britain in hong kong october 2012
DESCRIPTION
Britain in Hong Kong is the highly regarded monthly magazine of the British Chamber of Commerce in Hong Kong. The magazine is sent out to all full members both in Hong Kong and abroad, as well as to a database of other key contacts in Hong Kong. The magazine features news and articles supplied by member companies. Members are entitled to submit news items, new appointments as well as informative articles.TRANSCRIPT
16 28Origins of Poppy DayLondon Gateway Effective Networking24
Fundingfor SMEs
October 2012 Vol 27 No 8
Not For Sale
www.bri tcham.com
HONG KONGBritainIN
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Funding for SMEs6Origins of Poppy Day28
4 Chairman’s Message
6 Funding for SMEs
10 Construction Planning Engineers
12 Today’s Expense, Tomorrow’s Bottom Line
14 Global Supply Chains
16 London Gateway
18 Basic Investment
20 Megacosts of Megaprojects
22 Offshore Companies Owning UK Properties
24 Networking to Gain Sales
27 YCIS
28 Origins of Poppy Day
30 Lifestyle
33 Legal Column
34 Upcoming and Past Events
36 Member Discounts
38 Member Get Member 2012
41 News and New Appointments
42 New Members
43 Shaken Not Stirred
YES SIAM !30
Contents
EditorSam Powney
DesignWinnie LiLilian YuSteve MokKen Ng
Advertising ContactCharles Zimmerman
Project ManagementVincent Foe
Jointly Published by Speedfl ex Medianet Ltd andThe British Chamber ofCommerce in Hong Kong1/F, Hua Qin International Building340 Queen’s Road Central, Hong KongTel: 2542 2780Fax: 2542 3733Email: info@speedfl ex.com.hkEditorial: sam.powney@speedfl ex.com.hk Advertising: charles@speedfl ex.com.hk
British Chamber of Commerce SecretariatExecutive DirectorCJA Hammerbeck CB, CBE
General ManagerCynthia Wang
Marketing and Communications ManagerEmily Ferrary
Special Events ManagerBecky Roberts
Events ExecutiveMandy Cheng
Business Development ManagerPhillippa Cook
Membership ExecutiveLucy Jenkins
AccountantMichelle Cheung
Executive AssistantJessie Yip
SecretaryYammie Yuen
Offi ce AssistantSam Chan
© 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.
Room 1201, Emperor Group Centre, 288 Hennessy Road, WanchaiTel: 2824 2211Fax: 2824 1333Website: www.britcham.com
Britain in Hong Kong
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Nick Sallnow-Smith
I noted in an earlier letter that one of the aims of the Chamber this year would be to focus on a limited
number of key themes, rather than dissipating our energies scattergun style. After just a few months,
one of those themes is already beginning to emerge. And that big theme is the need for a big theme!
Whether, as a Chamber, we are talking to Government, politicians, member companies, or overseas
visitors, everyone is wrestling with the need to provide a vision, an objective, an aspiration, around
which a shared destination can be built. At a company level, this enables a CEO to build a focussed
team and to set clear benchmarks for success and reward. In politics, it can enable a candidate, and
later a President or Prime Minister, to create a simple understanding or his or her aims around which
a party can rally and which can generate engagement from voters. In an administration, whether in
Hong Kong or elsewhere, it can reassure society that there IS a plan, and focus citizens on the shared objectives, rather than
scoring points off each other along the way.
For the Chamber, the big theme must be that business is part of the solution, not the problem; and that any business operating
in Hong Kong, whether local or international, is as much invested, both fi nancially and metaphorically, in the success of Hong
Kong as is every member of the population.
In every conversation at Chamber events that I attend, I am struck by the focus that businesses have on the health of the society
around them and how to support that, alongside their drive for the success of their own businesses.
The media is tempted always to portray business otherwise; as parasitic on society rather than as a lynchpin of it. One of our
tasks as a Chamber is to explain the positive nature of our role, as we engage with society and with public institutions. When the
General Committee meets with Government offi cials and local politicians we ensure that we emphasise our desire to support
Hong Kong’s aspirations to improve the quality of life, as well as of commerce, in our city. Although the challenges to progress
are ever more obvious, whether these are fi nancial, environmental, political or otherwise, shared objectives, clearly understood
and supported, make progress a whole lot easier. Please help us build that feeling of shared objectives as we play our part in
Hong Kong’s future.
Chairs of Specialist Committees
Business Angel ProgrammeNeil OrvayAsia Spa & Wellness Limited
Business Policy UnitTim Peirson-SmithExecutive Counsel
China CommitteeDavid WattDTZ
Construction Industry GroupDerek SmythGammon Construction
Education CommitteeStephen EnoBaker & McKenzie
Environment CommitteeAnne KerrMott MacDonald Hong Kong Limited
Financial Services Interest GroupRichard WinterQuam Limited
HR Advisory GroupBrian RenwickBoyden Search Global Executive
ICT IT CommitteeCraig ArmstrongStandard Chartered
Logistics CommitteeMark MillarM Power Associates
Marketing & Communications CommitteeAdam O’ConorOgilvy & Mather Group
Real Estate CommitteeJeremy SheldonJones Lang LaSalle
Scottish Business GroupJohn BruceHill & Associates
Small & Medium Enterprises CommitteeKate KellyK2PR
Strategic Supply Chain ForumDominic JephcottVendigital Limited
Women in Business CommitteeSheila DickinsonThe Fry Group
YNetwork CommitteeAlison Asome
MessageChairman’s
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Britain in Hong Kong 54
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Introduction
“A business owner walks into a
bank and asks for a loan.” It’s
perhaps not the most promising
opening line for a joke, but for
countless Small to Medium Sized
Enterprises (SMEs) in Hong Kong,
access to funding is no laughing
matter. SMEs are often described
as the “lifeblood” of our economy, and it’s easy to see
why: Hong Kong’s 300,000 SMEs1 account for 98% of
all businesses, 48% of the total workforce, and 60% of
private sector revenue.2
Despite their vital role, SMEs struggle more than any
type of borrower to obtain the funding they need to grow
their businesses, and banks have become culturally
attuned to not helping SMEs. Why exactly is this? How
does Hong Kong compare to other markets? What other
funding sources are available to SMEs? And how can the
situation be improved?
