J u l y /A ug ust 2 0 1 1 • V o l 26 • No 7
In This Issue
Managing Inﬂation By Ian Cruz
a city renowned for business and
government and the arts industry in their
W ith a view to tur ning Hong Kong into
ﬁnance, the subject of arts and culture has
approach towards reigniting the art-scene
a metropolis of international culture and
long been a point of contention in Hong
in Hong Kong.
changing people’s perception of Hong Kong as a finance-focused city, the ambitious
Kong, almost as if a rich involvement in art
and culture might somehow get in the way
Though the number of homegrown artists
d e s i g n f o r t h e We s t K o w l o o n C u l t u r a l
of the business machine which helps drive
may have been bolstered in recent years,
District (WKCD) is the jewel in the crown
the Asian economy.
artists have found that their expanding
of the Hong Kong government’s strategic
community is being hindered by regulations
promotion of art and culture. The plan is to
Still, there is no question that Hong Kong’s
and lack of capacity. This has mainly been
build an integrated art and culture district
art and culture scene has been on the
attributed to the lack of sufficient options
with world-class facilities, which will feature
rise again in the last few years. Institutions
for space and venues in which the city’s
distinguished talent, iconic architecture
around town, such as the Arts Centre
art, cultural and creative industries can
and will embrace new technologies, new
and the Academy of Performing Arts have
further expand. With expensive land costs
applications of IT, and numerous sustainable
continued to champion arts and culture,
and rising rents to contend with, artists
features. The West Kowloon Cultural District
b o t h t h ro u g h e d u c a t i o n a s w e l l a s i n
are finding it hard to maintain a space to
Authority (WKCDA) was given 40 hectares of
performances and exhibitions. From plays
work, and therefore these industries often
land, where they will build 15 core arts and
and musicals, to operas and symphonies,
lack a solid foundation for growth at the
cultural facilities, including a contemporary
both local and international artists and
art museum, a mega-performance venue,
concert halls and theatres, as well as
performers are re-emerging. Meanwhile, art galleries have popped up in every corner of
Partly as a means to try to help artists,
facilities which will provide a framework to
Hong Kong, while our local art fair ART HK
the government enacted new industrial
groom and educate local artists and provide
at the HKCEC has grown to become one of
building policies, introduced during
the best possible environment for them to
the most lauded amongst art aficionados,
its 2009 policy address, outlining
learn and grow.
with this year’s event showcasing works of
tax incentives for building owners to
260 galleries from 38 countries, and more
convert industrial properties for high-
Recently speaking to British Chamber
than 1000 artists, drawing in a record crowd
end commercial use. As it happened, the
members at the Hong Kong Club, Dr
of over 63,000 art collectors and enthusiasts
policy drove up rent in industrial buildings,
M a n Wa i C h a n , E x e c u t i v e D i re c t o r o f
from around the world.
effectively compromising the operations
Project Delivery at the WKCDA provided
of local artists and musicians who had
members with an update on the project’s
However, while there may be strong support
enjoyed the relatively low rent in various
progress. Despite the lengthy planning
for arts and culture on the surface, there
industrial spaces throughout the outskirts
processes that have been put into the
is still a certain skepticism towards the
of the city. As a result, the measure has
WKCD so far, the project is still very much
arts and culture community from one very
actually been counter-productive for Hong
in the early stages, with the WKCDA
crucial element – the artists themselves.
Kong’s art and culture industries, and has
having decided to move forward using the
The city’s lifeblood of local talent commonly
presented the creative community with
concept design from renowned architect
• News / New Appointments • New Members • Shaken Not Stirred
complains of a disconnect between the
Norman Foster. The Foster team is now
(Continued on page 2)
COVER STORY (Continued from cover)
modifying the concept plan following the second round of public engagement which
for the venues’ design and
took place in August last year. Currently, the WKCDA are still in the process of finalising
building process. It has also
its Procurement Strategy for the venues and infrastructures – a crucial step due to
been decided that at least
the complicated nature of the project. Meanwhile, the Concept Planner (Foster +
three of the WKCD’s iconic
Partners) and Project Consultant, Mott MacDonald are assisting with the Development
buildings will be subject to
Plan process. However, the WKCDA has yet to finalise the appointment of Design
an international architecture
Consultants for the buildings.
