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LEADERSHIP EDITION The Australian Chamber of Commerce Hong Kong and Macau 香港及澳門澳洲商會

ISSUE 189 | 2017

Focusing on Leadership and Employment in a Rapidly Changing Global Business Environment P.8

Australia Day Celebration AustCham Hong Kong and Macau Celebrates and Inspires at NAB Australia Day Lunch 2017


Special Feature Helping Hong Kong to “Savour Australia”

Hong Kong Focus Hong Kong Budget 2017 – 2018



austcham news issue 189 03 Chamber Chatter 06 Cover Story Focusing on Leadership and Employment in a Rapidly Changing Global Business Environment

08 Australia Day Celebration 13 Events Update 6 April - AustCham Commonwealth Bank Rugby Sevens Lunch

with David Campese

16 Industry Insights 18 Special Feature


Helping Hong Kong to “Savour Australia”

19 AustCham Mentor Programme 20 Book Review

21 Corporate Profile

The Australian Chamber of Commerce in Hong Kong and Macau has more than 1,500 members from some 500 companies doing business here. It’s the largest Australian business grouping outside the country and the second largest of 28 International Chambers of Commerce in Hong Kong. The AustCham mission is: To promote & represent Australian business & values while enabling members to connect, engage & grow bilateral relationships.

Brookfield Global Integrated Solutions

22 Membership eCard Benefit

22 On The Scene

Editorial Committee: Drew Waters Karen Wu Advertising: Karen Wu Email:

14 Hong Kong Focus Hong Kong Budget 2017 – 2018

Published By: The Australian Chamber of Commerce in Hong Kong and Macau Room 301-302, 3/F, Lucky Building 39 Wellington Street, Central, Hong Kong Tel: +852 2522 5054 Email:


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austcham news Online version

The views expressed in this publication are not necessarily those of the Australian Chamber of Commerce in Hong Kong and Macau, its members or officers. The Australian Chamber of Commerce in Hong Kong and Macau takes no responsibility for the contents of any article or advertisement, makes no representation as to its accuracy or completeness, and expressly disclaims and liability for any loss however arising from or in reliance upon the whole or any part of this publication. Copyright © 2017 The Australian Chamber of Commerce in Hong Kong and Macau

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Chamber Chatter

Chairman's Column


t time of writing, the Hong Kong budget is yet to be delivered by the Financial Secretary. AustCham has provided input to the budget and has attended various meetings in support of budget planning.

The Basic Law imposes a standard of fiscal discipline that we expect to be adhered to, but there have been surprises in recent years and it is possible that the budget this year also will deliver some unexpected, and hopefully positive, news. Our hope is that the budget is one that supports the development and growth of the economy in ways that are positive both for business and for society as a whole. We hope to see an alignment with the areas that the Chamber highlighted in the Chamber’s submission to the Chief Executive’s office as input to the 2017 policy address for Hong Kong. This would mean funding for innovation and technology, education and talent development, protection for the environment, and policies that help with housing availability and property affordability. A thriving Hong Kong economy is good for our members and their staff, and there are many reasons to be optimistic about Hong Kong’s economy provided the budget provides the right framework. .......................... I am pleased to advise members that the revised and updated version of the Chamber’s Articles of Association are now before the Companies Registry for approval. The Memorandum and Articles of Association were first adopted in 1987 when the Chamber was established. There have been some amendments since that time the last being in 1999. The proposed new Articles take into account changes to the Hong Kong Companies Ordinance and developments in corporate governance generally. Updating and reviewing Articles is a process that takes some time. It has been a long journey complicated by many factors and involving many parties. We are committed to best practice and ensuring this also takes time, especially when some of the parties essential to the process are doing the work pro bono while meeting their other commitments. I wish to thank King & Wood Mallesons in particular for advising the Chamber pro bono over an extended period in relation to the Articles. Assuming the Companies Registry approves our proposed Articles they then will be put to members for approval at the upcoming Annual General Meeting. .......................... I am pleased to welcome Maaike Steinebach, Deborah Leung, and C.Q. Lu as Directors of AustCham, all being recently appointed to the Board following a process run by the Chamber’s Nominations Committee. Long serving former Deputy Chair, Melanie Nutbeam, and Director, Randall Hall, both recently resigned from the Board. A vote of thanks for their long service and many years of hard work in support of the Chamber was moved and was unanimously endorsed during the Chamber’s most recent board meeting. .......................... I hope that you will connect with the Chamber this month in some way, and that you will continue to share your views on how best the Chamber can serve you. Richard Petty

issue 189 | austcham news


Chamber Chatter


he cool weather continues into the start of another month, and Hong Kong takes a few breaths before the warmth returns. On the horizon is the World Rugby Sevens Tournament weekend we all look forward to, as it transforms Hong Kong into a world sporting meca, with great action on the park and off. Of course, any Sevens weekend would not be complete without our own Sevens Lunch, this year featuring Wallabies great David Campese. Campo’s outlook and commentary on the game, the governance, and the players is always entertaining, if not a bit controversial, and I’m looking forward to hearing his current outlook. Tickets to the greatest Sevens lunch of the week are on sale now, so mark your calendars for April 6th and get your tables organised as soon as you can. This month sees our Women in Business Network kick off a couple of great initiatives. International Women’s Day would not be the same without the AustCham Great Debate, and this year’s list of participants will ensure a terrific, lively, and somewhat irreverent pursuit of the notion, “Women’s progress has reached its peak”. No matter which side of the debate you fall on, the result may not be what you’re expecting! The second is the beginning of a programme focusing on Women’s Technology and Business, a series of events over six months which aims to help close the gender technology gap and empower women to create innovative solutions. The Network has lined up some terrific presenters who will look at specific areas in order to raise the awareness of the gap and promote conversation around further engagement.

To enquire about advertising, submit an article, comment or respond to austcham news, please contact Karen Wu at or call +852 2522 5054.