The struggle for funding is not new, nor is it exclusive to
Hong Kong. In the UK, news that nearly half of all SME
loan applications are rejected has created uproar in the
media there. Cynics argue that UK government efforts
to increase SME lending are simply a cloak to disguise
attempts to bolster the beleaguered banks by giving
them access to cheaper funding.
Hong Kong banks hardly struggle for low-cost funding, as
all of us earning close to 0% interest on our deposits are
acutely aware. The banks say they are ready, willing and
able to lend, but the demand from SMEs simply isn’t there.
I am sure that most Hong Kong business owners and
managers would disagree. Our economy has performed
well in recent years, and there is an ongoing need for capital
to help our businesses to fl ourish. In short, the demand for
funding is clearly real, but so is the lack of supply.
Why is it so diffi cult for SMEs to borrow from banks?
So why exactly won’t the banks lend to SMEs? There are
several reasons:
1. Banks see SMEs as high risk due to their smaller
size, fewer years in business, or imperfect credit
history. Perhaps the business operates in a sector
to which banks simply refuse to lend. Just ask any
restaurant owner whether they have borrowed from
a bank and you will likely be met with a stern face,
the sucking of air through teeth, and a few choice
expletives.
SME Funding – SME Funding – How Hard Can it Be?How Hard Can it Be?
Richard Grainger, Managing Director, Richard Grainger, Managing Director, Global Merchant Funding GroupGlobal Merchant Funding Group
1. In Hong Kong, an SME is defi ned as any business with fewer than 50 employees, or a manufacturing business with
fewer than 100 employees.
2. Source: Trade & Industry Department, Government of the HKSAR.
C ove r S t o r y
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2. SME lending is an expensive business: loan
processing costs do not change much with the size
of the loan. Banks therefore prefer to give a single
large loan, rather than several smaller ones.
3. SMEs generally provide no collateral as security
against loans. Banks must therefore allocate more
capital against SME loans, compared to say home
loans, which are secured by a mortgage charge on
the underlying property. Since the global banking
crisis, capital requirements have become even
stricter, and capital even scarcer.
In short, banks have little incentive to lend to SMEs. They
are happy to sit back, take in all the funding they need
through low-cost deposits, and focus their lending on
secured mortgages or larger, less risky borrowers.
Moreover, total lending by banks and other Authorised
Institutions in 2011 was HK$57.7 trillion.3 Yes, that’s trillion
with a “tr”. So the HK$14.6 billion lent to SMEs under the
80% guarantee scheme amounts to just 0.025% of total
lending in Hong Kong. That’s one-fortieth of one percent
of all lending feeding the lifeblood of our economy.
However we cut the numbers, it is clear that government
efforts to boost bank lending to SMEs are having, at
best, only a marginal impact.
What other sources of funding are available to
SMEs?
Sadly, not many. Personal loans, overdrafts and credit
cards, as well as more traditional sources such as family
or pawn shops, make a very limited contribution to SME
funding.
Business angels or angel investors provide another
source of funding, and the British Chamber itself, with
the support of Baker Tilly Hong Kong, runs an excellent
programme that brings together entrepreneurs with
angels looking to invest in early stage businesses.
Certainly, there are plenty of investors out there, and
there is no shortage of new and young businesses. The
challenge is to bring more of them together, more often.
For more information about the Baker Tilly Hong Kong
Angel Programme please visit angel.britcham.com or
contact Emily Ferrary at [email protected].
For wholesalers, exporters or other trading companies,
factoring remains a tried and tested funding tool. For a
business that needs to wait for up to 90 days or more
for an invoice to be paid, factoring is a simple way to
unlock the value of that asset, generating funds through
a discounted sale of the invoice.
3. Source: Hong Kong Monetary Authority Monthly Statistical Bulletin.
The SME Funding ParadoxHong Kong’s 300,000 SMEs account for:
• 98% of all businesses
• 48% of total employment
• 60% of private sector revenue
• 0.025% of total lending
Other sources of SME funding include:
• Angel investment
• Factoring / invoice discounting
• Merchant Cash Advance (MCA)
• Microfi nance loans
• Peer-to-Peer (P2P) loans
So where does this leave Hong Kong SMEs?
To its credit, Hong Kong’s government has introduced
measures to boost SME lending. For example, under the
“SME Financing Guarantee Scheme”, the Hong Kong
Mortgage Corporation guarantees up to 80% of SME
loans made by participating banks.
On the face of it, the scheme has been successful.
According to HKMC, HK$14.6 billion of loans have so
far been made under the 80% guarantee scheme. The
offi cial fi gures tell us that 88% of SME loan applications
were approved under the scheme. However, they
also state that only 3,107 businesses received a loan;
3,107 or just 1% of Hong Kong’s 300,000 SMEs.
What the official numbers do not tell us is how many
businesses were rejected before an actual application
was made and recorded in the data. My guess is that
the few SMEs that successfully received loans are
heavily outnumbered by those that failed to reach the
application stage.
Britain in Hong Kong 76
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What else can be done to help Hong Kong SMEs?
If the government is serious about helping SMEs,
then it needs to be more pro-active. Suggested
measures include tax breaks for angels investing in
young companies; government co-investment in SMEs
with third party investors; direct funding to help early
stage businesses; government-sponsored equipment
and machinery loans; insurance schemes for trade
finance and working capital loans; and of course,
further pressure on the banks to increase SME lending.