competition which will e n s u re t h a t t h e d i s t r i c t ’s
Given the grand scale of this infrastructure project, the WKCD will eventually take up
architecture will be of world-
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
The construction process is
they want the WKCD to provide. It was evident that the public did not just want an
currently predicted to start
arts-and-culture hub, but also a place for the general public to enjoy and spend time
in 2013 and will be opened
in. Apart from the retail, dining and entertainment facilities within the district, the
in phases to ensure that all
WKCDA will also be setting aside a minimum of 23 hectares of open space out of the
venues will be fully functional
40 hectares of land being used, much of which will feature green spaces that take
and utilised during the initial
advantage of the surrounding waterfront view. With a strong emphasis on international
opening in 2015. Although
cultural exchange, transport access to the district will be convenient from other areas
the first phase of the WKCD
of Hong Kong, and the new Express Rail Link will provide an easy and direct route to
is years away, and the construction has yet to begin, the WKCDA will soon begin
China as well.
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
Moving forward, the chosen WKCD Project Consultant will be completing and ﬁnalising
Festival, Cantonese operas, and exhibitions, all of which will give people a taste of
the development plan by the end of the year, followed by the third and final public
what the future WKCD will have to offer. In the next 20 years, the WKCD hopes to set
engagement exercise, and ﬁnally a submission to the Town Planning Board. The process
the tone, and be the focal point for arts, culture and the creative industries in Asia.
of town planning is especially crucial as it can be considerably lengthy, and major
How the people of Hong Kong, and the international arts and culture community
construction work cannot begin before the approval of the land grant. At the same time,
at large will respond to the end result remains to be seen. But no doubt artists and
the Project Consultant will also be helping the WKCDA on their functional brief and
the public alike will have their eyes firmly on West Kowloon when the WKCD opens
schedule of accommodation for the core art and cultural buildings, which will be essential
The Magazine of the British Chamber of Commerce in Hong Kong
With the summer upon us, I am sure most of us are away on holidays, enjoying a well earned break and more importantly, spending
Ian Cruz Sam Powney
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
Bill Mo Alan Wong Ken Ng
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
members and supporters for their continued support, and to express a special word of appreciation to the team at Britcham who put
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,
together such fantastic events and who are truly the ‘engine’ of the British Chamber in Hong Kong.
Project Management Vincent Foe The Greek debt crisis has spread wider and as I write this article, Italy is coming under tremendous pressure with the cost of borrowing
Jointly Published by Speedﬂex Medianet Ltd and The British Chamber of Commerce in Hong Kong 1/F, Hua Qin International Building 340 Queen’s Road Central, Hong Kong Tel: 2542 2780 Fax: 2542 3733 Email: info@speedﬂex.com.hk Editorial: Ian@speedﬂex.com.hk sam.powney@speedﬂex.com.hk Advertising: charles@speedﬂex.com.hk
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 ﬁscal plan, the global economy continues to be under pressure. Such developments place the spotlight of expectation ﬁrmly upon Asia to continue providing strong economic momentum. As investment continues to ﬂow into Asia and into Hong Kong from China, sustaining high growth, it also raises concerns about asset price inﬂation, 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 inﬂationary 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 ﬁrm ﬁxture on the political agenda. With cross-chamber collaboration between the Italian, American, Canadian Chambers, our own Chamber, and the international business community,
British Chamber of Commerce Secretariat Executive Director CJA Hammerbeck CB, CBE
General Manager Cynthia Wang
Marketing and Communications Manager Emily Ferrary
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 Englishbased education. This is not correct, and we will continue to supply our collected facts and ﬁgures on the subject independently. The most concerning issue is that in some cases, local state schools are struggling to ﬁll 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.
Special Events Manager Becky Roberts
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
Business Development Manager Dovenia Chow
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.
Executive Assistant Jessie Yip
Finally, do have a great holiday, enjoy your break and we’ll see you soon.
Secretary Yammie Yuen
Ofﬁce Assistant Sam Chan Kevin Taylor
Room 1201, Emperor Group Centre, 288 Hennessy Road, Wanchai Tel: 2824 2211 Fax: 2824 1333 Website: 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.