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Across My Desk The nomination process for The Australia China Business Awards has closed this past week, and the number of organisations, large and small, has been a great endorsement of both the awards and the amount of Sino-Australia business making significant steps in promoting the already strong business relationships. The judging process now begins, and awards will be presented at the gala dinner in Beijing in the middle of May. Mark your diary. Welcome to new members of the Chamber’s Board of Directors CQ Lu, Deborah Leung, and Maaike Steinebach who I look forward to working with in the future. Big thanks also to Melanie Nutbeam and Randall Hall, who have retired from the board after a very significant contribution over an extended period. Onwards and upwards into our 30th year, all. Drew Waters, Chief Executive

A Letter from Canberra "The trouble with young people today..." In recent years there's been a lot of media coverage and a lot of hand wringing about Australian youth disengagement in politics. It really got a head of steam after the 2013 Federal election, when almost a quarter of eligible young Australians - a massive 400,000 - did not enrol to vote.

still raising funds for the RSPCA and the Salvation Army. They are still cutting off their hair or dying it blue to improve awareness about cancer and rare diseases. They are still getting up at the crack of dawn to walk for improved organ and tissue donation or an end to family violence. They are still engaged, and they are still using recognisable strategies to improve people's lives.

And alarm bells have continued to ring with the Lowy Institute's annual poll on democracy, which has shown over successive years that an average 30 percent of 18-29 year old Australians believe that in "some circumstances a non-democratic government can be preferable".

But they're supplementing more "traditional" approaches with a clever use of social media - often not visible to the broader community - to garner support for issues, to get people to events, to source crowd funding for projects.

These figures suggest our youth are not only disenfranchised, they're disinterested, disillusioned and disempowered.

So do not despair. Future leaders, who want to make a difference to their community, their nation and their world, are out there in spades. And they are as passionate, committed and articulate as the leaders of the past.

Yet the dealings I have with young Australians tell a different story. It seems a week doesn't go by where I'm not asked to mentor a young woman or man, host a high school work experience student or university intern or speak to a youth forum on the qualities of a strong leader. And a week doesn't go by when I'm not receiving letters from, or meeting with, young Australians advocating for a strong response to climate change, marriage equality, international development assistance or gender equity. Young Australians are still taking to the streets in rallies. They are still mobilising their friends for change. They are

It's now up to us to foster, nurture and mentor them. To keep the flame alive. And to give you hope, only 255,000 young Australians failed to enrol to vote at the 2016 Federal election. Gai Brodtmann MP, Federal Member for Canberra and Co-Convenor of Parliamentary Hong Kong Friendship Group

Social Capital: Benefits for all


ommunity Investment and Inclusion Fund (CIIF) was set up by the Government of the Hong Kong Special Administrative Region in 2002 to implement diversified social capital development projects in the community, promote reciprocity between the public and different sectors, and build together a cross-sectoral collaborative platform and mutual help network. The Fund seeks to accomplish the following objectives

a. to promote community participation, mutual assistance, support and social inclusion provided through strengthened community networks in the community. This will in turn help reinforce the sense of belonging in the community, enhance the social networks of individuals and families, broaden the support base available to assist them to resolve their problems and address common concerns. These community networks, strengthened relations, sense of belonging, and

willingness to provide mutual aid form the foundation of social capital; and b. to encourage and facilitate cooperation between organisations of different nature (such as non-governmental organisations and the private sector), as well as crosssectoral collaboration (such as that between welfare agencies and education organisations), in social networking and community support projects. Means to Accomplish the Objectives The Fund will accomplish these goals by encouraging bottomup solutions that seek to promote the development of social capital, and by supporting local or territory-wide community projects initiated by the community itself. This would ultimately promote joined-up efforts between community groups, corporate bodies or professional groups and the Government, to contribute to the social well-being. For more information please visit:

Community Corner

issue 189 | austcham news


Cover Story

Focusing on Leadership and Employment in a Rapidly Changing Global Business Environment


ustralian entrepreneur and global keynote speaker Holly Ransom delivered thought provoking and inspirational ideas about the changing pace of business to a capacity crowd at AustCham Hong Kong and Macau’s annual NAB Australia Day Lunch 2017 on January 20.

Ingrid Piper

The ardent AFL fan, entrepreneur, company CEO, G20 Youth Summit leader and triathlete, started her first business at 19. Seven years later, she’s an acknowledged leader when it comes to today’s rapidly changing business and employment environment. Ransom says Australia still needs to come to terms with a changing work demographic. For example, in 2015, there were five workers for every person aged over 65. Over the next 20 years, this is predicted to decline to 2.5 workers. By 2021, Ransom says three quarters of Australia’s workforce will be Millennials. However, our nation’s aging workforce doesn’t reflect the global situation. “Right now 50 per cent of the world’s population are under 30, the largest population of young people the world has ever seen and we, in South East Asia, are in the epicentre of this demographic dividend. Indonesia for example, has a population of 250 million, 75 per cent are under 30. In terms of employment, a huge transition is taking place.” Preparing for future change Even the nature and structure of work is changing. Since the 2008 Global Financial Crisis, a growing number of individuals are exploring new sources of income through portfolio-based careers. Employers are also increasingly looking for project-based hires. Over the next two decades, 42 per cent of existing jobs will be automated. “If that holds true, 75 per cent of what we’re skilling our young people in, will be irrelevant. One of the big challenges we’re got is how do we start conversations with our educational institutions and training departments to think about how we can meet the skills we need to keep our businesses at the top of their game,” Ransom says. In an era where we expect instant gratification and expectations, Ransom feels young Australians could learn a valuable cultural lesson, that of patience, from their Asian counterparts. In the West, employers are often critical of Millennial attitude to commitment and work. To retain young staff, Ransom recommends employers ensure young employees know they are advancing in their careers. It’s not an easy task with Millennial levels of trust running at 19 per cent, the lowest level ever recorded. For this generation, word of mouth is more important given 83 per cent place their trust in peer-topeer recommendations. Mixing mentoring with coffee Although Ransom is herself a mentor, she continues to maintain relationships with her own mentors. She says young people looking

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“Don’t ever assume yours is the only perspective…” Holly Ransom Chief Executive Officer, Emergent

future thinking. As much as we’ve spent a decade talking about technology, it doesn’t usurp the need to do people right, and to be really thinking about your people challenges, be they customers or employees, and what they are going to be looking like in this period of change and transition that we are in,” Ransom explains.

