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N o v e m b e r 2 0 1 0 • V o l 25 • N o 10

In This Issue

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5

UK Property

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10

Economic Debate

While

13

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Development Hubs

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Breakthrough Boxing

Plus

it would be pessimistic to

decline here is due to a number of factors

Hong Kong’s film wave was by no means

suggest that the financial crisis will become a

that coincided at roughly the same time. It

a purely art-house propulsion. The most

repeat of 1929, one of the few industries that

should be stressed that Hong Kong cinema

obvious and well-remembered genre of this

might benefit from another major downturn

may be down but it certainly isn’t out.

time is the multitude of martial arts movies.

is the entertainment sector. Hollywood’s

Though western audiences still tend to

golden years came in the Great Depression,

Nevertheless, it is widely recognised that

categorise vintage Hong Kong martial arts

a time when struggling families came to rely

Hong Kong’s art-world has genuinely suffered

films as some sort of artworks, by and

more heavily on cinema to take them away

from the city’s increased prosperity. High

large they were very cheaply produced and

from their troubles. This relatively new form of

living and business costs have simply edged

had story lines to match. This and other

entertainment was inexpensive, tremendously

out many committed artists, musicians,

genres catered to a mass audience in the

arresting, and it gave audiences a spectacle

writers, film makers and others. While sixties

best tradition of Hollywood – appealing to

of the glamorous lifestyle which they craved.

and seventies Kowloon may have been an

the lowest common denominator. A large

overcrowded, underprivileged hotbed of

part of Hong Kong cinema’s commercial

This sometimes inverse relationship between

discontent, it also saw the germination of a

success came from audiences outside the

the success of film industry and of the wider

local, even international, culture wave. Those

city; in Taiwan, Singapore and eventually,

economy is particularly apparent in the case

conditions closely resemble Elizabethan

a f t e r i t s 1 9 8 0 s o p e n i n g - u p p o l i c y, i n

of Hong Kong. Hong Kong’s film industry,

London, late 19th century Paris, and 20th

mainland China too. It took some time for

in full flower during the 1970s and 1980s,

century New York. Indeed, most of the films

the mainland film industry to rediscover

began to decline during the 1990s, exactly

of Wong Kar Wai, Hong Kong’s preeminent

commercial strength and, during the 1980s

as Hong Kong’s economy took off in earnest.

film director, hark back to the ‘golden age’ of

especially, Hong Kong cinema had the run

This is not perversity; the film industry’s

1960s and ‘70s Hong Kong.

of the mainland market.

• Environment • News • Events

(Continued on page 2)

www.britcham.com


COVER STORY (Continued from cover)

Hong Kong cinema’s apparent descent coincided with the Asian financial crisis of the late

exodus of its own actors and directors, many of whom have been attracted to the

1990s which dried up some traditional sources of film finance, but the decline had started

mainland Chinese movie industry or to Hollywood.

earlier and continued long after that recession had passed. From its all-time high point in the early 1990s, the number of films produced in Hong Kong had nearly halved by the

The question is whether to see this diffusion of talent as positive or negative. In terms

year 2000. Old cinemas were replaced by new multiplexes and ticket prices rose steeply.

of the formerly centralised local industry, the immediate effect has been painful, besides

Besides this, video piracy in East Asia took away much of the profits that the DVD market

which the phenomenon of Cantonese language entertainment appears genuinely

could have replaced. Some allege that Hong Kong’s film-making standards stalled or

threatened. Only twenty years ago, many young mainlanders were picking up Cantonese

reversed, leaving Hollywood to step in and fill the gap. In total, it seemed as if Hong Kong

by watching the Hong Kong imports (though some Hong Kong studios produced

had simply moved on from the movie business. 10 years on, and though there has been

films almost exclusively in Mandarin). Now the direction seems to have reversed, with

no further decline, there is no ascension towards the heights of yesteryear either. In view of

mainlanders primarily watching domestic productions and the Hong Kong population

the overall situation, the Hong Kong entertainment industry is in a quandary about the next

becoming more accustomed to Mandarin on TV.

direction that it should take. On the other hand, the internationalisation of the film industry provides many opportunities There are several possible roads forward, and each demands a reappraisal of the situation

for Hong Kong enterprise. Firstly, Hong Kong producers are already taking full advantage

to begin with. Firstly, Hong Kong production companies and government leaders can look

of entertainment investment opportunities both on the mainland and throughout the

at examples from other parts of the world. The French government, for example, is fiercely

region. Investment, after all, is Hong Kong’s forté. Even in terms of the Hong Kong actors

committed to protecting its film industry, and limits the number of Hollywood films that can

and directors, their overseas activities can be enormously profitable and influential. The

be shown in French cinemas every year. But for all its government grants, French cinema

recent success of Danny Boyle’s ‘Slumdog Millionaire’ demonstrates that international

does not attract anywhere near the same international following that it used to in the days

collaborations can be extremely successful. The director and screenplay writer, Danny

of ‘Jules et Jim’. This warning against protectionism seems to be borne out by the Korean

Boyle and Simon Beaufoy were British, the cast and setting all Indian (with exception of

film wave phenomenon, which only happened after Seoul dropped its limitations on foreign

the British leading role), and the largest distributor, Warner Bros. is international though

film imports. In one stroke Seoul allowed production companies to import as many foreign

largely thought of as US based company.

films as they wished in return for making more of their own movies – for which they would also gain tax benefits. The result is the enormously lucrative ‘Korean Wave’ that has literally

It could also be said that Hong Kong’s entertainment industry has simply stepped beyond

brought Korean culture onto the world stage.

its city boundaries. Major Hong Kong stars like Chow Yun Fat, Maggie Cheung and Andy Lau are now more or less constant globetrotters. At the same time, Hong Kong could find

A tempting path for production companies is the one which Britain has taken. While

itself well placed to initiate new directions, both at home and abroad. With a cosmopolitan

Britain’s film industry accounts for around 7% of the global market share (despite having

younger generation and open channels for dealing with mainland and overseas partners,

the world’s two highest grossing film franchises, Harry Potter and James Bond), its wider

Hong Kong has the potential for a new wave of entertainment. Examples like Britain and

entertainment industry is the real giant. In fact, a 2007 report by The Work Foundation

South Korea show how profitable that can be.

found that Britain’s entertainment industry is equal in value to its financial sector. Much of this is due to popular exports like Top Gear, Britain’s Got Talent and The Weakest Link, as well as a number of famous documentaries like David Attenborough’s Life series. Recent British comedy series such as Little Britain and The IT Crowd have met with similar international success. While this could be due to the growing predominance of the English language, the British comedy production that has found the highest circulation of all is that which has almost no dialogue at all – Mr. Bean. Perhaps not all business and government leaders are too fond of the idea of Britain as a nation of entertainers (particularly with Mr. Bean in mind), but that sector has been one of the country’s most significant exports at least since the heyday of the Ealing Studios.

Facts and Figures Hong Kong’s high point: In 1993, Hong Kong made a record 200 films. In 1992, the industry grossed a record US$155 million. Hong Kong’s highest grossing movie, earning over US$100 million worldwide, was the 2004 action comedy film, Kung Fu Hustle. The Harry Potter films have thus far brought in US$5.4 billion in worldwide receipts, making it the highest grossing film franchise to date (figure not adjusted for inflation). Top Gear has an estimated 350 million viewers worldwide.

While there are undoubtedly lessons that Hong Kong’s production companies can learn from abroad, one of the main tendencies that has emerged is the globalisation of the film industry. A number of major East Asian movies of recent years have been partly produced in Hong Kong, though their directors, settings or actors may be from elsewhere. Recent co-productions that made a great impact include ‘At the End of Daybreak’, ‘Spring Fever’, and ‘Ocean Flame’. Meanwhile, Hong Kong has seen an

2

www.brit cha m.c o m


The Magazine of the British Chamber of Commerce in Hong Kong

CHAIRMAN’S MESSAGE

Editors

The fall season is upon us, the air is getting cooler and the humidity has gone. This is good because the pace of work is certainly heating

Ian Cruz Sam Powney

up! The last month has been a busy one and I see further growth ahead. But recently there has been a lot of speculation over the Hong Kong economy. People are wondering if it is overheating or not, and whether we are in a real estate bubble and, if so, when it will pop.

Design Bill Mo Alan Wong Ken Ng Man Lo

Advertising Contact

Judging by the Chief Executive’s recent policy address, it seems that the Hong Kong property market is a major concern. He announced several measures to help cool the market and keep house prices affordable. Set against this apprehension, let me update you on some of the remarkable meetings that I held recently in London, alongside British Chamber Executive Director Christopher Hammerbeck. They were not limited to discussion of Hong Kong real estate, but they evinced a strong interest and belief in Hong Kong and our outstanding economy. There is still a lot of interest and excitement about investment in Hong Kong.

Charles Zimmerman

Project Management

Our early October meetings were to brief senior government leaders and business people on Hong Kong, and also to hear their thoughts

Vincent Foe

about how the Chamber can best assist UK businesses as they expand into Hong Kong, the Pearl River delta and all of China.