MANAGING INFLATION . . . . . . . . . . . . . . . . . . . . . . . . 4 CHINA AUTOMOTIVE INDUSTRY . . . . . . . . . . . . . . . . 5 UK TAXES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 BUSINESS ANGEL PROGRAMME. . . . . . . . . . . . . . . . 7 PROPERTY INVESTMENT . . . . . . . . . . . . . . . . . . . . . . 8 ENVIRONMENTAL CHALLENGES . . . . . . . . . . . . . . . 10 ANNUAL BALL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
INTERNATIONAL SCHOOLING . . . . . . . . . . . . . . . . . TADA! . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . THE WESTMINSTER TERRACE. . . . . . . . . . . . . . . . . VIEWPOINT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NEWS AND NEW APPOINTMENTS . . . . . . . . . . . . . . NEW MEMBERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SHAKEN NOT STIRRED . . . . . . . . . . . . . . . . . . . . . . .
15 17 18 20 21 22 23
Guarding against By Jason Powell, Sales Manager, ipac ﬁnancial planning Hong Kong limited
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, inﬂation 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 budget An effective way to deal with inflation is to plan for it in your budget. While your income is most likely ﬁxed, 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
economic cycle. Diversiﬁcation across asset classes, as well as within each asset class
miss; instead you are forced to review what is left in your wallet and to cut back on
across different regions, is an important and effective inﬂation defense.
discretionary spending without putting your long-term goals in danger.
Means to an end Invest into Growth assets for long term
So review your budgets, set up your savings plans and invest in robust, well-diversiﬁed
Inflation makes it difficult to see what is happening to your family balance sheet. If
portfolios that focus on long-term performance. This is the best inﬂation defense and the
you have money invested in the bank at, say, 2 per cent per annum and inﬂation is
best attack. Regular portfolio reviews and strategy adjustments are also critical to ensure
running at 5 per cent per annum, your
your investment plan reﬂects changes in the market, as well as that in your life.
real wealth is actually reversing at 3 per cent per annum. In real terms $100 can
We know it’s tough to keep a balanced view of things around money in turbulent times
quickly become $97. This means your
and a ﬁnancial guide with a compatible philosophy can help to keep you grounded,
investments are losing spending power,
even when the markets are not.
and that will ultimately mean you need to save more, work longer, or expect a less
Ultimately, combating inﬂation is just part of your journey to protect and grow your wealth
comfortable retirement lifestyle.
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
Long term wealth is built through exposure
you want to lead your life.
to assets with real earnings power and strong growth potential. Equities are the best placed asset class to fill this role. The key is to invest in companies which
*Source: Consumer Price Indices for April 2011 (23 May 2011), The Census and Statistics
can continue to grow earnings and those
less exposed to economic cycles. An investment climate characterised by rising
If you would like to discuss this article, or would like to learn more about ipac, please email
inﬂation presents a challenging environment
Jason.Powell@ipac.com.hk or visit www.ipac.com.hk
for investors, but it also presents new
Shop 7, G/F, Paramount Bldg., 12 Ka Yip Street, Chai Wan, Hong Kong.
www.brit cha m.c o m
o p p o r t u n i t i e s . N o t a l l c o u n t r i e s a re
The above information is of general advice only, which has not taken into account
experiencing the same levels of inﬂationary
the investment objectives, financial situation or particular needs of any person.
pressures. US interest rates are very low,
Before making an investment decision, you should speak to a ﬁnancial planner
while Europe, Japan and developing
to consider whether this information is appropriate to your needs, objectives
markets are all at different stages in the
Automobiles ‘Made in China’ or ‘Made by China’ By Daniel Lin, Managing Partner, Grant Thornton Jingdu Tianhua
was an important year for the China automotive industry. This was the year
leading the way and also hopes to see the
that China exceeded the United States and Japan in becoming the top car manufacturer
cost of producing batteries reduced by half
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
With this drive to move up the value chain
is unlikely to change for the foreseeable future.
and with M&A activity being encouraged, we have already seen the big local car
As well as being the largest manufacturer, China is recognised as the largest automotive
manufacturers acquire famous European
market in the world, given the size of the population where only one in ﬁve owns a car.