for mentors should first consider why they want one. Mentoring Ransom says, doesn’t need to be structured. “Go have a cup of coffee with the people you are learning from and let it organically go from there. Mentors will be generous with their time as long as they can see you are grateful and respectful for their time.” “I always say if it takes a village to raise a child, it must take an army to raise a young woman because I have an army (of mentors) but the important thing is there is no magic number. “I’ve taken the opportunity to learn from leaders in the U.S., the UK and Asia and I hope they’ve taken the same from Australians and other leaders globally. It’s so exciting that increasingly our global community is becoming so much more connected and there is that opportunity for learning.” “That perception around your ability to make a contribution young, is a really powerful one. I see it week in and week out, travelling around Australia and having the opportunity to work with our young people. The ideas they’ve got, the initiatives they’re running, and the contribution they’re making just astonishes me. They continually reinforce that you don’t need to be a particular age or have a certain title to be able to do something. If you see a need, you can meet it. “Part of the reason why I talk about intergenerational leadership is this is not about a youth revolution. This is about how do we find effective models of all generations working together and harness their skills, perspectives and talent,” Ransom says. “Don’t ever assume yours is the only perspective. Never discount your own perspective by virtue of the fact there are other perspectives. We make the best decisions as leaders when we get as many perspectives as possible,” says Ransom about one of the first lessons she learnt about leadership from an early mentor. Reflecting on achievement: Ransom is uniquely placed to understand the challenges of working with intergenerational leadership and youth entrepreneurship. At 26, she’s Chief Executive Officer of Emergent. Companies Emergent has worked with include Virgin, Microsoft and Green Cross. “Emergent is industry agnostic. It’s more about the type of leader you are working with; that they’re very forward focused and

Ransom has also held executive roles in leading Australian enterprises including the National Australia Bank. But in August 2013, she received a call, which she initially thought was a prank, with an offer to chair the G20 Youth Summit. That call profoundly changed her life. “There are 1.5 billion young people across G20 nations and all of a sudden, I was responsible for making sure their voices were heard.” Ransom admits being opened to public scrutiny so young was a challenge in the age of social media. “It’s the price of having an opinion when trying to drive change or make any kind of contribution as that invites counter opinions. The tall poppy syndrome is a culturally limiting phenomenon that I wish we could say goodbye to, but it definitely does exist. We should be celebrating peoples’ successes, and championing them and supporting them to even greater heights,” she says. Ransom continues to be involved with the G20, working with the employment and education taskforces, a move that follows through the 2014 summit initiatives. Her other achievements include being co-author of a strategy paper on Youth Entrepreneurship and Unemployment for the United Nation’s Sustainable Development Goal agenda and more recently, co-chairing the United Nations Global Coalition of Young Women Entrepreneurs. In Australia, her achievements include being the youngest President of Rotary for which she’s credited as having doubled youth membership in the past five years. She is also on the advisory board of Swimming Australia as well as appearing regularly in local media. Despite her global recognition, it’s only Ransom’s second visit to Hong Kong. In 2016, she was part of the Port Adelaide Football Club’s efforts to establish this very Aussie sport in China. A pioneering AFL game is now scheduled for May 14, 2017 in Shanghai. Next on the agenda Recently, Ransom has developed a new passion - triathlons. In 2015, just 100 days out from the start of the Ironman competition in Busselton, she signed up, to experience a new mental and physical challenge. By August 2016 she was finishing in the top 10 of her age group. “I just loved it. Strangely I’m not competitive in a person-to-person sense. What I loved about triathlon was that it was a bottomless learning journey.” issue 189 | austcham news


Australia Day Celebration

AustCham Hong Kong and Macau Celebrates and Inspires at NAB Australia Day Lunch 2017


- Ingrid Piper

017 is shaping up to be a year of celebration as AustCham Hong Kong & Macau reaches its 30th anniversary as the nation’s largest (and growing) business chamber outside Australia.

The Australia Day Lunch, one of AustCham’s key annual events, brings members and others in the Australian community who have an interest in doing business in Australia together, helping promote closer ties between Hong Kong, Macau, China and Australia.

Guest speaker at this year’s sellout Australia Day Lunch, was dynamic and youthful Holly Ransom, Chief Executive Officer of Emergent, whose extensive list of achievements include being the youngest female director of an AFL football club (Port Adelaide) as well as holding the title of the youngest ‘100 Most Influential Women’ in 2012.

“Australia Day is a day of national pride, celebration and symbolism. It provides an opportunity for all of us to come together and celebrate what it means to be Australian where ever we are in the world, and to celebrate with friends and members who have a common purpose,” Professor Petty says.

AustCham Hong Kong & Macau Chairman, Professor Richard Petty says Ransom’s keynote address certainly delivered lessons about the rapidly changing business environment.

“The annual AustCham Hong Kong & Macau Australia Day Lunch is a very important event on our calendar. We get a lot of fantastic

“It was a fantastic talk. It really provided a lot of lessons for many in the room. Holly encapsulated the changing pace of business very well with some of the demographic data that she gave, which, although we’re familiar with it, is astonishing when you see it all condensed and compressed in the one presentation,” he said. Talking about her experience across topics such as youth leadership, organizing a global summit, mentoring and even how to get a pay rise, Ransom highlighted just how fast business learning has become using advances in communications technology. For example it took 75 years for the telephone to be adopted by 50 million people, compared to speed at which the Candy Crush digital game craze reached the same number – just 18 days.

“Holly has encapsulated the changing pace of business…” Professor Richard Petty Chairman, AustCham Hong Kong & Macau 8 • austcham news | issue 189

support from all our members. We have a large proportion of the SME community here at this event, as well as the top end of town, so we are very well served by our membership.” National Australia Bank (NAB), the first Australian bank to establish a presence in China, has been a key sponsor of this event for the past 15 years.

“We’re in the business of providing solutions to our clients, we don’t manufacture widgets, we are dealing with human beings…” Cathryn Carver Member of the Executive Leadership team, Acting Chief Customer Officer, Corporate & Institutional Banking, NAB

Cathryn Carver, Member of the Executive Leadership team and Acting Chief Customer Officer, Corporate & Institutional Banking says many lessons can be learnt from Ransom’s experiences and insights. “Like many organisations NAB is on a journey of exploration. We’re an employer of 35,000 people and we’re a microcosm of what Holly talked about. If we’re to provide a healthy and inclusive environment for people to be the best they can be, then actually you’ve got to be quite thoughtful about the diversity of the people you want. “It’s really thinking about how do we become better leaders, how do we become more effective with our staff and with our clients,” Carver says. “We’re in the business of providing solutions to our clients, we don’t manufacture widgets, we are dealing with human beings and we try and solve their wealth creation or aspirations to buy a home, or their aspirations to be companies or get bigger, so to have people who think differently whether it’s by age, gender, sexual preference or culture, is really powerful,” Carver says.