Jointly Published by Speedflex Medianet Ltd and The British Chamber of Commerce in Hong Kong

One of the highlights was The Hong Kong Dinner, an annual organised by the Hong Kong Trade Development Council in London. The

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

Duke of York and some 300 business people covering all sectors, in most cases very senior executives.

speakers this year were the Honourable John Tsang, HK Financial Secretary, Vince Cable, UK Secretary of State for Trade & Industry and Jack So Chairman of the Hong Kong Trade Development Council. The dinner was also attended by HRH Prince Andrew, the

It was particularly pleasing to hear the government’s comments on open markets and its opposition to protectionism, an ill that is rearing its head in several major markets. The speeches and the general flow of the evening made it one of the better discussiondinners of recent years and it clearly showed the interest in Hong Kong and its continued success. We held several meetings with various groups, including the Chief Executive of the China Britain Business Council; with the Hong Kong Association – a group of senior representatives from major corporations with direct interests in Hong Kong; another with Sir Andrew Cahn, Chief Executive of UKTI; with Xavier Rolet, Chief Executive Officer of the London Stock Exchange; and another important

British Chamber of Commerce Secretariat Executive Director CJA Hammerbeck CB, CBE

meeting with David Marsden, Director of the Hong Kong Trade Development Council, UK Office. We also had the pleasure to meet with Jeremy Browne MP, Minister of State of the Foreign & Commonwealth Office (FCO) who gave us the great news that Hong Kong is foremost in the minds of British companies, with over 40 new British Companies recently setting up operations here.

General Manager Cynthia Wang

We also attended a “Jobs in Hong Kong Seminar” organised by the Hong Kong Association. There were some 150 participants

Marketing and Communications Manager

and there had been a waiting list of a further 50 who could not attend due to limited space. We were somewhat surprised at the

Hilary Thomas

level of interest shown by the audience towards possibilities of employment in Hong Kong.

Special Events Manager Becky Roberts

Business Development Manager Dovenia Chow

attendance given that there was a strike on the London Underground. Both Christopher and I were impressed by the quality and high

These visits are important and really help to connect our British Chamber in Hong Kong with these important government officials and organisations. I must thank the British Consulate General in Hong Kong and the British Chamber who arranged such excellent meetings to help solidify these important relationships that actively help British business interests in Hong Kong.

Membership Executive

And now back to equally important items of interest to local members of the Chamber. It is time to start marking your diaries for the

Lucy Jenkins

Chamber’s Christmas events. Please note the Christmas lunch on Friday 3rd December & Christmas Drinks to be held on Thursday

Accountant

16th. We are also planning a dinner on 24th November with Mark Beaumont, the man who cycled the world.

Michelle Cheung

Executive Assistant Jessie Yip

And for those of you who enjoy a nice glass of wine, please take a read in this issue about the new British Chamber Wine Club which is a very exciting initiative where we’ve paired up with Platinum Wines to create an exclusive wine club deal. Membership will include free tasting events and a quarterly shipment of 12 excellent bottles of wines that are exclusive to Platinum Wines at a specially

Secretary Yammie Yuen

discounted rate. We hope this will help you get through the cool nights.

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.

ASIAN INVESTMENT IN LONDON PROPERTY . . . . . . 5 THE DUKE OF YORK ADDRESSES THE CHAMBER . . . 7 SUSTAINABILITY SHOWCASE: HK INTL AIRPORT . . . . 8 ANNUAL ECONOMIC DEBATE . . . . . . . . . . . . . . . . . 10 FINANCIAL REGULATORY RESTRUCTURING . . . . . 11 CREATIVE SOLUTIONS TO UNEXPECTED CHALLENGES . . . . . . . . . . . . . . . . . . 12

CHINA AND INDIA AS MANUFACTURING HUBS . . . PLAN INTERNATIONAL . . . . . . . . . . . . . . . . . . . . . . . MANCHESTER UNITED RESTAURANT/BAR . . . . . . NOVOTEL – AN OVERLOOKED OASIS . . . . . . . . . . . NEWS / NEW APPOINTMENTS . . . . . . . . . . . . . . . . . NEW MEMBERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SHAKEN NOT STIRRED . . . . . . . . . . . . . . . . . . . . . . .

13 15 16 17 21 22 23


INVESTMENT

Asian Investors in London International

capital flows into UK residential property have been strong over

the past 12 months and one of the strongest sources of capital has been investors from East

nightlife on the doorstep. Asking prices average £972,000 with asking rents of £3,320 per month. This reflects an investment yield of 4.1%.

and South East Asia. At the high-end of the London residential market for example, nearly 70% of the investors have been based overseas. This is a marked change from the market of 2006/7

Camden – Home to many university campuses, from King’s College London to London

when there was more equilibrium between 'home-grown' capital and international money.

School of Economics, this area is an attractive location for student accommodation. Asking prices average £728,000 with asking rents of £2,500 per month. This translates to an

Evidence suggests the investment appetite of East and South East Asian buyers stretches

investment yield of 4.1%.

across all sectors of the residential market, from ‘trophy’ asset hunters around Knightsbridge, Mayfair and Belgravia to those who buy apartments for children studying at London’s leading universities - typically around Bloomsbury, Clerkenwell or the Barbican. Of the nearly 7,500 newbuild sales in the central London market (in the year leading up to July 2010), approximately

Charts attached include Figure 1 – Significant foreign exchange gains allow Asian investors a ‘cheap’ entry while the housing market recovers from low’s reached in Q1 2009.

20% were acquired by East and South East Asian investors. These investors were responsible for nearly half of all purely investment purchases if we exclude owner-occupiers from this analysis.

Figure 2 – Performance, particularly at the top-end of the London market is correlated with the success of the stock market, market weakness proves a buying opportunity.

Of the world’s 97 new billionaires, 62 are from Asia according to Forbes. This explosion of wealth is a prime generator of demand for prime/super-prime London property. Asia-

UK House Prices recover & strong Asian foreign exchange rates lead to significant gains

Pacific’s population of HNWIs is now greater than Europe’s and this shift in global wealth is continuing, leading to increased demand for London residential property. Hong Kong,

CHY/GBP - 3YR Rebase

HKD/GBP - 3YR Rebase

Singaporean, Malaysian and mainland Chinese buyers lead the way.

SGD/GBP - 3YR Rebase

HPI - 3YR Rebase

160 150 140

Aug-10

Jun-10

Apr-10

Feb-10

Dec-09

Oct-09

Aug-09

Jun-09

Apr-09

Feb-09

built properties in London are an attractive asset class with a reasonable return, ideal for

Dec-08

80

strengthening in Sterling, concurrent with improving property prices. This means that newly

Oct-08

compared to their historic strength. Many overseas investors see a mid-to-long term

Aug-08

90 Jun-08

100

to suffer under the auspices of the austerity measures the markets remain at a low ebb

Apr-08

110

declined against leading currencies of the Asia Pacific region. While the UK plc continues

Aug-07

120

in 2008 was mirrored by an opportunity for overseas investors as the strength of sterling

Feb-08

130

Average house prices in the UK have grown strongly over the last decade; even the decline

Dec-07

long term investors, who are not looking for a short-term gain by ‘flipping’ the property on.

Oct-07

The majority of East and South East Asian investors looking at global property markets are

housing investment capital until markets are firmly back on track. London’s property market shows a correlation with the FTSE performance - weak markets are a buying opportunity East and South East Asian investors acquired approximately 20% of the nearly 8000 newly built units which came to the central London market in the 12 months to June 2010. The

HPI- 3YR Rebase

FTSE - 3YR Rebase

110

average investor bought property priced around £500,000. Chinese buyers alone spent

105

more than £200 million acquiring property, at an average of just over £1 million per unit.

100 95 90

While residential prices in Hong Kong and across the other major Chinese cites can prove

85

extremely volatile from quarter to quarter, the shifts in the UK market are much more subtle.

80

Since the bottom of the market in Q1-2009, the housing market has experienced five

75

Aug-10

Jun-10

Apr-10

Feb-10

Dec-09

Oct-09

Aug-09

Jun-09

Apr-09

Feb-09

Dec-08

Oct-08

Aug-08

Jun-08

Apr-08

Feb-08

as a safe bet. Over a 30 year timeframe, the capital growth from residential property has

60 Dec-07

to deploy your capital for long-term growth, the London market has long been viewed

65 Oct-07

the open market leads to smoother trends in supply and transaction volumes. As a place

70

Aug-07

consecutive quarters of growth. Likewise the general lack of government interference in

returned around 10% per annum - higher than comparable returns from UK equity markets, government bonds or commercial property markets.

Jones Lang LaSalle Contacts

Word of caution: The entry barriers and nuances of a particular sub-market can prove

Rob Bruce

Michael Glancy

challenging, so it is best to discuss it with a local market expert.

Head of Residential Research

Manager, International Properties

EMEA Research

Asia Pacific

Local London market analysis

Jones Lang LaSalle

Jones Lang LaSalle

Looking at the areas with the greatest Asian-buyer appetite:

London

Hong Kong

+44 (0)20 3147 1596

+852 2846 5848

City of Westminster – Encompassing Mayfair, Belgravia, Sloane Square and parts of

rob.bruce@eu.jll.com

michael.glancy@ap.jll.com

Knightsbridge, this area is in the heart of central London. This area offers prime/super-prime

www.joneslanglasalle.co.uk

joneslanglasalle.com.hk

accommodation overlooking Hyde Park or Regent’s Park with the shops and West-End Nov ember 2010 • Vol 25 • No 10

5


RUSINESS B EGULATION

HRH the Duke of York Addresses the Chamber By Sam Powney His Royal Highness the Duke of York was in Hong Kong in mid October to strengthen UK-HK trade ties as part of a longer regional trip. Prince Andrew is the UK’s Special Representative for International Trade and Investment, a role which includes promoting UK business internationally, marketing the UK to potential inward investors, and building relationships in support of UK business interests.