Doesn’t it seem strange that overseas investors
can obtain permanent residency in Hong Kong by
investing in property, but not by investing in SMEs? The
government and InvestHK might want to look into this
- it would certainly take some pressure off an already
frothy property market.
Importantly, these measures are much more widely used
in other countries in Asia and around the world, than
they are in Hong Kong. So until our government takes
more concrete action to help SMEs, some 300,000
businesses will continue to struggle to obtain funding,
and Hong Kong’s economic development will inevitably
suffer.
Richard Grainger is a co-founder and Managing Director
of Global Merchant Funding Group. Founded in Hong
Kong in 2008, GMF offers a range of funding products
and services to SMEs in Hong Kong and across Asia,
and has provided funding to thousands of businesses
when none was available from banks.
Richard Grainger
Tel: +(852) 2592 6699
The banks all offer factoring products, but it is still very
difficult for smaller companies to qualify. This seems
surprising, given that the underlying invoice does provide
some security for the bank. However, underwriting
factoring transactions is a very labour-intensive process,
and for invoices below HK$5 million, the banks are
generally not interested. As with SME loans, they prefer
to write larger tickets, fewer of them, and with bigger and
more established companies.
Other non-bank funding products include Merchant Cash
Advance (MCA), available in Hong Kong since 2009 to
businesses that accept credit card payments from their
customers - typically retail shops, restaurants and bars,
but available to any card-accepting merchant. Similar
to factoring, MCA also helps a business to unlock the
value within an asset, but instead of selling an invoice or
a trade receivable, the merchant sells future credit card
receivables at a discount. The MCA product recently
received a strong legal validation from the Hong Kong
courts as a much-needed and innovative funding tool
for SMEs, and MCA looks set to become a mainstream
funding product in Hong Kong, just as it has been for
up to 20 years in countries like the UK, US, Canada,
Australia and Singapore.
We also see many other funding products around
the world, including microfinance loans, Peer to Peer
(P2P) loans, payday loans and advances, and many
other alternative credit products. Many of these do
not yet exist in Hong Kong, but there will always be
financial innovation, and we can be confident that in
a sophisticated market like Hong Kong, the legal and
regulatory framework will always be receptive to new
products.
Suggested government measures to help SMEs include:
• Tax breaks for angel investors
• Government co-investment in SMEs with
third parties
• Direct funding for early stage businesses
• Government loans for equipment and
machinery
• Insurance schemes for trade finance and
working capital loans
• More pressure on banks to increase SME
lending
• Encourage foreign direct investment in SMEs
C ove r S t o r y
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2 0 1 3British BusinessDirectory
The Directory of Members of the British Chamber of Commerce
in Hong Kong , Macau and the Pearl River Delta, China
Publication in Focus
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The contact information contained in the guide produces a tangible, reliable and accessible product that decision makers and industryheads can pick up and use at any time. Thanks to the quality, presentation and design the directory also conveys an image of 25 yearsof economic and cultural growth of British businesses in Hong Kong, Macau and the Pearl River Delta.
The directory boasts a plethora of supporting information of tremendous value for both members and other businesses, and is held inhigh regard in corporate communities and international business circles.
As the sole established, authoritative guide to British Businesses throughout Hong Kong, Macau and the Pearl River Delta, it is a superbmeans for getting in touch with members and highly conducive of generating business opportunities, enhancing its applicability evenfurther.
Advertising
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There are numerous types of advertisements available, all at competitive rates. The directory also contains feature pages focusing onspecific businesses for added value and highlighted positioning.
Over the past several years, our advertisers in the directory have realized significant returns on their advertising investment, reportingnoticeable feedback and positive business growth as a consequence. As an extra added value, we have not raised the rates of the adsover the past several years.
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Facing Member Listing 3,600 28,000 23,000
1st section Guangdong page (outside) 6,680 52,000 49,600
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A s t h e u b i q u i t o u s m e t a l
hoard ings, t ra ff ic d ivers ions
and “men at work” signs sprout
unabated across Hong Kong,
good const ruct ion P lann ing
Engineers are increasingly in
demand. What is construction
planning & how can a career in planning engineering be
embarked upon?
Construction Planning V Scheduling
Now, there’s often confusion, particularly among non-
planners between the terms “planning” and “scheduling”.
Planning is the process of identifying all activities
necessary to complete the project whilst scheduling is the
process of determining the sequential order of activities,
assigning planned duration and determining the start and
finish dates of each activity. Planning is a prerequisite
to scheduling because there is no way to determine the
sequence of activities until they are defined. They are
performed interactively and it is generally accepted that
those who cannot plan cannot create a good project
schedule. The construction schedule will be a plan
which organizes the tasks that must be accomplished
in a logical sequence to successfully complete the
objective in an effi cient manner with available resources
and conform to the framework prescribed by a contract,
specifi cations, drawings, and other documents.
Why is the Construction Planning Function so important and well paid?
Construction planning plays a critical role within the
Hong Kong built environment due to the current
construction boom leading to a massive skills shortage
of qual i f ied and experienced people – including
planners. Schedules developed with the most
advanced and up to date scheduling software can
be indispensable in the performance of the planning
function and the successful outcome of the project.
Such critical input inevitably carries premium salaries
throughout the planning career ladder.
Richard Poulter, Director, Maxim Recruitment
Why Are Construction Planning Why Are Construction Planning Engineers so important and well paid?Engineers so important and well paid?
B u s i n e s s
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Primavera Planning Software
The Hong Kong construction industry uses “Primavera
P6” extensively. This is described as complex project
management software for construction companies
which allows users to set goals, measure progress,
control costs and evaluate performances by individual
contractors and suppliers.