brands and parts manufactures. By
The forecast is that by 2015, the demand for cars in China will reach 25 – 30 million units.
acquiring overseas brands and know-how, it
Foreign car manufacturers are therefore naturally drawn to such an exciting market where
allows the beneﬁts of learning how the ever
the number of potential consumers is staggering.
popular western market automobiles are made without having to surrender domestic
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
Indeed, after acquiring a foreign manufacturer, besides obtaining the brand, you will
to reach 10%. The 12.5 plan also emphasises the need for Mergers and Acquisitions (M&A)
have access to their technology, R&D, management know-how, distribution channel and
to consolidate the industry and, in fact, many people believe that M&A activity is the key to
supply chain which can take many years of development to acquire. The afﬁliation with
achieving the main goals of the 12.5 plan.
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
To date, we have seen numerous partnerships develop, where large Chinese car
people’s perception of Tata change. Another example would be Skoda cars, where the
manufacturers are cooperating with foreign brands. These partnerships allow foreign brands
brand was considered to be at the low end of the market in the 90s, but since joining
to gain access to the Chinese market due to the 50% ownership of a domestic entity
the VW group, a Skoda Octavia is well-known to be a variation of an Audi A3 or a
restriction, whilst the domestic manufacturer can learn what makes a foreign automobile so
desirable to the Chinese and Western consumer. Besides foreign M&A activity, the Chinese government is keen to consolidate the domestic The direction for the next five years is to
market and reduce the number of manufacturers. There are currently more than 50, but
move the Chinese automotive industry up
15 is seen as a more appropriate number. Manufacturers in China may therefore look at
the value chain and for China to become
sharing knowledge and merging. By working together, the domestic players will have an
leaders in the green energy vehicle sector.
increasingly signiﬁcant role in the global market.
The 12.5 plan includes objectives and funding for the sector to develop a new
Although the 12.5 plan is keen for M&A activity, it is also cautious of merging for the sake of
energy car where one million units could be
merging. It is important that the merger is of commercial sense and is well executed in order
produced by 2015. With over urbanisation
to be successful.
and cities like Shanghai restricting the number of non-electric car registrations,
Most people will know what the famous foreign brands are, but the challenge is: how
going green is high on the agenda and is
do you know who is for sale and whether your target company can fit in with your
perhaps the golden prize of the automotive
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
We saw a number of new hybrid and energy
assist you in your expansion.
vehicles being revealed at the recent Shanghai Motor Show, where the intention is for some
M&A indeed may not be the only solution. Manufacturers could consider forming local
of these models to go into production. The
partnerships to share intellectual property (IP) and know-how. In the past, we have seen
ultimate desire, however, is to develop a
alliances such as Nissan with Renault and Rover with Honda, where knowledge has been
workable pure fossil fuel-free automobile
shared. Chinese companies may also form such alliances in future with mutual respect and
which will require significant battery
common objectives. With Chinese technology consistently improving and with the drive to
development time. Indeed, the government
develop a new breed of automobiles, we may indeed see a shift of the domestic and global
expects to see three to ﬁve major enterprises
automotive market place within this decade.
July/August 2011 • Vol 26 • No 7
A statutory deﬁnition of UK tax residency By Katie Graves, Partner, and Philip Munro, Associate, Withers Hong Kong “…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. ….”
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
these words the UK Treasury launched, on 17 June 2011, its consultation on
non-resident rules. These currently tax capital gains and offshore income gains made by
a new statutory test of what constitutes tax residency in the UK. The new test is designed
an individual who is non-resident for less than ﬁve tax years on their return (where such an
to provide certainty for taxpayers in assessing their residency treatment. While this certainty
individual was resident in the UK in four out of the seven years before leaving). It is proposed
will be welcomed given the unsatisfactorily vague nature of the current UK tests of tax
that they should be extended to some types of investment income; dividends from close
residency, it does come at a price and some of the permissiveness of the current regime will
companies are mentioned, while bank interest and dividends from listed companies are
be lost. The new rules are intended to be introduced with effect from 6 April 2012.
excluded. It would seem likely that proﬁts from insurance policies may also be caught by this rule when enacted.
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 classiﬁed 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 conﬁrm when individuals will not be regarded as UK resident. This contrasts with the current position where it is not possible to say deﬁnitively 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.