At

a luncheon in the Island Shangri-La hotel on the 14th of October, the Duke of York

addressed the British Chamber members. He began by commenting on recent developments back in the UK and stressed his support for the financial institutions who represent such a vital part of the British economy. For all the gloom of the 2008 crash, he noted that in 2010 the UK economy has seen the fastest consecutive growth in over ten years.

Visas: The bane of globe-trotters and a headache for all governments, can one find anything positive to say about them? Visa agreements and reciprocity is a complicated and sometimes very sensitive area. Governments have many reasons for wishing to limit, control or just monitor the inflow of aliens into their territory, though most also wish to attract foreign tourism and investment. Inequality in arrangements can be regarded as insulting to the

The Duke of York stressed that further growth would be export-related, and would come from manufacturing and services. ‘Our recovery will come from international activity’ he explained. In this regard he applauded the recent reduction of corporation tax to 24% - now

disadvantaged nation. It is an area that governments pledge to work hard to ameliorate, but which tends to attract little public pressure. With ever-increasing international travel and the harnessing of netizen opinion, that may soon change.

the lowest in the G7. He stressed that the UK is a world-class destination for international business. ‘It is a global hub for creativity and innovation. It is a champion of free trade

Work permits, diplomatic passes and study visas aside, let’s take a quick glance at the

and economic liberalism, and not forgetting an important platform for access to the wider

travel situation for citizens of Britain and the Hong Kong SAR.

European and global markets.’

Arrangements for citizens of Hong Kong SAR He also recognised that the UK has a number of pressing issues that it must work on and

Most Hong Kong people find themselves in an unusually complex situation regarding

highlighted visa regulation as an area that urgently needs reform. He stressed that the influx

travel outside Hong Kong. A Mainland Travel Permit for Hong Kong and Macau Residents

of highly talented professionals from overseas has been and will continue to be vital to

(valid for 10 years for adults and colloquially called a ‘Home Return Permit’) may be

Britain’s financial success.

issued to Hong Kong SAR passport holders, but at the sole discretion of the Public Security Bureau of Guangdong Province. Arrangements for Hong Kong’s 3.4 million

As for the importance of Britain’s business relationship with Hong Kong, he said that the facts speak for themselves. He noted that Hong Kong was the UK’s second largest export market for goods in all of Asia in 2009, while Hong Kong accounts for at least 50% of all UK investment in the top twelve Asian markets. ‘Hong Kong is at the heart of UK business interests in Asia.’ He also remarked on Hong Kong’s convenience for British businessmen

British National (Overseas) passport holders are equally complex. Best: Other than with the UK and Canada (reciprocity of 6 months without a visa), Hong Kong’s best visa agreements (for HK SAR passports) are with Mexico (180 days visa free) and Peru (183 days). Hong Kong citizens may stay in Macau for a year after presenting their Hong Kong ID card at the border control.

and investors, especially for its excellence in protection of Intellectual property rights and its situation as a springboard into mainland China. ‘I am particularly pleased,’ he said, ‘that

In need of better: Both Hong Kong SAR and BN(O) passport holders must apply in

UK companies are contributing to major infrastructure projects all over Asia and here in

advance for a visa to enter the USA. Currently, Hong Kong citizens (HK SAR passport

Hong Kong.’

and BN(O) holders) can visit the Philippines for only 7 days without a visa.

The Duke of York later expressed his delight in having the opportunity to meet some of

Arrangements for British passport holders

the chamber’s members. He also expressed his appreciation of the important role that the

Best: UK citizens have freedom of movement within the European Union. They may

British Chamber of Commerce in Hong Kong plays for the business community here and

visit Hong Kong for 180 days without a visa. Britain has visa-free reciprocity with most

sent his best wishes for its continued success and development.

other developed countries, usually for 90 days. Worst: North Korea – a visa must be issued, usually for a 5 day tour which costs around US$1000.

Most unusual: Saudi Arabia: a visa must be issued in advance, usually valid for 1 month of the lunar calendar. This applies to people of all countries other than a few close neighbours. Georgia: British passport holders may stay in Georgia without a visa for 360 days. HK SAR and BN(O) passport holders may buy a visa at their port of entry to stay in Georgia for up to 360 days. Please note: this information is independent of the Duke of York’s speech and these conditions are always liable to change. For the most up-to-date information before you travel, please check the Hong Kong government’s website: www.gov.hk/en/residents/ immigration/traveldoc/hksarpassport.htm or the British FCO website: www.fco.gov.uk/ en/travel-and-living-abroad/travel-advice-by-country.

Nov ember 2010 • Vol 25 • No 10

7


ENVIRONMENT

Britcham Sustainability Showcase Tour of Hong Kong International Airport

By Rick Morse

Hong Kong

International Airport (HKIA) is central to the Hong Kong

economy. Handling some 46 million passengers and 3.35 million tonnes of air cargo a year, it is ranked the third busiest international passenger airport and the busiest international cargo airport in the world. With over 800 aircraft movements every day and around 95 airlines operating from HKIA, the airport links Hong Kong with about 150 destinations around the world, including some 40 cities on the Chinese Mainland. Handling this flow of people, planes and cargo is a diverse airport community involving cargo terminals, freight forwarders, aircraft and equipment maintenance, baggage and ramp handlers, catering and aviation fuel services, all working together in the most complex operational environment in Hong Kong. The Airport Authority Hong Kong (AAHK) is responsible for managing this community in a sustainable manner, ensuring that environmental management is assigned a high level of importance in every aspect of daily operations and airport development. Continuing our showcase series of outstanding environmental programmes within the HK

Manager, Martin Putnam provided participants with an informative briefing on their

business community, the Chamber’s Environment Committee organised a half day visit

environmental programmes followed by a fascinating tour of both airside and landside

for 22 chamber members, including the Chamber’s Vice Chairman, Nicholas Sallnow-

facilities. What we learned is that the world’s best airport is also one of the worlds most

Smith, to HKIA where the AAHK’s General Manager, John Lamond and Environmental

proactive environmentally.

Incorporation of Environmental Values from the Very Start of Airport Planning Large scale infrastructure projects, whether they be airports, power plants or rail systems, take years (if not decades) to bring from the planning to operational stages. Decisions made early on will have major bearing upon the construction and operational phase impacts of the project. Fortunately, in planning HKIA, the AAHK was proactive in its environmental programmes and committed to including an EIA in its 1991 New Airport Master Plan document. This was eight years before the Hong Kong EIA Ordinance was enacted. More importantly, the AAHK committed to the implementation of all mitigation measures in the EIA and perhaps for the first time in Hong Kong, committed to public reporting on implementation status of these measures as well as periodic formal updates on EIA commitments (1998 and 2007). More recently, the AAHK has developed a formal Corporate Environmental Policy to guide current and future operations and developments.

Managing the Airport Community The AAHK manages the airport community in both real time day to day operations as well as through long-term contractual arrangements. During a visit to the airport’s Integrated Airport Centre, members saw first hand how all aspects of airport operations, from fuel spills to aircraft blocking runways, are coordinated and managed. Members also learned that through the innovative use of franchise agreements and operating contracts, the AAHK has required all members of the airport community to prepare and regularly update environmental management plans for each community member’s business and operations.

8

www.brit cha m.c o m


Managing Air Quality By their very nature, airports produce air polluting emissions. To counter this, the AAHK incorporates a range of emission reducing initiatives including: •

LPG fueling points for vehicles and ground service equipment

The use of B5 biodiesel from used cooking oil in all AAHK diesel vehicles

Replacement of AAHK vehicles with electric alternatives

Enhancing fixed ground power and pre-conditioned air systems at aircraft frontal gates to increase utilisation to over 90% of flights

Teaming up with airport community members to increase the existing 200-strong fleet of electric vehicles, including the provision of charging infrastructure

Carbon Management Climate change and carbon management have become the issues of our time. The AAHK recognises this both as a global and local concern and is a signatory to the aviation industry’s joint declaration on “Commitment to Action on Climate Change” as well as a supporter of the Hong Kong Government’s “Green Hong Kong – Carbon Audit” initiative. As a result of these programmes, the AAHK has completed “carbon audits” of 90% of the airport’s buildings and vehicles. In addition, the AAHK has directly removed 2800 tonnes of annual carbon emissions through an upgrade of its terminal building air conditioning systems and is in line to remove a further 7200 tonnes by 2013 through the provision of over 81000 LED lights.

Waste Minimisation Over 60,000 Hong Kong residents work at the airport to support the millions of passengers, tones of cargo, and thousands of aircrafts passing through the airport each year. On a daily basis, the waste loads are significant and the AAHK does its part to reduce this load. Since its first days of operation, it has set an example by operating a “Grey Water Treatment Plant” to recycle catering effluents and hand wash basin water from the terminal building and use the treated water for airport landscape irrigation.

Much More Space does not permit a complete account of AAHK’s environmental programmes at HKIA.