Creating a good construction plan is an exceptionally
challenging problem. Having experience is a good
guide to avoiding major mistakes in the successful
planning and scheduling of a construction project,
however each project typically has its unique set of
problems and opportunities to overcome or exploit.
The Three Stages of the Construction Plan
Broadly speaking, there are 3 stages to the construction
plan:
1. The Estimate Stage:
This is where a cost and duration “estimate” is
developed for the construction of a facility as part of the
proposal from a contractor to an owner. Assumptions
of resource commitment to build the facility are made
by the planner. The planner must look for the best
time-cost combination to allow the contractor to be
successful in his commitment. Too high an estimate
and the contractor will not be awarded the job, too
low an estimate and the contractor will win the job and
lose money in its execution. The planner must deal
with the “uncertainty” here.
2. The Monitoring Stage:
This is where management must keep a close eye
on duration of construction activities as well as
ongoing costs. Because the work is on schedule
it doesn’t mean the cost is on estimate. Constant
evaluation is necessary unti l the construction
process is complete and evaluation can begin.
3. The Evaluation Stage:
This is where the results are compared with the
estimate and its validity is evaluated, and where
the planner determines whether the “assumptions”
made at estimate were correct. If new constraints
emerge then corresponding adjustments should be
introduced in future plans.
The increasing avai labi l i ty of 3D models has
facilitated their use in a process known as “4D
planning”. 4D construction planning is a process
which enables clear visualisation of a construction
programme as an animated sequence. 4D models
are created by linking 3D CAD data with one or more
programmes. This visualisation is then automatically
updated any time the programme is updated. The
benefi ts of this include:
• Better communication with stakeholders
• Improved visibility and clarity of planning
• More dynamic and integrated programme
meetings
• More effi cient and immediate review of different
programme options
• Increased fl exibility in detail of output
How to Join the Planning Community
Planners are perceived as a “close knit” community
of specialist engineers with an often eclectic mix of
qualifi cations. Getting into planning can be an excellent
career move. Engineers that enjoy problem solving and
have an aspiration to manage others should seriously
consider it. Although foundation degrees in “Project
Controls” are becoming available there are few formally
recognized qualifications for the professional planner.
This can be seen as an opportunity for an engineer or
other construction professionals to seek out a greater
focus on the duties and responsibilities of a planner as
part of their existing role & progressively move across
to becoming a dedicated planning engineer over time if
things work out for all concerned.
Britain in Hong Kong 1110
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VAT recovery may not be the most exciting thing
in the world but when executives realise how much
money is needlessly spent filling the coffers of UK &
EURO governments; VAT can suddenly seem like a
topic worth discussing.
In order to encourage trade, the European Union
VAT Legislators granted business entities the right
to reclaim the VAT incurred on serviced related
expenditure across mainland Europe and the UK since
the formation of the EU.
The VAT incurred on expenses such as accommodation,
restaurants, transportation, car rental, trade shows,
conferences, training courses, seminars and professional
fees ranging from marketing and advertising to legal
costs are all reclaimable. Business trips, incentives tours,
trade show fairs, business jaunts or conferencing circuits
can be large portions of your business expenditure and
can be minimized by the claiming back of indirect taxes.
Over the last year the UK has hosted the 2012 London
Olympic and Paralympic Games, the Royal Ascot Horse
Racing Carnival, the Diamond Jubilee of Queen Elizabeth,
the Wimbledon Grand Slam tennis tournament as well as
some of the world’s largest trade fairs and conferences
attracting over US$53.9 billion of foreign investment for
the last fi nancial year.
However, every year millions of pounds are lost in
unclaimed foreign VAT with Hong Kong businesses
amongst the thousands of companies’ worldwide not
reclaiming funds that are essentially theirs. Imagine
someone taking 20 per cent of the cash in your wallet
every time you went into a hotel or restaurant; this is the
closest example as to how your business is losing out by
not implementing VAT recovery processes.
The tax refund system is aimed at leveling the playing
fi eld for small and medium sized businesses to be able to
compete with the larger organisations within the EU but
for companies outside the EU it purely provides the ability
to reclaim the tax – benefi ting all companies.
As VAT reclaim is seen as recouping costs and not
a direct cost saving through cutting expenditure
businesses can overlook the ways to minimize costs and
return expenses. The main reason businesses currently
aren’t implementing the tax reclaim solution is due to
not knowing that the refund system exists. This is a tax
that most governments haven’t had substantial claims
to refund since its establishment and continually benefi t
from the millions of pounds of unclaimed tax revenue,
hence, no reason to promote extensively.
Turning today’stomorrow’s
eb
B u s i n e s s
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VAT recovery is not aimed at specific industries but at
the greater business community to entice investment
and drive the economy which we are currently also
seeing increased VAT rates due to government tax
rise similar to the UK’s hike in 2010 from 17.5% to
20% on all services.
Currently, Hong Kong businesses with strong economic
links to either businesses in the UK and mainland
Europe or investment in those areas are not fully utilizing
methods of cutting costs and returning expenses to their
bottom line.
Hong Kong remains the UK’s 3rd largest Asian trading
partner and 13th largest export market worldwide
stemming from the Colonial l inks and continued
strengthening economic ties. These links also encourage
an increase in the amount of foreign investment and
travel between the two nations as two of the most
infl uential economic hubs in the world.
As these numbers continue to rise, the amount of VAT
incurred across the UK and mainland Europe by Hong
Kong businesses that isn’t being reclaimed is growing
and most businesses don’t realize they have the legal
right to these funds. British and European companies
located in Hong Kong are some of the main benefi ciaries
of VAT recovery as the travel back to the ‘homeland’ can
add up signifi cantly.
Questions that need to be asked of your business are
A) Does your business travel to Europe and the UK,
Taiwan, Japan, South Korea or Australia? B) Do you
have expenditure on previously mentioned service
related products including accommodation and
entertainment? If the answer is YES to any of these
questions, you can begin to look at how VAT reclaim
can benefi t your business.