Professor Richard Petty, Chairman of AustCham Hong Kong and Macau

Cathryn Carver, Member of the Executive Leadership team, Acting Chief Customer Officer, Corporate & Institutional Banking, NAB

issue 189 | austcham news


Australia Day Celebration 1










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Special thanks to event title sponsor National Australia Bank (NAB)! 2017 also marks the 15th year of the bank sponsoring the Chamber’s flagship event in town. 1. Susan Lee of National Australia Bank and Phoebe Choy. 2. Tom Champion and Stewart Wheeler of Little Creatures Brewery. 3. Professor the Honourable Bob Carr and AustCham Chairman Professor Richard Petty. 4. Billy Wong of KPMG and Gary Wright of Mount Kelly International Ltd. 5. Stacey Martin of Expat Advisors Community, Mark Hall of Telstra, Eleanor Coleman of Bank J. Safra Sarasin and Andrew Wylde of Telstra. 6. Mathew Hayes and Dean Stallard of Hays. 7. Paul Kidman of Blueprint and Paul Belcher of Madepartners Ltd. 8. Tanya Menzel and Rebecca Walker of Speak. 9. David Shirley of Australian International School Hong Kong and Felix Chang of SLACK Lifestyle International. 10. David Yu of JP Morgan, Natalie Thinnakone of Macquarie Group and Clara Kwan. 11. Robert Waugh and Jessica Tilton of National Australia Bank. 12. Ivy Au Yeung, Elodie Norman and Lillian Quoc of ANZ.

13. Emily Trusler of EY and Phoebe Smith Australian Consulate-General. 14. Jon Omaha of Hays and Tony Forster. 15. Sarah Abbott Ladner and Claire Lim of The Women’s Foundation. 16. Lesley Hobbs, Rachael Wright and Joanne Kingsbury of Lawyers on Demand. 17. Jayson Williams of Clifford Chance, Andrew McGrath of Green Light Consulting Asia and Matthew Deayton of Vega. 18. Grace Ghattas, David Fraser of Flight Centre Hong Kong and Tim Cutler. 19. Paul Resnik and Callan Anderson of The Hong Kong Trust Company Ltd. 20. James Wadham with Ken Deayton of The Hong Kong Trust Company Ltd. 21. Timothy Tao of Asian Tigers Mobility and Dr. Anson Wong of The Fred Hollows Foundation. 22. Graham Watson of HSBC Insurance (Asia) Ltd and Alexandra Maiden of EY. issue 189 | austcham news

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Australia Day Celebration

Happy Australia Day!

Pete Kelly singing the National Anthem opened the day.

Thanks to our Supporting Partners:

Acting Australian Consul General Ms. Janaline Oh, AustCham Chief Executive Drew Waters, AustCham Chairman Professor Richard Petty, Cathryn Carver and CQ Lu of event sponsor National Australia Bank on stage for a toast to Australia Day.

Event Partner: cievents is a global strategic event management agency for the corporate market. A member of our Platinum Patron, Flight Centre Travel Group, AustCham invited cievents to assist with delivering the Chambers’ premier events. Working with and incorporating our Platinum Patron drives mutually beneficial outcomes for our partners and members. The cievents team in Hong Kong is multi-national, however with their global headquarters in Australia, cievents partnering with us was a great fit to deliver the NAB Australia Day Lunch 2017. The cievents team, say they are united by a vision to inspire and their desire to inspire lies a heart of everything they do. They connect a client’s audience to their business by creating engaging innovative events, compelling incentive programs and exciting branding and communications.

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Our first Macau event in 2017 ‘Macau Australia Day Celebration’ was held at Galaxy Macau™ with free flow Aussie-style drinks and BBQ, joined by the new Deputy Consul-General Ken Gordon and his team. Thank you to the great support from our Macau Business Network!

EVENTS UPDATE MARCH AT A GLANCE… Thur, 16 Mar, 12:30pm – 2:00pm A Conversation with Alan Joyce, CEO of Qantas Group KPMG, 8/F, Prince’s Building, 10 Chater Road, Central Thur, 16 Mar, 6:00pm – 9:00pm Mix at Six Fu Lu Shou Rooftop Bar, Level 7, 31 Hollywood Road, Central, Hong Kong Wed, 22 Mar, 12:30pm – 2:00pm Return to Oz: Crucial investment tax planning for wealthy Australians who’ll one day return home Suite 4606, Two Exchange Square, 8 Connaught Place, Central Thur, 23 Mar, 6:00pm – 9:00pm Euan Macleod - High and Low: Solo Exhibition Nockart Gallery, Unit 16A, Kwai Bo Industrial Building, 40 Wong Chuk Hang Road, Wong Chuk Hang Wed, 30 Mar, 6:30pm – 8:30pm Young Executives’ Networking Night: Technology & Green Sustainability Innovation Lab, The Commonwealth Bank of Australia, 13/F, One Exchange Square, Central

APRIL AT A GLANCE… Thur, 6 April, 12:00nn – 2:30pm AustCham Commonwealth Bank Rugby Sevens Lunch with David Campese Grand Ballroom, Grand Hyatt Hong Kong 1 Harbour Road, Wan Chai, Hong Kong issue 189 | austcham news

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Hong Kong Focus

Hong Kong Budget 2017 – 2018


he Finance Secretary of the HKSAR, Mr Paul Chan Mo-po, delivered his first Hong Kong Budget for the year 2017 – 2018 on 22 February. On economic performance, there was a modest growth of 1.9% in 2016 as a whole, and the GDP growth was expected to be 2% to 3% in 2017. The unemployment rate averaged 3.4% in 2016, sustaining a state of full employment in general. Inflation pressure was moderate. The headline inflation for 2016 was 2.4%, while the underlying inflation was 2.3%. For 2017, headline inflation of 1.8% and underlying inflation of 2% is predicted. It was forecast there was a surplus of $92.8 billion for 2016-17. Fiscal reserves are expected to reach $935.7 billion by March 31, 2017. Here are some major highlights of the Budget:

Relieving Life Burden

Tax - Reduce salaries tax and tax under personal assessment for 2016-17 by 75%, subject to a ceiling of $20,000 - Reduce profits tax for 2016-17 by 75%, subject to a ceiling of $20,000 - Widen the marginal bands for salaries tax from the current $40,000 to $45,000

Support for SMEs - Extend the application period for the Dedicated Fund on Branding, Upgrading and Domestic Sales for five years to June 2022 to assist Hong Kong enterprises in furthering their business development in the Mainland - Extend the application period for the special concessionary measures under the SME Financing Guarantee Scheme to 28 February 2018 to help enterprises tide over their liquidity needs - Raise the cap on the contingent liability of ECIC under contracts of insurance from $40 billion to $55 billion

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Waive rates for four quarters of 2017-18,  subject to a ceiling of $1,000 per quarter for each rateable property Extend the entitlement period for the tax reduction for home loan interest from 15 years of assessment to 20 while maintaining the current deduction ceiling of $100,000 a year - Raise the deduction ceiling for self-education  expenses from the current $80,000 to $100,000

Innovation and Technology - Reserve $10 billion for supporting I&T development in Hong Kong - Set up a new committee on I&T development and reindustrialisation to co-ordinate the I&T development and re-industrialisation of Hong Kong - Set up a $2 billion Innovation and Technology Venture Fund (ITVF), co-investing in local I&T startups with venture capital funds on a matching basis of about one to two - Launch a $500 million Innovation and Technology Fund for Better Living to finance I&T projects that improve people's daily lives and benefit the elderly or the underprivileged -   Invite Cyberport to study the latest technology and products development and explore further promotion of e-sports in Hong Kong - HKMA is developing a new Faster Payment System (FPS) which is completed next year

MPF Trade and Business Development

Finance - Issue a second batch of Silver Bond in 2017-18 - Extend the profits tax exemption to onshore privately-offered openended fund companies - Explore the development of eMPF, a centralised electronic platform to enhance the administrative efficiency, which will provide room for fee reduction - Expand the network of Comprehensive Avoidance of Double Taxation Agreements (CDTAs) with other jurisdictions

- Continue to negotiate IPPAs with Iran and Russia. - Establish a Trade Single Window which provides a onestop electronic platform for the lodging of trade documents and expedite trade declaration and customs clearance with a view to facilitating trade - Plan to introduce a bill into the Legislative Council (LegCo) in 2017 to amend the Inland Revenue Ordinance to offer tax concession - Commence preliminary work to establish Economic and Trade Office (ETO) in India, Mexico, Russia, South Africa and the United Arab Emirates - Set up 4 liaison units in Tianjin, Zhejiang, Guangxi and Shaanxi in the first half of 2017


Land Supply

- Waive the licence fees for 1 800 travel agents, over 2 000 hotels and guesthouses for 1 year - Waive the licence fees for restaurants and hawkers and fees for restricted food permits for 1 year - Allocate an additional sum of $243 million to enhance HK’s tourism appeal - supporting light shows, homegrown mega events; launching a greater variety of tourism products; providing promotional offers; strengthening promotion in overseas markets and providing funding support for the training of members of the tourism industry

Sports Development - Earmark a total of $20 billion for sports development - Launch 26 projects in the coming 5 years to develop new or improve existing sports and recreation facilities in different districts - Seek funding approval of about $31.9 billion for the construction of the Kai Tak Sports Park, which mainly provides a 50 000seat main stadium, a public sports ground and a large indoor sports centre

- -

Sell 28 residential sites, including 20 new sites, capable of providing about 19 000 residential units Sell 3 commercial/business sites and one hotel site, capable of providing about 172 000 square metres of floor area and some 550 hotel rooms respectively - Make a number of large commercial sites available to the market: the Queensway Plaza site, the site on top of the terminus of the Guangzhou-Shenzhen-Hong Kong Express Rail Link (Hong Kong Section), Site 3 of the new Central Harbourfront, the Caroline Hill Road site, the Sai Yee Street site and various sites in Kai Tak

Creative Industries and Arts - Sponsor design exhibitions to be staged in Hong Kong, five Mainland and three overseas cities to present and promote our design industry - Organise thematic Hong Kong film shows in ten cities in North America, Europe and Asia to highlight the achievements of Hong Kong's film industry - Sponsor exhibitions to be staged locally and in Europe on the works of Hong Kong comic artists - Allocate additional resources to support more local art groups and artists to perform in major overseas and Mainland cities

issue 189 | austcham news

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Industry Insights

Default Investment Strategy for HK’s Mandatory Retirement Schemes - Pauline Woo, Senior Associate at Deacons - Su Cheen Chuah, Partner, Deacons


he year 2016 marks another milestone for Hong Kong’s Mandatory Provident Fund (“MPF”) system. With a view to standardising the default arrangement across MPF schemes, and offering an investment strategy for MPF scheme members that is designed to be consistent with the objective of building uplong-term retirement savings, the Mandatory Provident Fund Schemes Ordinance was amended in May 2016, to introduce the default investment strategy (“DIS”) in each MPF scheme. The DIS will take effect from 1 April 2017. Current default arrangement Hong Kong’s MPF system, first launched in December 2000, comprises 36* privately managed and operated MPF schemes which are defined contribution schemes funded by employer and employee contributions. Over 70% of the employed population in Hong Kong is enrolled to MPF schemes. Each MPF scheme offers an array of constituent funds having different investment objectives and policies and fee levels. At present, if no investment choice has been given by an MPF scheme member, contributions for the MPF scheme member will generally be invested in one or more designated constituent fund(s) (i.e. default arrangement) assigned by the MPF scheme operator. As the current MPF legislation does not specify which type of fund should be designated as the default fund under the default arrangement, the type of constituent fund(s) which is designated as the default fund under different MPF schemes can vary widely, e.g. from guaranteed funds, money market funds, mixed assets funds, to target date/life cycle funds. As a result, the investment returns for members investing in these default arrangements in different MPF schemes vary significantly. Key features of DIS DIS is designed to offer a highly standardised investment option for all MPF scheme members with an automatic de-risking feature and control on fees. (a) Investment policies of DIS funds The DIS aims to balance the long term effects of risk and return through investing in two DIS funds, according to the pre-set allocation percentages at different ages: (1) Core Accumulation Fund — a mixed asset constituent fund which targets to invest 60% of the net asset value (“NAV”) in higher risk investments (i.e. predominantly in global equities) and 40% in lower risk investments (i.e. predominantly in global bonds), whereas actual exposure to higher risk investments may vary between 55% and 65% of NAV; and (2) Age 65 Plus Fund — a mixed asset constituent fund which targets to invest 20% of NAV in higher risk investments and 80% in lower risk investments, whereas actual exposure to higher risk investments may vary between 15% and 25% of NAV. (b) De-risking The accrued benefits of an MPF scheme member investing in the DIS who is between the age of 18 to 49 will be invested in the Core Accumulation Fund only. From age 50 to 64, an MPF scheme member investing in the DIS will automatically have his or her accrued benefits in the Core accumulation Fund gradually switched to the Age 65 Plus Fund according to pre-set allocation percentages to achieve a gradual reduction of exposure to higher risk investments, thereby achieving de-risking. The annual de-risking will generally be carried out on the MPF scheme member’s birthday. Upon reaching the age of 64, an MPF scheme member investing in the DIS will be wholly invested in the Age 65 Plus Fund.