The AAHK also has maintained and expanded a long-term waste recycling programme

However, all participants came away with a strong sense that a professional team is in

with ever larger volumes of waste paper and cardboard, plastic, and aluminium cans

place and that the AAHK is doing its best to reduce the impact of the HKIA. The public has

being processed through proactive management efforts. Recently the AAHK has achieved

another reason to be proud of the best airport in the world.

a couple of significant breakthroughs in two of its largest waste streams. Wooden cargo pallets are now chipped for re-use by an off-airport recycler and a waste food recycler has been found who can significantly reduce food waste going to landfills from the multitude of terminal restaurants and canteens.

Nov ember 2010 • Vol 25 • No 10

9


BUSINESS

The Annual Economic Debate:

The Coming Double Dip Quantitative easing and massive fiscal deficits have produced the weakest recovery from a downturn in modern history. Now the piper has to be paid: fiscal deficits have to be unwound before governments face default and voter revolt. That means a reduction in demand in the near term and, for parts of Europe and the US, the risk of a double-dip recession. Last month chamber members gathered for the Annual Economic Debate where Dr Jim Walker, Founder & Managing Director, Asianomics and Nicholas Kwan, Asia Head of Research, Standard Chartered Bank provided their insights into this topic.

Jim

Sponsored by:

Walker opened the discussion

however, a slowdown in the economy is still likely given that two thirds of the global economy

by outlining the situation in the US where

– the G3 – is not seeing growth. Globally, we are not likely to see the kind of detrimental

it appears that the largest stimulus

impacts we saw in September 2008 as the world “doesn’t have that big a bubble to burst.”

p r o g r a m m e i n h i s t o r y, w h i c h w a s

Given that we no longer have the mega financial institutions and banks such as the former

implemented following the crisis, has failed

AIG, and the sizes of financial institutions are far smaller, the bubble is in effect smaller, and so

to adequately remedy the US economy.

would not present disruption of the same magnitude today.

The recovery which was seen in the third quarter of 2009 was the weakest recovery

Kwan did however pinpoint three areas which policy makers need to work on to avoid

in the last five recessions. Policy makers

further decline in the global economy and prevent a double dip. First there needs to be

have indeed been taking steps to encourage further growth and recovery. However, following

less political interference in the economic policies of many major economies. With many

on from the most concerted stimulus programme in history, both at the monetary level and

policies in the past year increasingly being driven by domestic political factors, economies

fiscal level, nearly all the indicators for forecasting economic activity – the yield curve, the

have to ensure that the ones enacted are warranted to enhance global economic strength.

housing market, real retail sales, money supply etc. – have either fallen or remain flat.

The second issue is policy makers believing that a single policy, such as trade or currency, can by

The first round of quantitative easing and the lowering of interest rates to near zero, while

itself drive growth. While individual policies definitely

initially stimulating recovery, are now facing criticism, having driven up stock prices and led

contribute to growth, singling out and tackling just one

to massive fiscal deficits. As demand now comes under pressure, this could eventually spur

or two policies is short-sighted, and doing so cannot

a double dip recession. Dr. Jim Walker explained, “zero interest rates are a total disaster.

adequately deal with the wider economic issues.

It makes people want to get money out of the bank and into risky equity and property

Lastly, economies need to put forward a more global

investments. These rates do one simple thing for business - they tell them ‘don’t invest, don’t

and concerted effort when dealing with economic

spend’. If you have zero interest set by the central bank, you have to assume, probably

issues to tackle the threat of the double dip. After

correctly, that there’s zero growth coming, and why would you expand your business with

the emergence of the financial crisis in the US in

zero growth coming?”

2007, it took more than a year before major policy makers realised the global implications of what was happening in the market. Concerted efforts to quell the effects only lasted a

Another measure taken by governments to try and drive wealth into the economy is to

year before nations began looking at their plight individually once more. In moving forward,

increase transfer payments in a bid to stimulate economies, increasing welfare such as

Kwan observed that coordinated efforts through summits such as the G20 are crucial in

unemployment benefits, social welfare transfers as well public spending. This too has

remedying the two aforementioned factors.

contributed to a growing fiscal deficit in the US. “The only way to get the private sector moving in economies like the US and Europe is to cut taxes,” said Walker. “It’s very simple.

With economists like Jim and Nicholas both expressing concerns over the way economies

You cut taxes for two specific groups of people - the corporate sector and the rich. This

are handling the current crisis, there does seem good reason to be cautious despite the last

may seem stupid, but given that the rich concentrate their spending on domestic goods

financial quarter showing signs of growth (albeit very slow). For many economists, the threat of

and services, you increase activity much more when you transfer payments to the highest

the double dip was eased after it was revealed that the US and UK economies had expanded

spenders rather than the poorest segments of society. But all

by 2.0% and 0.8% respectively. However, with the second

of the policy changes are unfortunately going in exactly the

round of quantitative easing recently sanctioned by the

opposite direction.”

US Federal Reserve, and plans to purchase an additional US$600 billion of longer-term treasury securities, critics

10

Nicholas Kwan continued with the discussion by explaining that

are still fearful this could drive up inflation, and seal the

if recession means a double dip, Asia is not likely to see one;

fate of economies dreading the double dip.

www.brit cha m.c o m


ECONOMY

Financial Regulatory Restructuring Far-Reaching Regroupment in the Shadow of Basel III By Sam Powney In the aftermath of the 2008 financial crisis, there was rapid international consensus on the need for swift reform of the global financial system. Financial regulators did not escape some of the blame and in the UK’s case the government will replace its Financial Services Authority (FSA) with two new agencies by 2012. Despite the coming restructuring, the FSA’s work is now more vital than ever. FSA representatives arrived in Hong Kong in mid-October to meet with British businesses here and to discuss policy with their Hong Kong counterparts.

On

the morning of the 14th of October, the Chamber

Regulatory Authority (PRA) will carry out the prudential regulation of financial firms,

was privileged to host three representatives of Britain’s FSA.

including banks, investment banks, building societies and insurance companies. All other

Over breakfast Jon Pain, Managing Director of the Supervision

responsibilities will be assumed by the Bank of England, which will establish a Financial

Business Unit, delivered a speech outlining the key changes

Policy Committee.

to financial regulation that will ensue in the coming few years. He detailed the British situation and outlined the position within

Mr. Pain characterised the new structure as a ‘twin peaks’ regulatory model, one that would

developments both European and global.

be immediately recognisable to those familiar with the Australian system. The intention from the FSA’s perspective is to shadow that structure within the existing FSA, then take one year

Mr. Pain began by introducing the core aspects of the Basel III

to bed down and fine tune the new regulations before they come into effect in 2012. Mr.

agreements thus far and commented on the formidable speed of

Pain also mentioned calls for a white-collar crime agency, a matter of ongoing discussion

consensus compared to the previous Basel II agreement which

and one likely to be resolved later in 2011.

took nearly ten years to reach agreement. In contrast, Basel III has been endorsed by the G20 less than 18 months after its proposal.

He went on to caution against being too introspective to the British situation, and detailed the overarching but similar

Basel III

discussions taking place on a European level. Europe is

Draft Basel III regulations include:

introducing three new 3 new regulatory authorities; for banking,

tighter definitions of common equity; banks must hold 4.5% by January 2015,

for insurance and pensions, and for securities and markets.

then a further 2.5%, totalling 7%

Their role will be to supervise directives across Europe and

the introduction of a leverage ratio

ensure a level playing field. He noted that there would be a

a framework for counter-cyclical capital buffers (designed to cool things down in

predictable tension between a pan-European agenda and that

an upswing, and stimulate growth in a downturn)

of the national regulators concerning individual firms. In this

measures to limit counterparty credit risk

regard it will be interesting to see if regulatory powers move

short and medium-term quantitative liquidity ratios

toward Europe or whether they stay in individual member states. Sitting above the European regulatory architecture will be the Systemic Risk Board,

The term Basel III was coined as early as 2005 but the Bank for International

handling macro-prudential issues on a European basis. This is essentially equivalent to, in

Settlements (BIS) began referring to the new international regulatory framework for

Britain’s case, the new Financial Policy Committee.

banks as “Basel III” in September this year. Thus, some very substantive reform is progressing at a rapid pace. Mr. Pain particularly stressed As Mr. Pain pointed out, when added to the proposed counter-cyclical buffer affecting an

the need for close co-operation between regulators both on a European level and globally. He

estimated 2 to 2.5% of capital, the new regulations will push the common equity level from a

explained that the differences between countries’ systems should be evaluated very carefully,

previous benchmark of 3% up to almost 10%. Though measures may end up being slightly

but that the overall stringency must not be compromised. The speech was received with

tailored to different countries’ varying systems (some of which are adapted to lower common

some careful note-taking and was followed by questions from the floor, ranging from issues

equity than others), the impact will be felt by all. Mr. Pain explained that banks are already

surrounding the position of the Hong Kong regulator, to the situation of London’s AIM (Alternative

coming to terms with the new shape of regulation and that, for a smoother transition, many

Investment Market) and its NOMADs (Nominated Advisors), to the role of the insurance sector.

may choose to acclimatise their systems in advance of the new regulations coming into effect.

Mr. Pain and his colleagues Verena Ross, Director of International Division, and Clive Adamson, Director of Major Retail Groups, endeavoured to give as detailed answers as possible.