Other VAT refund schemes in place for Hong Kong based
businesses with a global reach are Tour Operator VAT
refunds, Import VAT reclaim, Telecoms & Aviation refund,
Mineral Oil Tax refund, US Mobile Roaming Charges
reclaim plus the ability to reclaim GST from Australia, VAT
from Taiwan and South Korea and the JCT from Japan.
The real ity is that VAT recovery is a cost saving
measure that has not yet been implemented by all
Hong Kong businesses, businesses that are becoming
increasingly reliant on the partnership between these
two nations. Essentially, the taxes incurred are the
businesses to be recovered; it is just a matter of
putting the processes in place to ensure companies
are reclaiming the VAT in full.
ss
expenses intobottom line
Alex Oxford
Foreign Tax Consultant, VATit (Hong Kong) Limited
Britain in Hong Kong 1312
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Supply Chain Ecosystems
As a resu l t o f recen t and rap id
developments in worldwide commerce,
we have seen supply chains evolve into
complex international networks, which
can no longer be adequately described
using the linear concept of a ‘chain’.
The depth and breadth of complexity,
connectivity and inter-dependencies
invo lved in today ’s in te rnat iona l
commerce has resulted in the emergence
of ‘Supply Chain Ecosystems’ – globally
inter-weaved, multi-layered networks of
partners, suppliers, regulators, service
providers and customers.
W i th i n t hese ecosys tems , each
confi guration is unique to the particular
enterprise that owns that supply chain.
The ecosystem’s chosen participants
are all coupled together for the common
purpose of providing an end-to-end
channel of distribution – all the way
from the suppliers of materials and
components , ex tend ing th rough
manufacturing processes – whether
Empowering Empowering Global Global Supply Chain Supply Chain EcosystemsEcosystems
in-sourced or outsourced – to the
distributor and retailer, and ultimately to
the consumer.
Each commercial enterprise forms their
own distinctive supply chain ecosystem,
adopting a different composition of
similar participants, or in several cases,
particularly within industry sectors, many
of the same participants.
And so it goes on, such that numerous
m u l t i - l a y e r e d c ro s s - e n t e r p r i s e
connections generate a complex web of
There are increasingly blurred boundaries within-and-across the complex
international organisations that companies deploy in order to efficiently plan,
source, make and deliver their products – such that we are now firmly in the
domain of global Supply Chain Ecosystems.
On the basis that these modern-day supply chain ecosystems inevitably involve
several organisations working together for a common purpose, then by nature
of comprising multiple participants, modern-day supply chains must inherently
involve outsourcing in one form or another.Mark Millar
B u s i n e s s
28071_BCO_Oct-1.indd 1428071_BCO_Oct-1.indd 14 12年10月22日 上午9:4312年10月22日 上午9:43
interdependencies, frequently spanning
the globe, in order to optimise the three
critical attributes that drive differentiation
within the supply chain ecosystem –
speed, agility and resilience.
As modern supply chains increasingly
resemble complex ecosystems rather
than l inear chains, the suppl iers,
manufacturers and service providers
that work together to service one
client’s supply chain, may in fact be
fi ercely competing against each other to
win business to provide services for a
different client’s supply chain.
Indeed, whilst each company has their
own supply chain ecosystem over which
they have control, that same company
will most likely be a participant in several
other supply chain ecosystems, for
example for its customers and suppliers.
For global businesses, the supply
chain is increasingly becoming a key
source of competitive advantage and
differentiation. Brands need supply
chains that enable and empower
them to get their product to market
more efficiently and faster than the
compet i t ion. Businesses are now
competing on the basis of their supply
chain management capabilities almost
as much as their product or their brand.
In this context, organisations must
develop the capabilities to effectively
work with multiple partners in order to
successfully operate and execute their
supply chain ecosystems, thus leading
to an increasing trend to supply chain
outsourcing.
Supply Chain Outsourcing
Defined as ‘the act of one company
contracting with another company to
provide services that might otherwise
be performed by in-house employees’,
outsourcing is generally undertaken in
order to benefit from using an external
provider – typically through gaining
economic advantages and leveraging
specialist expertise.
In our globalised world, outsourcing
is often confused with offshoring.
However outsourcing is still outsourcing
irrespective of where the outsourced
services are actual ly performed –
whether onshore or offshore. Offshoring
refers to moving business activities
out of the existing host organisation to
another location in a different country –
in many cases to an outsourced partner
(Outsourced Offshore), but in some
cases to a subsidiary division of the
same company (Offshore).
Adopting the Tom Peters mantra “Do
what you do best and outsource the
rest”, organisations have taken the
approach of focusing on their core
Industry thought leader Mark
Millar has been engaged by clients
as Speaker, MC, Moderator or
Conference Chairman at more
than 240 functions in 20 countries
and is recognized by the Global
Institute of Logistics as “One of the
most Progressive People in World
Logistics”; Mark serves as Chairman
of the Logistics Committee at the
British Chamber of Commerce in
Hong Kong. [email protected]
competencies whilst seeking external
partners to undertake activities that are
non-core and that can be undertaken
by th i rd par ty serv ice prov iders .
Outsourcing partners typically have
specialist expertise and the economies
of scale that enable them to deliver the
required results better and cheaper than
could be achieved by the client using
their own in-house resources.
These trends have led to industry sub-
sectors of firms providing outsourcing
services, including call centres, fi nance,
payroll, telecommunications, computing
and of course transportat ion and
logistics.
In addition to leveraging the scale
economies that result from servicing
multiple clients, these focused service
providers also nurture and develop
specialist subject matter expertise,
doma in know ledge , s t reaml ined
processes and technology platforms
that are above and beyond levels that
any single organisation could develop
in-house.
