosvenor and Asia
Standard International, the designers of The Westminster Terrace have created a truly
unique refuge in one of the most crowded cities in the world. It’s a great achievement, and a
delightful experience.
For more information, please visit www.thewestminsterterrace.com or call (+852) 2772 3889.
Tara Bernerd is a young British designer whose design has a charm of its own. Her style is more overt than Ikebuchi’s
but also draws the eye straight out across the harbour by opening up the kitchen/dining room with a sizeable balcony, perfect
for relaxing with friends or family. Hers also has a more contemporary feel, with built-in plasma screens and a small but fun-
looking music system. Despite the modern, cutting edge look, taking all the aspects together I detected an atmosphere very
conducive to young families especially.
The kitchen, is one place in which one can immediately visualise the ease of living in Suite 2. Though apparently compact,
the kitchen includes all the modern gadgets one could hope for, and manages to allow space for an eating area, complete
with high stools for children. Winningly for adults and children alike, space has also been found for a classic, full-size brass
telescope. Personally speaking, this is a great attraction – though I fear that spying on boats and bridges could easily take up
most of my day.
19July/August 2011 • Vol 26 • No 7
How’s business?Business is developing nicely. We’re continuing to grow in the Asian
region supporting both the multinational corporations investing in
Asia Pacific and the emerging Asia based multinationals. We are
investing another £78 million in adding to our product portfolio,
expanding our professional services capability and adding another
six hundred employees over the next couple of years. It’s a good
sign. We currently employ about fi ve thousand people in the region,
and thirty thousand with our joint ventures. The investment provides
us with more scale. Our customers continually want more in terms
of network and associated services. Overall I’m very pleased with
our current situation.
What is the secret of BT’s success?Our people. We have an incredibly strong multicultural population
of employees, and we’re very focused on diversity. We also have
a real focus on developing talent in our business.
How do you ensure that?Our brand helps. That’s a strong attractor. We are also linked
in with higher education, the foremost universities and the
vocational training councils. We hire kids from both the top
universities and those who haven’t had the best educational
opportunities as well.
What’s the most exciting business-related news you’ve heard recently?Our latest Customer Survey report. I am always keen to ensure
that our customer service continues to improve. Customers
always come fi rst in my book.
How does the British Chamber of Commerce add value to your business?In many ways, the Chamber has a positive influence within
Hong Kong, ensuring that the framework for doing business
here stays healthy. We are also an excellent entry point for
organisations who want to invest in Hong Kong. We connect
very closely to and represent Br i t ish and Internat ional
business interests. It’s a great opportunity for networking
and, more importantly, for our community to link together.
We have a large number of committees – and those are
operat ing extremely wel l . I t ’s a st rong chamber and I
believe we are highly respected by the government. The
Chamber wants to continue to be of service to the broader
international community. All this fits very well with BT’s aims
and ethos.
Perspective
How long have you been in Hong Kong?18 years.
How do you spend your time outside the offi ce?Firstly, with family. I particularly love coaching rugby on the
weekends. That’s down at HKFC with the kids – including
my nine-year old boy, James. This is part of my life where
I enjoy giving something back. I also enjoy swimming and
doing the usual weekend stuff with the family. You can
usually catch me for a drink around town on Friday evenings
with friends.
What’s your favourite spot in Hong Kong?Driving down the Island Eastern Corridor towards Central, with
the Yacht Club to your right and all of Central and Kowloon
beyond. That’s an unbeatable view.
A transitory moment then…It’s not a picnic spot. But it does provide a truly panoramic view
of Hong Kong.
If you could save one building in Hong Kong from reclamation, which would it be? I suppose that would be St. John’s Cathedral. It’s there in
all the old photographs of Hong Kong, the one thing that
has remained constant throughout the last hundred and fi fty
years. Forever and a day it will always be an important part of
this city.
One thing you would change if it was up to you?I wouldn’t change anything. Of course there are issues you can
mention, but basically I’m delighted to be here. Hong Kong is a
wonderful international city.
One thing you’ve learnt recently that you didn’t know before?I ’m always amazed by the number of people who have
connections to Hong Kong. Last week I had lunch in London
with John Ridding, the CEO of the Financial Times. I wasn’t
aware before that John was previously a reporter here. Hong
Kong is such an important hub for so many people.Thank you for yourcontinued support
TheBritish Chamber’sSterling MembersSterling Members
Interview with Kevin Taylor, Managing Director, BT Asia Pacifi c
www.br i tcham.com20
MEMBERSHIP
Record results for the mining industryAccording to a new report from PwC, Mine: The game has changed, revenues for the world’s 40
largest miners leapt 32% to a record $435 billion, driven by surging commodity prices and a 5%
increase in production output in 2010. The strong top-line result catapulted the miners’ net profi ts
to an impressive $110 billion – a 156% increase over the previous year. To keep up with demand,
the top 40 have announced more than $300 billion of capital programs, of which more than $120
billion is planned for 2011, doubling 2010 capital expenditure.