Britain has taken the opportunity to cut the Gordion knot, separating the

Christopher Hammerbeck, Executive Director of The British Chamber of Commerce, summed

micro and macro aspects of the FSA’s

up with a reminder of the very widely held opinion, both in Britain and globally, that there

work into two new agencies. The

needs to be reform of the regulatory regime. There is a general view that the regulatory regime

Consumer Protection and Markets

failed in supervising financial institutions, leading to excesses precipitating the downfall in

Authority (CPMA) will be responsible

2008. In light of this, he welcomed the good work currently being done by the FSA as it

for policing the City and the banking

prepares for reorganisation. ‘Regulation can be light but it can also be proper,’ he said. ‘It

system, while the Prudential

underpins the whole basis of trust on which the market operates’. Nov ember 2010 • Vol 25 • No 10

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BUSINESS

Finding Creative Solutions to Unexpected Challenges Improvisation as a Training Tool in the Workplace

From Laozi and Heraclitus to Karl Marx and beyond, great thinkers have tried to characterise change and explain our reactions to it. Aphorisms like ‘carpe diem’ may become tired, but business leaders still struggle to achieve positive approaches for adaptation. Rite-Clik Lead Trainer, Sean Bilkey introduces his company’s approach to harnessing the power of improvisation.

The

most recent global downturn reminded us how vulnerable the economy can be

and just how quickly things can change. In an uncertain and unstable business climate

is the power of improvisation. While some improvisation artists are naturally and instinctively brilliant at this, there is a structure and basic rules of improvisation which can be taught.

developing a workforce that can think on its feet is a valuable competitive edge. This is why corporations have been turning to Improvisation to teach skills such as creativity, innovation,

Business people who have undertaken improvisation training have consistently noted its

leadership, communication and teamwork.

value in better preparing them to think on their feet and handle unexpected challenges with confidence and effectiveness. Its application in a business context is wide. Whether

Improvisation as a training tool in business has been growing in the United States for

handling a curve ball thrown by a client during a sales pitch, answering unexpected

decades. Such is its value, that it has been introduced as a course in business Programmes

questions following a presentation, or the unpredictable dynamic of the negotiation process,

like UCLA’s School of Management, Duke University’s Fuqua School of Business, MIT’s

improvisation teaches the business professional how to remain calm, understand what

Sloan School of Management and Columbia Business School. Its application in the Asian

others are communicating, accept it and work constructively with it.

region is still relatively new and unknown, but recently, companies in the region have been exploring its unique potential to build adaptive workforces.

Being in the moment, which requires a very high level of focused attention on what other people are communicating, is a core skill in improvisation. Being able to construct a

Our training strategies have been adequate in stable times, and technical training particularly

coherent performance that works greatly depends upon this ability. A range of improvisation

has been well developed and implemented. However, the impact of the global downturn

activities engage business learners in a fun, non-threatening context as they apply and

has demonstrated that our workforce has not been adequately prepared to find creative

refine this skill. Business learners become acutely aware of the blocks they often encounter

solutions to new challenges that suddenly arise.

to listening and understanding others, and they quickly develop an ability to move beyond these. The result is vastly improved interpersonal skills that enhance the communication

As humans we tend to gravitate towards routine and stability. We find comfort in the

effectiveness of the business professional.

familiar, as our brains build stronger connections from repeating same or similar behavior. We are not conditioned to respond constructively to a sudden unexpected change, such

It is becoming ever more obvious that change is a constant and accelerating phenomenon

as the recent economic downturn. Change or difference can make us feel uncomfortable,

in this evolving business landscape. The success of a corporation is becoming more and

resistant, angry, even scared or panicked. This is where improvisation presents a very

more dependent on the ability of its workforce to shift with the environment, to embrace the

powerful skill set to better prepare our workforce for any future change.

challenges and unexpected changes while finding creative solutions that move the organisation forward. The ability to stay calm and focused under pressure, and then to find new opportunities

The ability to embrace the unexpected, and work constructively with it, is the essence of

and possibilities from the changes that are thrown at you is valuable competitive edge.

improvisation. It is the creation and performance of scenes and stories without any planning or preparation. The improvisation artist is able to stand in front of an audience and create new solutions on the spot, working in creative collaboration with his/her fellow performers. This

12

www.brit cha m.c o m

For more information about rite-clik, please visit www.rite-clik.com.


OPINION

China Demographics Ensure India’s Future as Global Manufacturing Hub

By Chris Devonshire-Ellis While China is by no means returning to the economic policies of yesteryear, there is a sense that the opening up of the economy to foreign interests has reached its roughly intended capacity. Additionally, the desperate appetite of both foreign newcomers and domestic investors has encouraged some Chinese companies to adopt a more casual attitude towards accountability. Conversely, the Indian economy is emerging from the long smothering embrace of government protectionism. The private sector has always been keen to India’s potential for rapid development, but now increasing swathes of both local and national leadership are going all out to attract foreign investment. As China moves past its ‘easy to please’ stage, is India waiting in the wings as the next manufacturing giant? Chris Devonshire-Ellis of Asia Briefing Media thinks so.

China’s

rapidly aging population is set to dramatically shrink its workforce and

with the Chinese government itself still a major shareholder in many Chinese state-owned

effectively pass the baton to India as the world’s manufacturing hub, according to analysis

enterprises, foreign investors will have an increasingly tough time competing with them.

from Morgan Stanley and the Global Times. China’s one child policy, which has seen it

Additionally, selling to China requires a profound knowledge of Chinese culture and tastes. It

manage its population over the past three decades, is now beginning to impact the work

can be profitable, but it is a path fraught with difficulties. The successful foreign investor will

pool and reducing the number of Chinese workers.

have deep pockets and a sound Chinese joint venture partner to help them. The domestic expertise and finesse to assist sales of products to the Chinese consumer will invariably

The Global Times says, “2015 will mark the beginning of the end of China’s demographic

require Chinese local expertise. Brands well-known globally will have to adapt marketing,

dividend.” The World Bank also echoes those sentiments, predicting that China’s GDP

positioning and even recipes to fit the Chinese model.

growth will fall to 7.7 percent in 2015 and to 6.7 percent by 2020. Morgan Stanley expects India’s growth to head in the opposite direction and to surpass China’s growth two years

The most common complaint about India is its infrastructure, which coupled with a generally

from now.

moribund economy for 40 years after independence has meant a lack of concerted investment strategy. That is already changing - airports are being fixed, bridges spanning oceans are

China’s ageing workforce is already having an impact on the nature of conducting business

being built, and city subway networks are being opened. For contractors, architects and

in the country. It was in recognition of this that China strengthened its labour laws two

engineers who made good in China, India is the new land of opportunity. A staggering

years ago, making it more difficult for employers to lay off ageing staff without having to

US$500 billion is being spent in the next three years in India, and foreign businesses involved

pay significant compensation, based on years of service given. That move effectively made

in any aspect of infrastructure development are scrambling to get into the market.

employers financially responsible for at least part of the nation’s pension requirements. In 2015, China will be home to 200 million people above 60 years old, and workers coming

China will still maintain various sectors for sourcing in which it has specific expertise, and

to retirement age are expected to add an unprecedented 10 million retirees per year to that

of course there is still its domestic market to service. But the weight of economics is likely

figure. That loss of workforce is already starting to make China more expensive, and this

to make India the future tiger of global procurement. Certainly there are comments about

trend will continue. India, however, is poised to provide the vast bulk of the global labour

quality and the infrastructure bugbear, but China went through the same issues twenty

pool. By 2020, the average Indian will be 29, while the average Chinese citizen will be 37.

years ago. “Made in China” was a poor brand in the 1980s. Also, India’s infrastructure is not as bad as it is often characterised, and cost savings are there to be gained. Relocating

China is becoming a consumer market to sell to rather than a global manufacturing hub.

a business from China to India is also, from the legal, operational and financial perspective,

This is often quoted as the dynamic that will maintain China as a major destination for

rather easier than is generally considered, as our report earlier this month demonstrates.

foreign direct investment. While this is true, selling to China is still far from straightforward,

Meanwhile in China, it is generally recognised that recent shifts in government policy have

especially for overseas investors. The China market is prone to protectionist measures, and

made doing business more expensive for foreign investors. Nov ember 2010 • Vol 25 • No 10

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CHAMBER EVENTS The British Chamber is proud to announce the launch of The British Chamber Wine Club!

Benefits of The British Chamber Wine Club include: - Free tasting events to choose your wines - 12 bottles of wine delivered every 3 months - Save at least 20% off the normal price - Cancel at any time - Advice from your personal wine consultant - Network with fellow members - Additional discounts on wine purchases -

All this for just $1888 per quarter! Join us for a complimentary tasting of 9 wines, delicious canapés and live music to celebrate the launch of the Wine Club and stock up on some wonderful wines just in time for Christmas!

Thursday 18th November 6.00pm - 10.00pm Fringe Club Terrace 2 Lower Albert Road, Central Bring your business cards to enter our lucky draw for a chance to win a free wine club membership or a bottle of Krug 1998 (worth HK$2000!) brought to you by:

Space is limited so book now to reserve your place at this free event at www.britcham.com. For more information about the wine club, please email wineclub@britcham.com

The Man Who Cycled The World: An inspirational evening with Mark Beaumont

Wednesday 24th November 7.30pm Hong Kong Football Club Main Restaurant Join us for an inspirational evening with Mark Beaumont, The Man Who Cycled the World. Mark will be speaking about his extraordinary cycling adventures, which include his speedy circumnavigation of the world by bicycle in 2008 and a recent trip cycling the length of the Americas from Alaska to Peru. Mark will be signing copies of his recent bestselling book ‘The

Man Who Cycled the World’.