Fewer than 45 days in the UK
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 certiﬁcates and parking permits), only ﬁve deﬁned 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
www.brit cha m.c o m
This article is provided for information only and cannot be relied on as tax advice.
Angels Go Online New Website for the Baker Tilly Hong Kong Business Angel Programme 15 June, 2011 Kee Club
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 beneﬁts and to register, and for entrepreneurs to ﬁll 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 muchanticipated 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.
Take your business to new heights
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: firstname.lastname@example.org.
Baker Tilly Hong Kong Business Angel Programme Calling all Start Ups 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 ﬁnd out more about this programme, please visit our website angel.britcham.com or email email@example.com
July/August 2011 • Vol 26 • No 7
Top Tips on UK Property Investment for Overseas Investors By Ian Clark, MD of Midas Estates
more overseas banks such as The Bank of
China coming into the market, there is a massive opportunity
Top Tips on Property Investment
in the UK for overseas investors and expats. One area of
1. Be duly diligent and carry out as much research as
the UK that has huge potential is Cornwall. Here, locals find
it difficult to buy property in their area as wages are much
2. Location, location, location.
lower in this part of the UK, but overseas investors have
3. Remember that this is an investment. You’re not
realised the huge potential in the area and are making the
looking for a home that you would like to live in
most of the opportunities.
yourself. 4. Always go for growth if possible so you can reﬁnance 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 ﬁrst buy-to-let investment if you are not prepared to give it 5 to 10 years.
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 ﬁrst 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 will 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.
www.b rit c h a m .c o m
For more information, please visit www.hk.midasestates.com
By Fiona Donnelly
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 landﬁll.
On to Inspiration Lake Our tour took us through one kitchen, housing a rainbow of recycle bins – and that was just
Around the corner we had a briefing on the lawn
one of eleven central collection depots for waste. With simple instructions on what was to
where we learned about some of the key aspects
be disposed of where, cast members were busy matching ‘rubbish’ to bin – it was very clear
of the irrigation system, the landscaped areas of the
and simple waste separation, yet on an industrial scale. The less typical recyclable items
premises accounting for the lion’s share of the water
were particularly fascinating: empty glass bottles from wine etc are taken to Tuen Mun where
consumed. No doubt, starting from a greenﬁeld site,
they are converted into bricks, and food waste and green waste are channeled off site into a
HKDL has had more chances than most to set things
machine where they are converted into compost – which is then used throughout the grounds.
up right – and in this infrastructural aspect they have seized the chance. Inspiration Lake is man-made and ﬁlls 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.
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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 lighting 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 mentality’, 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 Environmentality TM. 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 July/August 2011 • Vol 26 • No 7
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 outﬁts 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 ﬁve 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 ﬁne 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 British 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.
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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: Mandy@britcham.com July/August 2011 • Vol 26 • No 7
EVENTS With thanks to our sponsors: ––––––––––––––––––––––––––––––––––––––– Title Sponsor ––––––––––––––––––––––––––––––––––––––––
––––––––––––––––––––––––––––––––––––––– Gold Sponsors ––––––––––––––––––––––––––––––––––––––––
––––––––––––––––––––––––––––––––––––––– Silver Sponsors ––––––––––––––––––––––––––––––––––––––––
––––––––––––––––––––––––––––––––––––––– Other Sponsors and Supporters ––––––––––––––––––––––––––––––––––––––––
––––––– Many thanks to the following companies who donated prizes for the Annual Ball 2011 –––––––
Drumming By Hilary Thomas
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 difﬁcult 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 ﬂower 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 conﬁrmation 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
July/August 2011 • Vol 26 • No 7
Redeﬁning Luxury By Sam Powney
Grosvenor and Asia Standard International’s new development The Westminster Terrace at Approach Bay aims to redeﬁne 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 development to discover its intriguing designs, and how it offers the luxury of both seclusion and accessibility.
It’s really too tempting to imagine living here. For a start, I arrived by taxi from Hong Kong Central in only ﬁfteen 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 ﬂoor 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!
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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 funlooking 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.
The Club-House The 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 ﬁbre-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 ﬂow 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.