There in the va lue proposi t ion for
outsourcing – contracting out your
business processes to a specialist service
provider that can perform those services
more effi ciently and more cost effectively
than you could do yourself, enabling
your organisation to focus its precious
resources on your core competencies.
We can expect further collaborative
ou t sou rc i ng deve l opmen ts t ha t
will empower efficient and effective
performance in global supply chain
ecosystems.
Britain in Hong Kong 1514
28071_BCO_Oct-1.indd 1528071_BCO_Oct-1.indd 15 12年10月22日 上午9:4312年10月22日 上午9:43
London Gateway is envisioned to turn London’s
newest port into a 21st century logistics facility, a major
hub and port of entry for goods coming into the UK, and
for goods destined for onward transition to Ireland and
Continental Europe.
Opening in Q4 2013, this brand new, world class 3.5
million TEU deep-sea container port is currently under
construction on a 1,500 acre disused brown field site,
located just 25 miles from central London on the former
Shell Haven oil refi nery at Stanford-le-Hope. With a 2.7
km frontage on the north bank of the River Thames, a
total of six berths with 24 quay cranes will serve a 175
hectare terminal area.
London Gateway will combine a world-class deep-sea
container port together with Europe’s largest dedicated
logistics park to create a state-of-the-art Port and
Logistics Hub that is located within easy reach of all three
London international airports at Heathrow, Gatwick and
Stansted. Hinterland connectivity is enabled through
comprehensive multi-modal transportation capabilities
that seamlessly connect the deep-sea container port
facility with short-sea feeder services, on-dock rail
terminal with at least four rail freight services per day
and a newly constructed dual-carriageway providing
direct connections into the UK motorway network – all
providing access to markets in London and the south
east, and further afield throughout the UK, Ireland and
Continental Europe.
In order to maximise efficiencies in, and minimise the
costs of, the end-to-end supply chain from “origin to
destination”, London Gateway will deploy the ‘smart
solution’ platform called PortCentrics. This is a unique
logistics platform in the UK that enables and empowers
more effective supply-chain management and increases
effi ciencies by eliminating the unnecessary handling and
movement of goods, reducing the primary and secondary
trunk movements, minimising inventories in transit, thus
improving time to market, lowering distribution costs,
saving road miles and improving carbon emissions.
Within the container port, London Gateway wi l l
adopt the latest technology solutions featuring highly
automated systems and intelligent tracking, which will
provide customers with fast identification and retrieval
of containers, as well as optimising stack management
to hold and control containers to more efficiently meet
customer demand.
London London Gateway –Gateway – changing the UK Logistics Landscape
B u s i n e s s
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With Europe’s largest logistics park situated next to the
port, many of the goods offloaded at London Gateway
will move immediately into facilities within the logistics
park, instead of being transported to another part of the
UK for storage, reworking and distribution, thus saving
many road miles whilst reducing costs and emissions.
DP World has estimated that the improved efficiencies
in the logistics supply chain will save thousands of truck
movements per day off the national highways. The
project should result in environmental benefi ts of reduced
lorry movements of over 60 million miles per year –
equivalent to 148,000 tonnes of CO2 savings per annum.
Logistics Park
The vast majority of deep-sea imports currently enter
the UK through container ports in the South East, yet
only 10% of warehousing and distribution facilities are
located in the South East. The London Gateway project
has planning consent for 940,000 m2 of logistics and
distribution facilities within the Logistics Park – adjacent
to the new deep-water container port. Individual units will
be offered of up to, and in excess of, one million square
feet, designed and built to specifi cation, providing world-
class facilities for the distribution, manufacturing and
high-tech sectors.
With its unique location on the Thames, London Gateway
therefore offers signifi cant supply chain savings for global
businesses through reduced transport costs created by
having warehousing at the port of entry and closer to the
key UK consumer markets.
London Gateway Proposed Layout
DP World London Gateway has appointed Jones Lang
LaSalle as sole property agents for what is the largest
logistics park development in Europe. Jones Lang LaSalle
will provide specialist advice in the property sector to
support the delivery of the London Gateway logistics
park. Tim Johnson, Director in the UK National Industrial
& Logistics Team at Jones Lang LaSalle said: “London
Gateway has the potential to transform logistics operations
in the UK by offering a port-centric logistics solution at the
heart of the UK’s largest consumer market.”
“The logistics park is a unique proposition offering the
potential to provide some of the largest and tallest
buildings in Europe. There are 15 million consumers
located within 80km of the site and this underpins our
view that London Gateway is simply the best location for
UK supply chain solutions.”
London Gateway will therefore offer a faster, more reliable
and greener way to transport goods to their destination,
compared with existing supply chain models. Analysts
have estimated that over 60 million road freight miles
every year will be saved, because many goods will no
longer need to be transported from deep-sea ports to
inland distribution centres. Instead, goods will fl ow quickly
and easily from London Gateway port into the adjacent
logistics park for subsequent onward distribution directly
to shops and homes.
The London Gateway executive team will be presenting
the latest updates at various briefings during their
forthcoming Asia Road Show - for further details contact
Mark Millar in Hong Kong, [email protected]
London Gateway Construction July 2012
Britain in Hong Kong 1716
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Sir Arthur Conan Doyle and I went to the same school. Not at the same time, but we both
sat in the same classroom and on the same bench in
church. My school was a jolly fine school. They taught
us the great art of Rugby (our history teacher coached
the England team to victory in 2003), they taught us
how to reason in debate and they taught us how to
handle physical pain like a gentleman. We also learnt
about starvation and how to survive hypothermia in the
unheated classrooms and dormitories. Overall it was a
balanced education, that seemed to produce results.