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(c) Statutory limit for fees and recurrent out-of-pocket expenses Statutory fee controls will apply to the DIS funds. The service fees of DIS funds are capped at a daily limit, being 0.75% of NAV of the DIS funds divided by the number of days in a year. Such service fees include fees payable to the trustee, administrator, investment manager, custodian and their delegates, and the sponsor and promoter of the MPF scheme and the same types of fees chargeable to underlying funds in which the DIS funds invest. In addition to the service fee cap, a cap of 0.2% p.a. will apply to recurrent out-of-pocket expenses. “Out-of-pocket expenses” is defined to include auditor’s annual audit fees, printing expenses and postage, fund price publication expenses, bank charges, governmental fees and charges, other charges and expenses permitted under the MPF legislation and the governing rules of the relevant MPF scheme, and the cap applies to out-ofpocket expenses that are incurred on a recurrent basis. As the DIS funds are subject to fees and expenses cap, in the medium to long-run the DIS funds are expected to operate at an annual fund expense ratio of around 0.95%, which would be significantly lower than the current average annual fund expense ratio of 1.72%* for similar investment funds (i.e. mixed assets funds) under the MPF system. Inevitably, the introduction of DIS will pose pressure on MPF scheme operators to lower their fees. (d) Reference portfolios Aside from standardised investment policies and fee controls, for the first time in the MPF system, recognised reference portfolios are mandated to enable comparison of performance of the DIS funds offered by different MPF schemes. To facilitate comparison by MPF scheme members, comparison information and an explanation for any material difference from the annualised performance of the recognised reference portfolios are required to be disclosed in the fund fact sheet of a DIS fund. Material difference means a deviation of +/- 2.5% (where reporting date of the fund fact sheet falls on or before 30 June 2019), and +/- 2.0% (where reporting date of the fund fact sheet falls after 30 June 2019). This requirement will be instrumental to enhancing comparability of performance of DIS funds across MPF schemes, thereby inducing increased competition among MPF scheme operators. Implementation of DIS The DIS will replace the existing default arrangement of each MPF scheme with effect from 1 April 2017. MPF scheme members may also choose to invest in the DIS or in the DIS funds as their fund choice. For benefits accrued before 1 April 2017, if an MPF scheme member has never provided any investment instructions and the benefits are invested in the existing default arrangement, such MPF scheme member will be given a transitional period to give an investment instruction, failing which the accrued benefits will generally be switched into the DIS. MPF scheme members who are aged 60 or above before 1 April 2017 will not be affected. With the various statutory features that are new to the MPF system, the implementation of the DIS is expected to bring Hong Kong’s MPF system to a new phase — a phase where MPF scheme members may expect increased standardisation and enhanced transparency, while MPF scheme operators are likely to face increased competition and pressure to lower fees. This article was originally published in the International Pension Lawyer journal (published by the International Pension and Employee Benefits Lawyers Association in December 2016).

* The Mandatory Provident Fund Schemes Authority of Hong Kong

Industry Insights

Travel Trends in the Year of the Rooster The Year of the Rooster is upon us for 2017, and whether the next 12 months are defined by the rooster’s characteristic fidelity, punctuality, hard work, independence and good humour remains to be seen. Nonetheless, the travel industry in Asia-Pacific could be facing its share of challenges, shifts and changes for better and worse. Here are five trends worth keeping an eye on. Asia Booming Regardless of how things may appear on the macro economic front in some parts of the world, Asia-Pacific forecasts are healthy, and regional business travel should increase in 2017. More and more air routes opening up in India and second tier cities in China will be major factors in driving that growth, and regional commerce on a broader scale could easily expand as a hedge against uncertainties in the United States and to a lesser degree in the United Kingdom. Business is expected to boom so much that the Global Business Travel Association projects a nearly 6% rise in business travel starting this year for the next five. High Tech Flying Airlines are becoming more aggressive in finding ways to shave off services and save money, as well as lure all those travellers. Technology is at the forefront of that charge. Expect more inflight Internet this year, and perks that take the fiction out of science fiction: Qantas now offers VR headsets for immersive gaming, movies and destination information (and invaluable passenger data to the airline for better targeted promotions). For more fundamental services, US carrier Delta was the first but not the last to start using RFID (radio frequency identification) baggage tagging to reduce the instances of lost luggage. And though it won’t be ready for 2017, Cathay Pacific has committed to a biofuel mix on long haul flights to the US starting in 2019, complementing the new biofuel-ready Airbus A350 and Boeing 777. Combined with more mobile apps, automation and predictive AI data, flying will become as high tech as it’s ever been. Changing Fares Along with those cost-controlling measures, and despite industrywide estimations that flight ticket prices will come down in 2017, consumers are going to have to be more diligent than ever when making bookings. More fees and restrictions on a wider range of

fare classes will become the norm in ’17. Expect points programmes to become more complicated to navigate, and standard fares to have previously unattached terms and conditions, more so in economy class but in business and fist as well. Bleisure The latest portmanteau to enter the lexicon and become part of work life is bleisure — a combination of business and leisure — that allows for a thorough exploration of the Stoke Newington or Yanaka areas after business is concluded in London, Tokyo and beyond. Business travellers and businesses alike are taking advantage of (perhaps) being in a new location for employees, and are increasingly tacking on a few days after work is done to take in the sights of the city. And yes, it is the city: urban excursions are on the rise, with local travel operators offering authentic, unique itineraries. Service As apps and online bookings make finding flights and accommodation simpler, the renewed focus on personal — and personalised — service will become an even more integral part of hospitality in 2017. Limited service hotels are among the fastest growing hotel segments (Shangri-La’s JEN, Starwood’s Aloft), one that keeps spa facilities, retail space and multiple F&B outlets to a minimum while boosting the experiential aspect of guest stays. Service catering to specific traveller needs will also be on the rise this year, with programmes like the Marriott’s Li Yu and Langham’s Ying catering to Chinese travellers, and the newly opened Syriah Hotel Fujisan in Japan and the Tourism Authority of Thailand’s app for Muslim travellers addressing Halal tourism. Source: Corporate Traveller. For more information please visit