For the details, please contact Becky Roberts: Becky@britcham.com 14

www.brit cha m.co m


COMMUNITY

NOT ALL GIRLS ARE AS LUCKY AS HONG KONG GIRLS Among

the disadvantaged, the plight of girls is the worst. Hong Kong girls, by and

large, compete on a level playing field and achieve high office or successful careers through their

a helper. She worked there for eight months for a salary of 1,000 Nepali Rupees per

own abilities. The same is not true in many developing countries, where girls may be denied

month, the equivalent of £8, which was not enough for her to live on or pay for her

access to adequate healthcare and decent educational opportunities. Providing those basic rights

studies. The owner would often not pay her and used to scold her when she left the

would give them a platform from which to become productive members of their communities.

restaurant or asked for her salary. Often the male customers would tease her using vulgar words. One night, a man forced her to stay with him. She was very nervous and

One of the oldest and largest children’s

started crying but she was helpless. After going to a funfair with her friends one day

development organisations in the world,

Sunita was sacked by the restaurant. She was forced to find work in another restaurant

Plan International has a long legacy in Hong

where she was asked to go with the male customers more frequently.

Kong, dating back to 1959 when it opened its first field office to address the needs of

Plan helped Sunita’s sister-in-law set up a successful tea and sack shop with an

the thousands of children and their families

income that supports her family and Sunita’s education. Although Sunita had a difficult

who came to the city from mainland China

childhood she continued her studies and is optimistic about her life. She now studies in

and later from Indochina. For the next 15

a local secondary school with scholarship support from the project and has been taking

years, it helped nearly 12,000 children and

part in life-skills classes, as part of the Better Life Option Program (BLOP).

their families with support in education and health, as well as pioneering peer group counselling for mothers and fathers.

Plan Hong Kong is embarking on the “Because I am a Girl” (BIAAG)

Several of its beneficiaries are recognised

campaign to provide support to millions of other children in desperate

personalities in many walks of Hong Kong

straits. Launching on November 20th, the campaign will be supported

life, from the entertainment industry, through business, to government itself.

by students from Hong Kong’s primary and secondary schools who will participate in a city-wide photo competition to express their views

Plan continues to ensure that all girls are not only born into gender equality but continue to

on what “Because I am a Girl” means to them. A grand finale judging

be treated as equal. Girls like Ashmi and Sunita.

competition for the best photos will be held on International Children’s Day in April, 2011.

Ashmi and Sunita Plan rescued Ashmi, 11, from working in the restaurant where her mother was a cleaner in Itahari, Nepal. Ashmi's parents could not earn enough to look after her and her two younger brothers. She did not get a salary; instead, she was given food and her family were allowed to build a makeshift hut on land belonging to the restaurant owner. After a short time the owner and his customers began to abuse her by touching her body and asking her to go with the clients for their entertainment. Ashmi was very scared and

Nine Hong Kong women have agreed to become BIAAG Ambassadors. Drawn from backgrounds as diverse as the power industry, jewellery, ballet, music, graphic arts and film, and education, they have all carved successful careers in their respective fields. Among them are Mrs Betty Yuen (CLP), Ms Cindy Yeung (Emperor Jewellery). Mrs Christine Liao (Christine Liao School of Ballet), Ms Alice Mak (creator of cartoon characters McDull and McMug), Dr Connie Wong (pianist, who has just been named one of the 10 Outstanding Young Persons of the year), Ms Olivia Yan (drama producer) and Ms. Christine Ma (JEMS Education Centre).

wanted to leave but felt she had no choice but to stay. Ashmi was also forced to leave school and did not get to complete the last three years of her primary education.

The “Because I am a Girl” campaign features a “Girls’ Fund” to support a portfolio of projects, including tuition scholarships for girls in China and Ghana, support for girl slum dwellers in Islamabad,

Plan helped fund Ashmi’s family, giving them the skills to set up a mobile snacks stall that allowed them to support the children, take Ashmi out of the local restaurant, and

Pakistan, as well as a truly special project in Nepal where Plan works with a local organisation that seeks to extract young girls from forced labour in the so called “Cabin Girls” industry.

send them all to school. There are many opportunities for companies to underwrite projects that provide scholarships, Sunita, also from Itahari, lives with her sister-in-law. The sister-in-law couldn’t afford to pay for Sunita’s education, so Sunita began to work in one of the restaurants as

safe schools, and dormitories, reproductive and maternal health programmes, life skills, vocational training, financial literacy programmes, microfinance and many more. You can find out more about “Because I am a Girl” by going to: www.becauseiamagirl.org.hk.

Nov ember 2010 • Vol 25 • No 10

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LIFESTYLE

An Overlooked Oasis By Hilary Thomas

We

expats who are lucky enough to work in Wanchai can enjoy a moment now and

again knowing that we are living a more authentic Hong Kong experience. The hole-in-the-wall noodle stands, the waft of medicinal herbs emanating from bubbling cauldrons inside medicine shops, the men on the streets selling an assortment of fruit, vegetables and incomprehensible magazines all conspire to make our walks around the area in the course of our day something of an adventure. But once in a while, if we’re honest, we envy the range of choice our centralbased counterparts enjoy when it comes to good quality, classy lunch spots – particularly when it comes to entertaining clients who have offered to make the journey eastwards. That’s one of the reasons why Novotel has become so popular. Pepino Cucina, Novotel’s Italian restaurant, serves one of the best business lunches in Wanchai and the set menu option makes it a very reasonable choice for a social lunch out with colleagues too. The sophisticated Italian flavours from the delicious antipasto starter buffet and the indulgent pasta and delicate fish dishes are a real treat. The dining experience is very enjoyable too the decor is smart, airy and exudes a sophisticated continental air with wooden panelling, long windows and a pleasant tumble of plants.

Dragonfly

The first thing that lured me to the Novotel was a tucked away place on their lower ground floor. Novotel has just become the first Hong Kong location of the popular foot massage chain Dragonfly, and if this place doesn’t have weary feet from all over Hong Kong beating a path to its door, I’ll be stunned. Dragonfly is the perfect after-work wind-down: calm light warms the gorgeous interior while exotic scents soothe the senses. On arrival, after choosing a treatment, guests are then offered a separate menu. At this point the selection is aimed at creating a wholly personalised experience - guests are offered a choice of pillow scent and a vast range of different kinds of foot soak to ‘kick off’ the treatment (including ‘jelly’ which comes highly recommended) One of the main principles of Dragonfly is to relax all its guests to the point of easing sleep problems and calming troubled bodies. And what a treatment it was – deep chairs in a candlelit room with water features and gentle music; expert massage therapists easing away every knot and strain in feet and legs; delicate aromas soothing troubled minds. Try an hour at the Dragonfly and await the sleep of the just.

Alternatively if you’re looking for something a little more bustling and with even more choice, do also check out Le Café on the first floor. Its huge buffet selection includes fresh pasta, Chinese, Western, hot and cold dishes and just walking past the vast selection made me feel guilty. This is a definite option for those slightly hazy mornings after Shaken Not Stirred! Built in 1991 and renovated only last year, the Novotel is a classic, fully modern hotel with all the amenities. The health club and wellappointed outside pool is available for non-guests for a monthly fee, a great option if you’re based in Wanchai and would enjoy the occasional lunchtime dip. There is also a great array of meeting rooms, conference facilities and a ground floor cafe with wi-fi for when caffeine levels get low.

So if, like me, you may have overdone it on the noodles recently why not add the Novotel to your list of lunchtime options?

16

www.brit cha m.co m


Manchester United Restaurant - Bar By Sam Powney

Opened

only in April this year, the Manchester United Restaurant - Bar is part

is perhaps the most interesting facet of Alex Ferguson’s

of the rapidly expanding Manchester United Food and Beverage chain in Asia, and the first

management of Man U. – that the club has gained such a

officially licensed venue in the greater China region.

vast international following.

Admittedly, I first approached the Manchester United Bar - Restaurant with some

My hosts recommended a house special, the

trepidation. I had a foreboding of being unmasked as a football non-enthusiast and,

Championship Burger. It was crisply presented with

perhaps, kicked out onto the street by plastic-studded boots. Nevertheless, I ventured into

truffle mayonnaise on the side and, without my asking,

Tsim Sha Tsui and found the bar on a street parallel with Nathan Road. In fact, one of the

included the essential but all too oft forgotten ingredient

first questions that the managers asked me after I arrived was if I came from ‘the dark side’.

– jalapeños. I hasten to say that there were many trendier

I thought the game was up but, as it happened, they were only asking (good-naturedly)

and no doubt healthier options on the menu, but I was

whether I was a Liverpool fan.

in the mood for calories. I resisted some intriguing cocktails but settled on a beer called ‘Paradox’, made by

There was no need for anxiety. My hosts, Ricky Takasu and Thomas Lau, directors of

BrewDog. Brew Dog, the upstart Scottish brewery with

NextStep Gourmet Group, were the least overbearing football fans that I have ever met. As

its flamboyantly novel beers, is particularly well represented on a drinks menu which

they later confided, they come across a common misconception that their passion for the

includes 50 beers imported from Britain. There seemed to be a core identity here which

sport led them to consider asking the club for their blessing in setting up a themed venue.

the Man U. Bar and its customers could relate to – the rebelliously productive vein of

In fact it was Manchester United who approached them because of their food and beverage

the Y generation. Football fans in Hong Kong tend to be among the younger generation

background. Their concept for the bar matched that of the club, and the contract was

and are most likely interested in products that are both innovative and professional. This

theirs. ‘Of course, being a Man U. fan helps’, adds Lau.

is very much the alloy of the Man U. Bar.