One of my contemporaries runs the BBC, another is a
Member of Parliament, a third recently received a Tony
Award for a play he directed and someone a few years
younger, here in Hong Kong, is the Chief Executive’s right
hand man.
However what our school did not teach us, was the fi ne
art of making and handling money. There were no classes
on how to get more of what you have or how to avoid
losing what you have earned. This was an elementary
failing in our education, Dr. Watson!
Here are a few fi nancial maxims that I try to instill in my
children over the dinner table.
Rule #1 Buy Low and Sell High: Buy Low and Sell High: My Chinese colleagues always seem to be selling when the market
is dropping. They look at me as if I’m mad when I tell
them to buy more as the prices tumble. If you have a
good stock where the company’s fundamentals are solid
then you should love a falling market. Take HSBC: this
morning they are at 60. A few years ago they were close
to a 100. The bank is well-run and is very conservative. If
I bought 1 million HKD worth of shares now and held on
Do you have any idea what to do with your money?
Sit on Your CASHCASH,Wait for the CRASHCRASH
to them, it is likely they will be up to a 100 again within 2-3
years. Once they are at a 100, I may sell, having made
about 600,000 HKD profi t. But you have to be patient.
Capitalism works on the principle of boom and bust.
The markets fl uctuate. They have to go up and down in
cycles, otherwise smart investors would not be able to
make big money. Since I’ve arrived in Hong Kong I have
been through fi ve Global or Asian Economic Crises (1987,
1997, 2001, 2008, 2012) and we’ll have a few more to
be sure.
The same applies for property. We are now at an
unprecedented high for local properties. They may
correct by 10-15% when CY Leung implements some
cooling measures or they may crash 50% if we have a
‘Black Swan’ effect – an unpredictable event that spooks
the markets such as 9/11 or SARS. The day after 9/11
a friend acquired a very large stock position in Cathay
Pacifi c which paid off nicely a year later.
Rule #2 Pay Yourself First: The best savings advice nobody gave me until I figured it out eventually, was
to take half of my salary on the first day of the month
and buy shares or mutual funds with it. If you don’t see
the money in your account, you will not be tempted to
spend it on fancy dinners, fi ne wine, cool cars or swanky
electronics. Don’t wait until the end of the month. Set
up a direct debit on the fi rst day of the month and adjust
your lifestyle to live within your means.
Rule #3 Understand the Magic of Compound interest: Those of us who are not maths prodigies
cannot comprehend how powerful compound interest
can be. If you put the same amount of money into a
monthly investment account you will receive interest on
Chris Riley, Founder and Managing Director, Sercura
B u s i n e s s
28071_BCO_Oct-1.indd 1828071_BCO_Oct-1.indd 18 12年10月22日 上午9:4312年10月22日 上午9:43
the interest. Regular monthly savings are the secret to
getting rich by the time you are ready to retire. Assume
you save 10,000 HKD per month/ 120,000 HKD per
year at 10% interest that would be 132,000 HKD by the
end of the year. The following year you add 120,000
HKD to the 130,200 HKD plus 10% interest on the
total. Now take a spreadsheet and extrapolate that
over 20 years. The end result is impressive. It really
starts snowballing after a few years. If you think 10%
interest is high, here is a fact: Over the past 90 years,
the US stock market has generated returns exceeding
9 percent annually. London and Hong Kong have
performed similarly over the long-run. Buy into the Hong
Kong Tracker Fund 2800 which follows the Hang Seng
Index and you will match the market’s returns which
over the last twenty years has been consistently up,
despite the occasional big drop.
Rule #4 Understand the Magic of Dollar Cost Averaging: Once you have seen how compound interest
works you can also relate to this rule. Let’s assume you
buy China, Light & Power shares (in the last two years
they have gone from about 50 up to 75 and are around
60 currently). Every month you buy 5000 HKD worth of
shares. When their value is down you get more for your
money, when their value is up you get less shares. But
over a period of several years you will get more for your
money than by trying to be clever and watching the
market daily. Set up a standing instruction and check
your portfolio once a year.
Rule #5 Only invest in what you understand: This is the classic Warren Buffett line and he’s been successful
with it. I can relate to property because it is tangible and
moves up and down slowly. I have an idea how banks,
airlines and power companies work because I am a
customer. But I have no idea how complex structured
investment products work. Nor does the fi nancial adviser
trying to sell them to me, so best stay away from these
unless you’ve missed the boat to Macau and need a
gambling fi x.
Rule #6 Buy shares that give you a dividend payment: HSBC, Hang Seng Bank, China Light &
Power, Sun Hung Kai and Cathay Pacifi c are among the
top dividend payers in town. Remember that when you
buy shares you are a part-owner of the business and are
entitled to a share of the company’s profit. 5% annual
dividend is about the same return as you would expect
on a property rented out in Hong Kong.
Rule #7 Don’t keep all your eggs in one basket: Diversify your investments in order to balance potential
risk. Keep some money in shares, some in mutual funds,
some in bond funds. One rule of thumb is to keep a
percentage of your portfolio equal to your age in bond
funds. Currently shares are doing poorly but property
in Hong Kong is doing great. Don’t buy two fl ats in the
same building. Spread them out in case there is a fi re or
a rash of bird fl u in your building, which will reduce your
returns in the short term.
Rule #8 Don’t be scared by the bogeyman of Inflation: Financial advisers love to tell you that if you
don’t invest your money it will simply evaporate because
of infl ation. There is an element of truth in this but only
over the long-term. If you had 1 million HKD in your bank
account and inflation is 3% a year, notionally you will
have lost 30,000 HKD buying power over a year. Let us
put this in perspective: If you drink two grand Lattés at
Starbucks per day it will cost you about 30,000 HKD per
year. Stop going to Starbucks and you’ve made up for
the infl ation. 1 million HKD in your bank account is still 1
million HKD. But if you hand it over to an unscrupulous
financial adviser there might only be half a million HKD
left in your bank account.