Despite the challenges, the top 40 is well positioned to capitalise on the upside. Collectively,
they own nearly $1 trillion in assets, including $100 billion of cash. The report also highlights the
growing trend of emerging market producers outperforming those from ‘traditional’ locations
such as Australia, US, Canada, South Africa, and the UK. Over the past four years, the average
Total Shareholder Return of companies from emerging markets, more than doubled that of
those from traditional mining locations.
Her Majesty The Queen honours Hong Kong residents The Queen honoured Hong Kong residents, Dr John Edward Wenham Meredith and Mrs Wai
Lan Linda Yau, in the recently announced Birthday Honours List 2011. Dr John Meredith,
Group Managing Director, Hutchison Ports Holdings, Hong Kong was made a Commander
of the Order of the British Empire (CBE) for services to the international ports industry. Mrs
Yau, British Consulate-General, was made a Member of the Order of the British Empire (MBE)
for an exemplary record of public service stretching over more than twenty years.
British Consul-General Mr Andrew Seaton said, “I offer my warm congratulations to Dr
Meredith and Mrs Yau for these well deserved awards. Dr Meredith has made an outstanding
contribution to trade and investment links between Hong Kong and the UK and it gives me
great personal pleasure to see a long-standing, valued and well-respected member of my
staff included in the Birthday Honours.”
Foreign banks see growth opportunities in China despite continued challengesFindings revealed in the sixth PwC Foreign Banks in China survey show that despite an environment of increasing funding constraints, foreign banks operating in China are surprisingly confi dent
about their prospects in the Chinese market, more so than ever. In fact, they expect revenue to continue to grow over the next three years. Their optimism stems from the continued opening up of the
Chinese economy, and its transition towards a convertible currency.
The high level of confi dence belies the continued struggle of the foreign banks in trying to gain a foothold in China. The 127 foreign players operating in the country commanded only 1.83% of the Chinese banking
market in 2010, a slight increase from 1.7% the year before. Notwithstanding this, the 42 foreign banks that participated in this year’s survey, made it very clear that their commitment to China remains resolute.
As in the past three surveys, debt capital markets continue to be viewed as the area with greatest future opportunity, and despite concerns about the broader economy, the majority of foreign banks
believe that corporate and consumer credit remains stable, as evidenced by the rise in luxury spending by Chinese consumers.
Accountancy fi rm BDO has recently appointed Christine Chau as a
Principal of assurance services.
Christine has extensive experience in providing audit and business advisory
services. She deals with a wide range of companies including manufacturing,
international trading, engineering consulting and other services companies
of various sizes which are privately held or listed in Hong Kong. She is also
experienced in working on due diligence assignments.
Christine is a Certifi ed Public Accountant in Hong Kong and Certifi ed
Practising Accountant of CPAs Australia.
Accountancy fi rm BDO has recently appointed Paul Williams as a Principal within the corporate
fi nance team of BDO Hong Kong, specialising in transaction services and lead advisory projects.
Christine Chau
Educated at the London School of Economics, Paul joined BDO
from the corporate finance team of an international accounting firm
in 2001. Paul has led teams on a range of roles including accelerated
IPO’s and quoted company acquisitions, with a broad range of
experience including fi nancial and vendor due diligence, private equity
investigations, MBO’s, MBI’s and sales mandates.
Paul has assisted many Chinese companies to access capital
markets, and has worked on projects involving Asian companies
listing in London, Germany, Hong Kong and Singapore. Paul has also assisted Chinese and Asian
companies in a range of other transactions, including corporate M&A, private equity investment
and fund-raising, and is seeking to develop better channels that allow Chinese companies to
source international investors.
Paul Williams
MEMBER DISCOUNTS
To enjoy exclusive member discounts please log onto www.britcham.com, log in and click on membership discounts.If you have forgotten your login details please email [email protected] to request them.