July/August 2011 • Vol 26 • No 7
The British Chamber’s Sterling Members
Interview with Kevin Taylor, Managing Director, BT Asia Paciﬁc
How long have you been in Hong Kong?
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 ﬁve 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.
How do you spend your time outside the ofﬁce? 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 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.
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.
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
A transitory moment then… It’s not a picnic spot. But it does provide a truly panoramic view of Hong Kong.
universities and those who haven’t had the best educational opportunities as well.
If you could save one building in Hong Kong from reclamation, which would it be?
What’s the most exciting business-related news you’ve heard recently?
I suppose that would be St. John’s Cathedral. It’s there in
Our latest Customer Survey report. I am always keen to ensure that our customer service continues to improve. Customers always come ﬁrst 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
all the old photographs of Hong Kong, the one thing that has remained constant throughout the last hundred and ﬁfty 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.
organisations who want to invest in Hong Kong. We connect very closely to and represent British and Inter national 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 o p e r a t i n g e x t re m e l y w e l l . I t ’s a s t ro n g c h a m b e r a n d I believe we are highly respected by the government. The
Thank you for your continued support 20
www.brit cha m.c o m
Chamber wants to continue to be of service to the broader international community. All this fits very well with BT’s aims and ethos.
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.
NEWS / NEW APPOINTMENTS Foreign banks see growth opportunities in China despite continued challenges Findings 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 conﬁdent 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 conﬁdence 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.
Record results for the mining industry According to a new report from PwC, Mine: The game has changed, revenues for the world’s 40
Her Majesty The Queen honours Hong Kong residents
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 proﬁts
The Queen honoured Hong Kong residents, Dr John Edward Wenham Meredith and Mrs Wai
to an impressive $110 billion – a 156% increase over the previous year. To keep up with demand,
Lan Linda Yau, in the recently announced Birthday Honours List 2011. Dr John Meredith,
the top 40 have announced more than $300 billion of capital programs, of which more than $120
Group Managing Director, Hutchison Ports Holdings, Hong Kong was made a Commander
billion is planned for 2011, doubling 2010 capital expenditure.
of the Order of the British Empire (CBE) for services to the international ports industry. Mrs
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
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.
growing trend of emerging market producers outperforming those from ‘traditional’ locations
British Consul-General Mr Andrew Seaton said, “I offer my warm congratulations to Dr
such as Australia, US, Canada, South Africa, and the UK. Over the past four years, the average
Meredith and Mrs Yau for these well deserved awards. Dr Meredith has made an outstanding
Total Shareholder Return of companies from emerging markets, more than doubled that of
contribution to trade and investment links between Hong Kong and the UK and it gives me
those from traditional mining locations.
great personal pleasure to see a long-standing, valued and well-respected member of my staff included in the Birthday Honours.”
Accountancy ﬁrm BDO has recently appointed Christine Chau as a
Educated at the London School of Economics, Paul joined BDO
Principal of assurance services.
from the corporate finance team of an international accounting firm
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.
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 ﬁnancial and vendor due diligence, private equity investigations, MBO’s, MBI’s and sales mandates. Paul has assisted many Chinese companies to access capital
Christine is a Certiﬁed Public Accountant in Hong Kong and Certiﬁed
markets, and has worked on projects involving Asian companies listing in London, Germany, Hong Kong and Singapore. Paul has also assisted Chinese and Asian
Practising Accountant of CPAs Australia.
companies in a range of other transactions, including corporate M&A, private equity investment Accountancy ﬁrm BDO has recently appointed Paul Williams as a Principal within the corporate
and fund-raising, and is seeking to develop better channels that allow Chinese companies to
ﬁnance team of BDO Hong Kong, specialising in transaction services and lead advisory projects.
source international investors.