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Special Feature

Helping Hong Kong to “Savour Australia”


fresh initiative is set to help Hong Kong consumers savour the best that Australia has to offer. “Savour Australia” will be launched progressively by the Australian Consulate-General in Hong Kong with support by government agencies based here which include Austrade, the Department of Foreign Affairs and Trade and Tourism Australia. AustCham Hong Kong and Macau and Treasury Wine Estates are key partners in the launch of the new brand. Savour Australia is being created to provide a brand focal point for Australia’s world-class produce in Hong Kong. It aims to establish a useful symbol for consumers and businesses seeking a unique Australian food experience or who are interested in food and beverages made with Australian ingredients. Acting Consul-General Janaline Oh says the idea is to capitalise on Australia’s reputation as a reliable and trusted producer of products by providing a single, recognisable brand whereby Hong Kong’s discerning consumers can be sure they are dealing with Australian suppliers or their local agents. “We created the Savour Australia brand to highlight restaurants, chefs, supermarkets and events using Australian produce to enhance the dining experience of their customers”, said Ms Oh. “As we progressively roll out the program, the idea is to let these businesses use the Savour Australia brand to promote that they are using our world-leading products.”


9 2017


Fashion Walk “Taste of the Ocean”

Hang Lung Properties, with Tourism Australia, will feature Australian chefs Kris Bunder (South Australia) and Ben Milbourne (Tasmania) presenting cooking demonstrations. They will share their tips at a media launch demonstrating how Australia's different regions always bring something special to the table.


8-11 2017

HOFEX Hong Kong

HOFEX is an international trade fair for food, beverages, hotels, restaurants, catering and equipment. Austrade will introduce the Savour Australia concept to suppliers and buyers at an exclusive, invitation only event during HOFEX.

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16-19 2017

“Savour Australia” at Taste of Hong Kong

Some of the finest gourmet foods are on sale for Hong Kong consumers at Taste of Hong Kong. In partnership with Treasury Wine Estates, Tas’Mania Fresh and Good View Fruits & Vegetables, Australian wine, dairy and fruits will be showcased at a “Savour Australia” branded exhibition stand. Consumers can meet the producers and taste premium Australian products. “Savour Australia” supermarket promotions. Supermarket and consumer promotions will be used to highlight that any dish made at home will be made better with fresh, high quality Australian ingredients available at supermarkets and other stores across Hong Kong.

The Acting Consul-General says a growing number of chefs and diners are choosing Australian products for special occasions or promotions, adding to the need for single brand concept to highlight Australia’s leading place in the Hong Kong market. The Savour Australia concept will eventually be expanded to include Australian cultural experiences, such as touring artists or visual arts exhibitions, as well as those established in Hong Kong with a significant Australian connection. For more information please visit

Mentor Programme

A Chat with mentors and protégés Karen See (Mentor) What was your main reason for joining the 2016 AustCham Mentorship Programme? The organiser of the AustCham Mentorship Programme, Tanya Menzel, asked if I would be part of the programme. The intention, its objectives and the support it provides to our current and future leaders of Hong Kong - if not the world - is very inspiring and I am honoured and privileged to be able to impart my knowledge and skills to those who may find it of some value.

Chloe Lui (Mentee) What was your main reason/purpose for joining the 2016 AustCham Mentorship Programme? My main purpose for joining the AustCham Mentorship Programme this year was to build and gain a trusting relationship with a more experienced and mature professional in Hong Kong to share insights, struggles and successes with. Moreover, to gain clarity for my career path and to receive guidance on career choices and professional development goals.  How frequently are you catching up with your Mentor?   We meet monthly over lunch in Central. What have you found most beneficial about being a part of this programme? Apart from the regular mentorship events organised by AustCham, the most beneficial part of this programme has been the conversations with Karen themselves. I had not met Karen prior to being "matched" with her but the chemistry was obvious when we met in person. Thank you to Tanya (the programme organizer) for her intuition in suggesting Karen to me! Karen adopts a coaching style with me and is passionate about empowering quality leadership. Early on, she introduced me to Arianna Huffington's book "Thrive" which has fundamentally impacted my perspective on what "success" entails and has sculpted my personal and professional growth this year. Consistent with Karen's attitude to "show up and give", I've had the opportunity to pass on the learnings from Karen and "Thrive" to my team, colleagues and sister. 

What experience have you had that qualifies you to be a great mentor? Sadly, age! However, with age comes 25 years of experience that I have gathered in numerous regional and local roles in Asia, Europe and Australia. I believe this counts towards supporting mentees to understand the global landscape and cultural nuances. Additionally, as a woman in leadership, and now an executive coach supporting women in leadership, the skills and tools I have accumulated I believe provide a solid foundation for the mentee to flourish in her leadership journey. How are you ensuring that the needs/goals of your mentee are reached?  Communication is key. Chloe and I immediately clicked and I believe both of us realised we had much to learn from each other. We meet up regularly and we have formed a trust and bond where we provide guidance, support and direction. The conversations are fluid and we don’t hold to a particular agenda. My role as a mentor has been to provide greater perspective, objectivity and guidance. Our catch-ups provide a platform for Chloe to share her thoughts without fear of judgement.  What have you enjoyed the most so far being a part of this programme? When I started the programme, I thought my role was to show up to give. To give my knowledge, give my experience and give my thoughts to someone younger needing guidance and support. Yes, this is part of the programme and the role of the mentor, however I have also received. Chloe has provided me with different perspectives, opened my thinking and beliefs and has also provided me with a greater understanding of the challenges a different generation faces. The success of our partnership has been that – a partnership – and I am very grateful for the experience.