Looking around, I got a very different sense from the

I pressed the owners to comment on the next stage of Manchester United’s development,

football-centred bars that I had experienced before.

the metamorphosis from a club into a brand. I first remember inklings of this new direction

No tepid lagers and dingy dart boards here. To begin

in football at the time of David Beckham’s fabulously lucrative Asia tour for Real Madrid in

with, the restaurant is much larger than I had expected,

2003, but a club-themed bar seems more explicit. It is very much as a brand that Takasu

with a spacious central eating area and an entire corner

and Lau like to see their venue. ‘We started with the brand name,’ says Lau ‘It’s very

devoted to the history of the club (featuring a good deal

natural for fans to come here but they can do a lot more than just watch the game.’ Though

of Alex Ferguson). The overall feel is vastly more chic and

weekends tend to be more sport-oriented it still functions very much as a bar/restaurant,

comfortable than one generally imagines football to be

with a happy hour on weekdays and live bands on Friday nights. The venue has already

associated with. To the side there is a game watching gallery with a more earnest sports-fan

been booked for many events including, recently, a wedding.

feel, though in fact it would be a challenge to find a spot anywhere from which you could not see a screen. There are seventeen of them in total, including one that is literally built into

The bar does offer something unique to the fans – legend Bryan Robson was present

the men’s urinal. It must be said that on some level I still feel apologetic to the celebrities

for the launch party, signed memorabilia adorns the wall, and the gift-shop downstairs is

smiling upwards during my brief encounter with screen seventeen.

stocked with all the club-related products that a fan could wish for (I would imagine). The restaurant even offers ‘The Carrington’ training menus which replicate the nutritional regime

Over lunch my hosts gave me a clearer picture of the football scene here. Firstly, it vies

of the players. But in fact, says Lau, many customers say that they love the restaurant and

with horse racing as Hong Kong’s most popular sport. Doubtless this provided much of

now respect the Manchester United brand even though they never watch any football at all.

the impetus for the hugely successful 2001 film ‘Shaolin Soccer’. While finances constrain

I came away feeling something of a convert myself.

the spending of many young people, it is the thirty to forty range that makes up perhaps the largest proportion of the restaurant’s customers. This, Takasu explained, is the first generation that grew up on English Premier League football, and no club excited more

For further info, please visit the Manchester United Restaurant Bar website: www.manutdrcb.com.hk,

fervour than the reinvigorated Manchester United of the 80s onwards. To an outsider this

or go straight there: 32- 34 Lock Road, Tsim Sha Tsui, tel +852 2366 4880.

Nov ember 2010 • Vol 25 • No 10

17


EVENTS

Britcham and Tanner De Witt present:

“Champions aren’t made in gyms. Champions are made from something they have deep inside them – a desire, a dream, a vision.” Muhammad Ali

The Hong Kong Football Club was the scene for an evening of great sporting action on Saturday 9th October as the Chamber staged it’s annual Charity Boxing night. 12 young boxers stepped into the ring, each seeking to prove their desire to be champions. Once again the event was an excellent showcase for the work of the Hong Kong Police’s Operation Breakthrough scheme, which gives young people in Hong Kong an opportunity to turn their lives around through involvement in sporting activities. A number of the boxers taking part in the scheme first came into contact with the police force in much less positive circumstances -having been arrested for minor offences. Through the discipline and mentoring provided by the training they receive, they are able to redefine their relationships with authority figures, and ultimately develop their lives to make a positive contribution to society. The Breakthrough Boxers faced tough competition this year from a number of talented young boxers from Guangzhou Boxing School – including Zheng Wei Hong, who went on to win the judges choice for the best boxer on the night. Through the fundraising activities on the night, HK$374,000 was raised for Operation Breakthrough, thanks in part to some fantastic prize donations by Hotel de La Paix in Siem Reap, Flight Centre and The Village, Coconut Island in Phuket who donated a prize package for the live auction.

18

www.brit cha m.co m


The Chamber would like to thank Tanner De Witt for their title sponsorship of the event, CLSA and Sportsperformance for bout sponsorship, and AGS Four Winds for their logistics support. Our thanks also to Hill & Associates for sponsoring the HK$5000 cash prize for the best boxer, Playmore for sponsoring t-shirts for the boxing teams, Old Pulteney for supplying whisky, and Budon Creation for their help with graphics and design.

Nov ember 2010 • Vol 25 • No 10

19


MEMBER BENEFITS

Barclays Asia Trophy 2011 At

a press conference in the Grand Hyatt hotel on the 19th of October, the organisers announced the return of the Barclays Asia football

tournament to Hong Kong next year. The biannual tournament was held here in 2007 and on the last occasion in Beijing. The 2010/11 Hong Kong First Division will play alongside English Premier League teams Chelsea, Aston Villa and Blackburn Rovers. The tournament will take place in Hong Kong Stadium in late July next year.

From left to right: Mr Kevin Burke, Managing Director of Head of Distribution of Asia PaciďŹ c from Barclays Capital, Mr Brian Leung, Chairman of Hong Kong Football Association, Mr Richard Masters, Premier League Director of Marketing and Sales

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 info@britcham.com to request them. Accor

Dot Cod

The Mira Hong Kong

AGS Four Winds International Movers Ltd

Grand Hyatt

Pure Fitness

Altaya

Hyatt Regency

Regus

Andara

IPAC

Renaissance Harbour View Hotel Hong Kong

Avis

The Langham Hong Kong

Virgin Atlantic

B&W Group Asia Limited

Le Meridien Cyberport

Visit Britain

Berry Bros & Rudd

Lloyds TSB PaciďŹ c Limited

British Airways

Marketsensus

For up to date event listings and information, check out www.britcham.com 20

www.brit cha m.c o m


NEWS / NEW APPOINTMENTS

Chinese asset managers are the fastest growing in the top 500

98% of companies in China hit by fraud, according to annual survey by Kroll

Assets managed by large mainland China-domiciled investment management firms

China has overtaken Brazil as the top market in which companies suffered fraud, according

increased by 56% in 2009 - substantially more than large investment managers in other

to the latest edition of the Kroll Annual Global Fraud Report. This year’s study shows that 98%

markets - according to the Pensions & Investments / Towers Watson World 500 ranking.

of the respondents in China suffered at least one type of fraud in the last year, while 90% of

The research, conducted in conjunction with P&I, a leading US investment newspaper,

respondents in Brazil, which was in the top spot in 2009, said the same.

reveals that fifteen Chinese investment managers have entered the global ranking

Last year 89% of companies in China had experienced fraud, compared with Brazil’s

during the past five years; seven of them in 2009. Among these managers, China Asset

92%. The findings are the result of a study of more than 800 senior executives worldwide,

Management is the biggest mover globally, having advanced from 496th in the ranking

commissioned by Kroll with the Economist Intelligence Unit.

in 2005 to 194th in 2009. In 2009, E Fund Management (position 254) and Guotai Fund Management (position 425) were the fastest growing managers in mainland China, both having grown their assets by more than 80% from the previous year.

The report also found that the types of fraud experienced in China are more varied than any other market in the world. Nine of the eleven frauds covered in the survey affected at least one out of five companies, including management conflict of interest (30%), IP theft, piracy,

Assets under management of North American managers, Australian managers and

or counterfeiting (26%), theft of physical assets or stock (22%), regulatory or compliance

European managers increased by 28%, 20% and 6% respectively, while assets

fraud (22%), financial mismanagement (22%), market collusion (22%), corruption and

managed by Japanese managers remained largely static during 2009.

bribery (20%), vendor, supplier or procurement fraud (20%), and money laundering (20%).

Cake for a cause at Mandarin Oriental, Hong Kong in support of Oxfam Trailwalker 2010

Emerging markets shine amid climate change gloom

In support of one of Hong Kong's largest and most popular hiking fundraisers Oxfam Trailwalker, the Cake Shop at Mandarin Oriental, Hong Kong will be selling its signature carrot cakes and cheese cakes bearing the Oxfam Trailwalker logo from now to 19 November. For only HKD 35, guests will not only enjoy the delicious cake but at the same time will be supporting an important cause, as the hotel will donate 50 percent of

one of the top three concerns globally, on a par with economic stability and terrorism. The Hong Kong research results show that for the first time, climate change has topped Hong Kong people’s agenda. Hong Kong respondents ranked climate change (25 per cent) as the number one concern in their lives even ahead of global economic stability (22 per cent) and pandemic diseases (16 per cent). Hong Kong respondents have also shown the highest level of general climate change awareness (83 per cent) and demonstrate the strongest personal commitment to reducing impacts of climate change among developed economies. Globally, the emerging economies provide a welcome note of optimism with two-thirds (64

all proceeds from cakes sold to Oxfam. Mandarin Oriental has entered a team for the 100-km trek across Hong Kong, which will take an expected 10,000 participants an average of 48 hours to complete. Telephone 2522 0111, Website: www.mandarinoriental.com

per cent) of respondents in China claiming to be making a significant effort to help reduce climate change, compared to 23 per cent in the UK, 20 per cent in the USA and 11 per cent in Japan. One in three people in Vietnam, India and China believe climate change can be halted, compared to just one in 20 in France and the UK.