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 firstname.lastname@example.org to request them. Accor
The Mira Hong Kong
Pure Bar + Restaurant
Renaissance Harbour View Hotel Hong Kong
B&W Group Asia Limited
Berry Bros & Rudd
Le Meridien Cyberport
For up to date event listings and information, check out www.britcham.com July/August 2011 • Vol 26 • No 7
NEW MEMBERS CORPORATE
Mazars CPA Limited
Changepoint Consulting Limited
Changepoint Consulting Limited
Business Policy Unit Tim Peirson-Smith Executive Counsel
Group Managing Director
Head of Corporate Finance
China Committee David Watt DTZ
10A, Seapower Industrial Centre
42/F, Central Plaza, 18 Harbour Road
177 Hoi Bun Road, Kwun Tong,
Wanchai, Hong Kong
Level 8-5, 2 Exchange Square
Kowloon, Hong Kong
8 Connaught Place, Central
Chairs of Specialist Committees
Construction Industry Group Derek Smyth Gammon Construction Education Committee Stephen Eno Baker & McKenzie Environment Committee Anne Kerr Mott MacDonald Hong Kong Limited Financial Services Interest Group Debbie Annells Azure Tax Consulting HR Advisory Group Brian Renwick Boyden Search Global Executive
PT Garuda Indonesia
Maroon Ventures Ltd
Executive Assistant Manager - Marketing
Room 2203, 22/F, Tower 1, Lippo Centre
Unit 01, 10/F 68 Yee Wo Street
89 Queensway, Hong Kong
17/F, Comfort Court, 52 Third Street
Causeway Bay, Hong Kong
Aviation & Aerospace
South China Cosmetics Simba Logistics
ICT IT Committee Craig Armstrong Standard Chartered
General Manager - Business Development
305 Wilson House
Marketing & Communications Committee Adam O’Conor Ogilvy & Mather Group
Room 2005-2008, 20/F, Ladford Centre
19-27 Wyndham Street, Central
Regional Manager, Far East &
838 Lai Chi Kok Road, Kowloon
Well-being & Beauty
Real Estate Committee Jeremy Sheldon Jones Lang LaSalle
IP Global Limited
London Megal Terminal
Thurrock Park Way, Tilbury, Essex
Scottish Business Group Dr. Jim Walker Asianomics Limited
Chief Investment Ofﬁcer
RM18 7HD, United Kingdom
Freight Forwarding / Logistics & Delivery
Logistics Committee Mark Millar M Power Associates
17/F, 88 Gloucester Road, Wanchai
Small & Medium Enterprises Committee Kate Kelly Women in Business Committee Lisa Bowman DG3 Asia Limited YNetwork Committee Fiona Foxon Business Angel Programme Neil Orvay Asia Spa & Wellness Limited Tim Hay-Edie Pilot Simple Software
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INDIVIDUAL Mary Rafferty
Gladwell Fine Art Limited
Property / Real Estate Services
+44 207 629 4119
+44 207 499 0119
68 Queen Victoria Street, London
41, Mount Kellet Road, The Peak
EC4N 4SJ, United Kingdom
Shaken Not Stirred June 2011 Pure Bar + Restaurant Gregory Brossard (Goedhuis & Co), Ben Lester (Elite Capital Solutions)
Victoria Coplans, Emily Ferrary (The British Chamber of Commerce in Hong Kong), Stuart Northrop (Widnell Sweett)
Steven Resco (Widnell Sweett), Maureen Mills (Executive Homes)
James Fearnside (Giles Publications), Ally Lung (Hong Kong Government) Naveen Qureshi (Tanner De Witt), Andrew Tam (Skadden)
Pretty Chu (Travelex), Gregory Seitz (AGS Four Winds) Maureen Gleeson (Simmons & Simmons), Gregory Seitz (AGS Four Winds)
Bong Miquiabas (Giles Publications), Eliza Lee (AIA), Dorothy Luo (AIA) Graham Price (Halifax Fan), Liz Hamerton (Strategic Ofﬁce Solutions)
Naveen Qureshi (Tanner De Witt), Sasha Koch-Belova
Anthony Richman (Venson), Derek Lynch (BT), Lee Wainwright (BT), Kunal Pradhan (BT)
Nick Gowlland (Sateri), Ally Lung (Hong Kong Government), Roslyn Lau
Ruth Rowan (BT), Roger Wu (Purcell Miller Tritton), Elise von Stolk (Santa Fe Relocation Services), Peter Hodges (Standard Chartered), Graham Price (Halifax Fan) July/August 2011 • Vol 26 • No 7
Published on Aug 14, 2011
Britain in Hong Kong is the highly regarded monthly magazine of the British Chamber of Commerce in Hong Kong. The magazine features news and...