Accor Carey The Mira Hong Kong
Alfi e’s Compass Offi ces Pure Bar + Restaurant
Allied Pickfords Dot CodRenaissanceHarbour View HotelHong Kong
B&W Group AsiaLimited Grand Hyatt Ta Da
Berry Bros & Rudd Hyatt Regency Virgin Atlantic
British Airways Le Meridien Cyberport VisitBritain
For up to date event listings and information, check out www.britcham.com
21July/August 2011 • Vol 26 • No 7
NEWS / NEW APPOINTMENTS
Business Policy UnitTim Peirson-SmithExecutive Counsel
China CommitteeDavid WattDTZ
Construction Industry GroupDerek SmythGammon Construction
Education CommitteeStephen EnoBaker & McKenzie
Environment CommitteeAnne KerrMott MacDonald Hong Kong Limited
Financial ServicesInterest GroupDebbie AnnellsAzure Tax Consulting
HR Advisory GroupBrian RenwickBoyden Search Global Executive
ICT IT CommitteeCraig ArmstrongStandard Chartered
Marketing & Communications CommitteeAdam O’ConorOgilvy & Mather Group
Real Estate CommitteeJeremy SheldonJones Lang LaSalle
Scottish Business GroupDr. Jim WalkerAsianomics Limited
Logistics CommitteeMark MillarM Power Associates
Small & Medium Enterprises CommitteeKate Kelly
Women in Business CommitteeLisa BowmanDG3 Asia Limited
YNetwork CommitteeFiona Foxon
Business Angel ProgrammeNeil OrvayAsia Spa & Wellness Limited
Tim Hay-EdiePilot Simple Software
Chairs of Specialist Committees
CORPORATEKlako Group
Sven Koehler
Group Managing Director
Tel 2345 7555
Fax 2357 5452
10A, Seapower Industrial Centre
177 Hoi Bun Road, Kwun Tong,
Kowloon, Hong Kong
Accounting
PT Garuda Indonesia
Amy Yeung
Executive Assistant Manager - Marketing
Tel 2846 4371
Fax 2801 4819
Unit 01, 10/F 68 Yee Wo Street
Causeway Bay, Hong Kong
Aviation & Aerospace
Simba Logistics
Michael Saunders
General Manager - Business Development
Tel 3188 3730
Room 2005-2008, 20/F, Ladford Centre
838 Lai Chi Kok Road, Kowloon
Hong Kong
Logistics
STARTUPChangepoint Consulting Limited
Changepoint Consulting Limited
Jonathan Berney
Director
Tel 2297 2374
Fax 2297 2289
Level 8-5, 2 Exchange Square
8 Connaught Place, Central
Hong Kong
Consultancy
Maroon Ventures Ltd
Barry Jones
Principal
Tel 9177 0576
17/F, Comfort Court, 52 Third Street
Hong Kong
Consultancy
ADDITIONALMazars CPA Limited
Jack Clipsham
Head of Corporate Finance
Tel 2909 5555
Fax 2810 0032
42/F, Central Plaza, 18 Harbour Road
Wanchai, Hong Kong
Accounting
Mace Limited
Helen Amos
Project Manager
Tel 2994 2341
Fax 2994 3434
Room 2203, 22/F, Tower 1, Lippo Centre
89 Queensway, Hong Kong
Construction
South China Cosmetics
Mark Russell
Director
Tel 9018 3600
305 Wilson House
19-27 Wyndham Street, Central
Hong Kong
Well-being & Beauty
IP Global Limited
Chris Purdon
Chief Investment Offi cer
Tel 3965 9356
17/F, 88 Gloucester Road, Wanchai
Hong Kong
Property / Real Estate Services
OVERSEASUniserve
Iain Brymer
Regional Manager, Far East &
Southeast Asia
Tel 3485 3769
London Megal Terminal
Thurrock Park Way, Tilbury, Essex
RM18 7HD, United Kingdom
Freight Forwarding / Logistics & Delivery
Gladwell Fine Art Limited
Glenn Fuller
Director
Tel +44 207 629 4119
Fax +44 207 499 0119
68 Queen Victoria Street, London
EC4N 4SJ, United Kingdom
Fine Art
INDIVIDUALMary Rafferty
Tel 2849 0333
Fax 2849 6127
41, Mount Kellet Road, The Peak
Hong Kong
www.br i tcham.com22
NEW MEMBERS
James Fearnside (Giles Publications), Ally Lung (Hong Kong Government)
Gregory Brossard (Goedhuis & Co), Ben Lester (Elite Capital Solutions)
Steven Resco (Widnell Sweett), Maureen Mills (Executive Homes)
Victoria Coplans, Emily Ferrary (The British Chamber of Commerce in Hong Kong), Stuart Northrop (Widnell Sweett)
Naveen Qureshi (Tanner De Witt), Andrew Tam (Skadden)
Bong Miquiabas (Giles Publications), Eliza Lee (AIA), Dorothy Luo (AIA)
Pretty Chu (Travelex), Gregory Seitz (AGS Four Winds)
Maureen Gleeson (Simmons & Simmons), Gregory Seitz (AGS Four Winds)
Graham Price (Halifax Fan), Liz Hamerton (Strategic Offi ce Solutions)
Naveen Qureshi (Tanner De Witt),
Sasha Koch-Belova
Anthony Richman (Venson), Derek Lynch (BT), Lee Wainwright (BT), Kunal
Pradhan (BT)
Ruth Rowan (BT), Roger Wu (Purcell Miller Tritton), Elise von Stolk (Santa Fe Relocation Services), Peter Hodges (Standard Chartered), Graham Price (Halifax Fan)
Nick Gowlland (Sateri), Ally Lung (Hong Kong Government), Roslyn Lau
Shaken Not Stirred June 2011Pure Bar + Restaurant
23July/August 2011 • Vol 26 • No 7
EVENTS