Grand Hyatt Hong Kong has recently

International law firm Withers announced that it has further expanded its Hong Kong

announced that Christophe Orlarei has been

office with the relocation of Katie Graves, Partner, from London. She will focus on

appointed sommelier of the hotel. A native

providing international trust structuring advice to clients, as well as UK tax advice to

of France, Christophe possesses substantial

individuals and trustees.

experience in food and wine.

Christophe Orlarei

The results of HSBC’s fourth Climate Confidence Monitor, reveal that climate change is

Katie is listed in the Citywealth 2010 Leading Lawyers List as a prominent figure and is

Before 2009, Christophe spent over a decade

a member of the Society of Trust and Estate Practitioners. She originally joined Withers’

in New York, Atlanta and London defining

London office in 1997 and during her time there, has handled a number of complex

and polishing his knowledge of wine and

issues for clients, including trust and estate planning, drafting legislation and setting up

spirits. He has a master’s degree in restaurant

an offshore structure.

management from “I’Ecole de Paris des Metiers de la Table” in Paris, France and a

bachelor’s degree from “Ecole Hoteliere de St-Quentin-en-Yvelines” in Paris, France.

“Katie has broad experience in establishing complex trust structures and the use of private trust companies, and also has significant

Christophe has a solid background ranging from head sommelier to restaurant general

experience in setting up and structuring family

manager. His accomplishments include positions and promotions with renowned

offices. Her skills will be extremely useful for

restaurants in New York, London and Paris including the Waldorf Astoria Hotel, The New

our clients who are beginning to look at these

York Palace Hotel, Les Ambassadeurs Club, Green’s Restaurant and Criterion and Quo

structures as an effective way to manage

Vadis Restaurants (Group Marco Pierre White) in London. He has earned his restaurants

their business, personal and philanthropic

great accolades such as the Wine Spectator Award of Excellence from 2002-2008, the

interests,” said Marcus Dearle, Withers’ Hong

AAA Four Diamond Award from 2002-2005 and the Dirona Award from 2002-2005.

Kong Office Managing Director.

Katie Graves Nov ember 2010 • Vol 25 • No 10

21


NEW MEMBERS Chairs of Specialist Committees Business Policy Unit Tim Peirson-Smith Executive Counsel China David Watt DTZ Construction Derek Smyth Gammon Construction Education Stephen Eno Baker & McKenzie Environment 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 ICT Kevin Taylor BT Marketing & Communications Adam O’Conor Ogilvy & Mather Group Real Estate Jeremy Sheldon Jones Lang LaSalle Scottish Business Group Dr. Jim Walker Asianomics Limited Logistics Mark Millar M Power Associates Small & Medium Enterprises Kate Kelly Women in Business Lisa Bowman DG3 Asia Limited YNetwork Fiona Foxon Business Angel Programme Neil Orvay Asia Spa & Wellness Limited Tim Hay-Edie Simple Pilot Software

22

www.brit cha m.c o m

ADDITIONAL

YNETWORK

Hong Kong International Terminals Ltd

Jones Lang LaSalle Limited

British Council – Scholar

Michael Glancy Manager, International Properties Tel 2846 5848 Fax 2877 5848 michael.glancy@ap.jll.com 28/F, One Pacific Place, 88 Queensway Hong Kong Property / Real Estate Services

Emma Knight Student Tel 5344 8075 knight_emma@hotmail.com Room 1102A, Hall 1, Student Residence City University of HK, 22 Cornwall Street Kowloon Tong, Hong Kong Education

British Council – Scholar

British Council – Scholar

Frank Gaymond Student frank@gaymond.co.uk Room314, UG Hall 3 HK University of Science & Technology Clear Water Bay, Hong Kong Education

Anna Hayman Student Tel 9859 8753 arh213@exeter.ac.uk 303A, Patrick Manson Student Residence City University of HK, 22 Cornwall Street Kowloon Tong, Hong Kong Education

John Harries Port Development Director Tel 2619 7878 Fax 2619 7373 harries.john@hit.com.hk Kwai Chung Container Port Container Port Road, South Kwai Chung Hong Kong Shipping

Mandarin Oriental Hotel Group Craig Beattie Director of Corporate Finance Tel 2895 9171 Fax 2837 3552 craigb@mohg.com 7th Floor, 281 Gloucester Road Causeway Bay, Hong Kong Hospitality

The Hong Kong Polytechnic University Ruth Benny Training Consultant Tel 3400 2738 ruth.benny@polyu.edu.hk M1601, Li Ka Shing Tower, Hung Hom Kowloon, Hong Kong Education

International Risk Ltd Stuart Witchell Chief Operations Officer Tel 3120 8686 stuart.witchell@intl-risk.com Room 1009-18, Shui On Centre 6-8 Harbour Road, Wanchai Hong Kong Risk Management

Ove Arup & Partners Hong Kong Ltd Arlene Goode Energy, Resources & Industry Business Development Manager Tel 2268 3245 arlene.goode@arup.com Level 5, Festival Walk 80 Tat Chee Avenue, Kowloon Tong Hong Kong Consultant Engineers

British Council – Scholar Hannah Sabin Student hannahsabin@mac.com 306B, Patrick Manson Building 7 Sasson Road, Pokfulam Hong Kong Education

British Council – Scholar Andrew Forbes Student Tel 9332 7490 andrew_r_forbes@yahoo.co.uk Room A303-L1, Block A, Student Flats 6 Sassoon Road, Pokfulam, Hong Kong Education

British Council – Scholar Rory Wilson Student Tel 5347 3126 rdwilson1@sheffield.ac.uk 912A, Suen Chi Sun Hall Jockey Club Student Village II, Pokfulam Hong Kong Education

Dee Allan Director Tel 3793 3183 Fax 3793 3368 C/O:dee@3csynergy.com 3C Synergy HK Ltd, Unit 3328 33/F, China Merchant Tower 168 Connaught Road, Central Hong Kong

Sion Puckle Student Tel 6702 3517 sionpuckle@hotmail.com Office of Academic Links The Chinese University of HK, Sha Tin New Territories, Hong Kong Education

British Council – Scholar Jonathan Orchard Student Tel 6184 9279 johnny.orchard@gmail.com Rm A302, Student Flats 6-7 Sassoon Road, Pokfulam, Hong Kong Education

Turnkey Consulting Limited Femke Boersma Senior Consultant Tel 3583 0150 fboersma@turnkeyconsulting.net Room 1101-1102, 11/F Prosperity Center, 25 Chong Yip Street Kwun Tong, Kowloon, Hong Kong Consultancy

CORPORATE Manchester United Restaurant Bar

OVERSEAS

British Council – Scholar

Thomas Lau Managing Director Tel 2156 3356 Fax 8343 0637 thomas.lau@nextstep.com.hk 13/F, Austin Commercial Centre No.4-4A Austin Avenue, Tsim Sha Tsui Kowloon, Hong Kong Food and Beverage/Entertainment

The Hong Kong Polytechnic University Winnie Eley Director of International Affairs Tel 2766 5118 Fax 2333 9974 winnie.eley@polyu.edu.hk M1601, Li Ka Shing Tower, Hung Hom Kowloon, Hong Kong Education

Compass Group Hong Kong Limited Charlie Woolmington Regional Manager Tel 2518 6826 Fax 2873 5645 cwoolmington@compass-hk.com 5/F, Phase 2, Regency Centre 43 Wong Chuk Hang Road, Hong Kong Catering


SHAKEN NOT STIRRED

Shaken Not Stirred September 2010 Hilary Thomas (The British Chamber of Commerce in Hong Kong), Oliver Carter (de Vere & Partners) Malcolm Pratt (Unigroup Worldwide), Mark Millar (MPower Associates), John Cheetham (British Airways World Cargo), Christopher Wilkinson (AGS Four Winds)

Brian Muir (Richmond Asset Management), Nicholas R. SallnowSmith (The Link), Jonathan Macey

Russell Austin (Cushman & Wakefield), Kate Bravery (Mercer)

Paul Surtees (Royal Over-Seas League), Liz Hamerton (Strategic Office Solutions), Brian Muir (Richmond Asset Management), Jonathan Macey

Paul Surtees (Royal OverSeas League), Liz Hamerton (Strategic Office Solutions)

Lucy Jenkins (The British Chamber of Commerce in Hong Kong), Dee Allan (3C Synergy), Stan Lamb (Texon International)

Sam Powney (Speedflex Medianet Limited), Katyn Smirnova (Alliance), Nguyen Nguyen (OSK)

Malcolm Pratt (Unigroup Worldwide), Mark Millar (MPower Associates), Dovenia Chow (The British Chamber of Commerce in Hong Kong), John Cheetham (British Airways World Cargo) Nicole Keschinger (The Philippa Huckle Group), Ceri Silk (Glow), Elaine Jamieson (Positive Partnership Limited)

Christin Lam (Upperhouse), Melody Chung (Upperhouse)

Elaine Jamieson (Positive Partnership Limited), Paul Surtees (Royal Over-Seas League)

Jessica Dai (Bocom International Securities Limited), Christopher Wilkinson (AGS Four Winds)

Jessica Schubert (Compass Offices), Lili Luizova (Baumschlager Eberle), Dee Allan (3C Synergy), David Adams (Compass Offices) Nov ember 2010 • Vol 25 • No 10

23

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