How have you found each event when attended? AustCham events are well organised and the crowd are always friendly! I have enjoyed networking with the other mentors/ mentees and sharing insights with them. The end goal once you have completed the programme is ...? To pass on my learnings with others!

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Mentor Programme

Mentor Programme Update


n January we held an event “Dialling up your Influencing skills’ run by Sean Kwan, actor and corporate facilitator. The purpose of this workshop was to use Sean’s extensive acting and improvisation skills in the form of clowning to explore practical ways to build participants influencing skills.  Participants were involved in fun and creative activities to experience the importance of effective communication and non-verbal cues when interacting with all levels of individuals within an organisation.   The month of February is ‘Reverse Mentoring Month’, where mentees are given the opportunity to mentor their partner.  We look forward to feedback at the end of the month on how

ok Review Bo

participants felt about this process and their takeaways in building their abilities as a communicator and leader, whilst also giving mentors the exposure to being mentored. Applications open shortly for the 2017 mentorship programme. Are you new to Hong Kong? Starting a new business? Thinking of a career change or would like to improve your soft skills? If so, this programme provides great networking opportunities and potential to match you with a mentor that can provide you with guidance and assistance in making personal and professional changes. If you would like to be a part of the mentor programme beginning May 2017, please contact

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Available from Bookazine,

Corporate Profile

Brookfield Global Integrated Solutions Suite 2302, Prosperity Tower, 3 9 Queen’s Road Central, Central, Hong Kong Brookfield Global Integrated Solutions (Brookfield GIS) is a leading provider of real estate management services, facilities management services, project delivery services, and workplace solutions. We are part of Brookfield, a global alternative asset management company with over $250 billion in assets under management. Brookfield is one of the largest real asset investors worldwide, leveraging complementary investment platforms and related services businesses for clients. With a combined team of over 5,000 people worldwide, Brookfield GIS inspires better business performance across our client’s real estate portfolios by developing and implementing real estate and facilities management strategies. Globally, we manage 30 million square metres of client portfolios across 30,000 locations in Asia, Australia, New Zealand, Europe and North America. What’s the most unusual thing you have had to do as part of your job? Explaining to clients that China is not part of Japan, and that no one speaks ‘Asian’. What does your company do really well? • Delivering technically complex project(s) • Ability to service complex assets in critical environments for long term • Services across the full life cycle of our customers’ real estate assets • Integrating services and providing individual services to create value for our customers What is the vision of your company in 10 years? • Continue to expand into Asia • Focus on growing sectors such as health, aged care and technology • Build industry leading processes • Develop strategic technology partnerships

David Cain Executive Director - Asia

What’s something most people don’t know about your company? We have an excellent safety track record and are the leading experts for delivering services in hazardous environments, for example, we manage 751 locations for an energy supplier, including resolving 30 emergency fuel installation work orders per month with no failed KPI’s, ZERO safety incidents and 100% compliance. Through our partnership with leading technology provider Trimble, we are one of only a handful of early adoption pilot program using Microsoft HoloLens worldwide, and the only provider exploring mixed reality applications in Project Management and Facilities Management What’s your company’s connection to Australia? Brookfield GIS Australia and New Zealand is a sister company and has been established for 20 years. What will be the trend for serviced or virtual office? As younger workers continue to enter the workforce, we see the traditional office setup continue to become less relevant. Virtual and serviced offices will increase in popularity particularly in locations where commuting times are long. What is the expansion plan of your company? With Hong Kong, Singapore and India now up and running, next steps are to open in Japan, Korea and China in 2017. We will open in other locations on an as required basis.

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Membership eCard Benefit AustCham

Membership eC


k Than ! You


In Compass Office Hong Kong offered exclusive 50% off discount for members on up to 3 months of serviced office rental*. Compass Offices is Hong Kong’s largest serviced office provider with a network reaching Australia, Japan, Philippines, China, Singapore and Vietnam. With access to state of the art IT infrastructure and high quality business centres in prime locations, Compass can help companies of any size operate on a large scale without the upfront costs and investments required to do it alone.  Call +852 3796 7188 or email for details. *Terms and conditions apply.


In AustCham members can enjoy up to 15% discount on dining and spa treatments at Grand Hyatt Hong Kong by presenting AustCham membership e-card*. Featuring ten acclaimed restaurants and bars, Grand Hyatt Hong Kong offers a fabulous range of authentic cuisines to suit every palate. To celebrate the arrival of Spring, Plateau Spa created seasonal high performance treatments to refresh your body and mind. Bookings: +852 2584 7722 *Terms and conditions apply.

On The Scene The Spring Mix at Six was held at Tonic Wyndham Street. Thank you for the great support from our venue partner Tonic.

Michael Madigan of obe Organic and Austcham Deputy-Chair Andrew Macintosh.

Grace Mak of National Australia Bank and Peter Murray of Delta Capital.

David Allison of Bird & Bird and Duncan Watson of Quinn Emanuel.

AustCham Chief Executive Drew Waters and Jonathan Gill of Clifford Chance.

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Congratula the lucky d tions to raw winner s!

David Meredith of Tas’Mania and Calvin Yuen.

Bart Piestrzynski of St. James’s Place, Anil Utamchandani of Crossings Executive Search and Peter Winslow of InXpress.

On The Scene Julia Whiting shares the media amplification examples with attendees.

VR Creative showcase from Brett Heil of The Pulse.

The Marketing and Media Network hosted ‘Virtual Reality: Groundbreaking creative technology being used by the leading brands’ at the INFINITI LAB to experience innovative technology used by the world most recognised companies. Speakers on the day included industry experts Brett Heil from The Pulse and Julia Whiting from The New York Times. Network Sponsors:

Venue Partner:

Marketing and Media Network Chair Chris McMillan welcomes all.

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Connect with AustCham on social! austchamhk




REPRESENT The Australian Chamber of Commerce in Hong Kong & Macau (AustCham)


© 2017 The Australian Chamber of Commerce in Hong Kong and Macau



T +852 2522 5054

austcham news Issue 189  

The Australian Chamber of Commerce Hong Kong and Macau monthly publication.

austcham news Issue 189  

The Australian Chamber of Commerce Hong Kong and Macau monthly publication.