Rule #9 Hold some properties that are not owned by the bank: I am always amused when people
tell me they own several properties but on questioning
it turns out that in fact they have a 70% mortgage
on every property. The fact is they do not own the
properties. The bank does and can always take them
back. If you have the luxury of cash it is best to have
at least two properties that you own outright: one
for you to live in, one to rent out and provide a rental
income that is generous enough to cover your monthly
expenses. This is a disaster hedge in case you lose
your job or want to retire early. A beachfront property in
Phuket and a Mid-Levels fl at rented out would do nicely.
For any further properties, leverage them and wait for
the capital appreciation, keeping the rental return to pay
the mortgage since currently we are borrowing money
so cheaply.
Rule #10 Nobody cares more about your money than you do: Although I am a fan of HSBC shares I
am not impressed by their investment expertise. My
personal relationship manager looks as if she is about
fourteen and can barely speak English. If that is the
best they can do I can't take them too seriously and
so I keep my savings at a small private bank in Zurich.
My relationship manager is a middle-aged Swiss fellow
with a certain gravitas who is able to explain in words of
two syllables what the markets are doing, so that even
I can comprehend. Nevertheless I don't let him manage
my money. Unless you have huge sums and don't mind
losing a bit here or there, it is best you manage your
own money. Take advice from bankers by all means but
make your own informed decisions.
I called around all my banker friends In the last few weeks
and asked them what they were doing with their personal
investments. Most of them are sitting on their cash and
waiting for the markets to crash, so they can jump in and
get bargains at low prices.
Christopher Riley is the owner of Sercura, a global
quality and compliance company that provides product
inspection and factory audit services to retailers and
their suppliers manufacturing around the Asian region.
www.sercura.com
Britain in Hong Kong 1918
28071_BCO_Oct-1.indd 1928071_BCO_Oct-1.indd 19 12年10月22日 上午9:4312年10月22日 上午9:43
It was the Olympics that got me thinking about the
astonishing escalation in the cost of big projects. The
London Olympics 104 years ago, in 1908, cost a
grand sum of £20,000. By the next London Olympics,
in the austere postwar environment of 1948, they
cost £750,000. The Danny Boyle Olympics in London
this summer cost £11 bi l l ion. However you play
with inflation over 104 years, that is an astonishing
escalation in the price tag.
Needless to say, this phenomenon is far from a “UK
thing”. As a well known English language columnist in
Hong Kong whined this week, the third runway at Chek
Lap Kok airport is budgeted at HK$86 billion, and is
expected to cost HK$136 billion in the dollars of 2020
when planes are due to begin landing on it. This would
be very close to the total cost of all of the projects
linked with building the original Chek Lap Kok airport
– which when it opened in 1998 included not just the
two-runway airport and associated airport buildings but
the 35 km Airport Express MTR line, and the HK$6.5
billion Western Cross Harbour Tunnel.
When I began to think further, the problem proliferated.
London’s Victoria MTR line, built in the 1960s, cost
about Pounds 4.38m per km. Ten years later, the
Jubilee line in London cost Pounds 22.5m per km —
The megacost of megaprojects The megacost of megaprojects
and the Jubilee extension in the 1990s cost £225m per
km.
Up in Scotland, the famous Forth Bridge l inking
Edinburgh to Fife cost £3.2m in 1890, but a second
road crossing in the 1960s cost £19.5m — and a third,
now being budgeted, is expected to cost £1.6 billion.
Look at Hong Kong’s MTR and you see simi lar
hyperinfl ation: the Kwun Tong line completed in 1979
cost about HK$384 million per km, but the purple
Tseung Kwan O line, finished in 2009, cost HK$2.5
billion per km, and the Shatin Central line, due to begin
operation in 2018 was costed in 2011 at HK$3.8 bn
per km.
The cross harbor tunnels provide further fascinating
examples: the original Hung Hom tunnel, opened in
1972, cost about HK$172m per km, but the Eastern
Crossing, opened in 1989, cost HK$1.5 billion per km
and the Western Crossing which opened in 1997 cost
HK$3.2 billion per km — and would undoubtedly have
been more expensive had it not been built as part of
the bundle of Chek Lap Kok airport projects.
Away f rom t ransport , the Hong Kong Olympic
Equestrian Centre, completed in 2008, cost HK$1.2
David Dodwell, Chief Executive, David Dodwell, Chief Executive,
Strategic Access LimitedStrategic Access Limited
B u s i n e s s
28071_BCO_Oct-1.indd 2028071_BCO_Oct-1.indd 20 12年10月22日 上午9:4312年10月22日 上午9:43
The megacost of megaprojects
billion, while the Kai Tak Sports Complex that is being
discussed for the 2018 Asian Games is currently price-
tagged at HK$19 billion.
Pretty much wherever you turn over the stones on
the costs of megaprojects, the same phenomenon
appears. So why is it that costs have spiraled so
extravagant ly? Obviously, much has to do with
the pol i t ical empowerment of our communit ies.
Apparently, when the first Forth Bridge was built,
hundreds died in the construction, but as safety
concerns have tightened, so costs have risen. Many
of these costs are linked to acquisition of land, and
this seems to have become progressively more diffi cult
over the decades. The process of acquiring land
not only costs money in a direct sense, but the time
required to negotiate land purchases has lengthened
projects and extended costs. Regulatory compliance
costs have also spiraled: anyone who spectated on
the Environmental Impact Assessment for the LNG
Terminal proposed for the Sokos Islands, for example,
could not but be in awe of the rooms full of documents
submitted by China Light and Power and their teams
of legal drafters.
It is perhaps not surprising therefore that megaprojects
on the Mainland remain significantly cheaper than
Hong Kong or UK counterparts. Putting carefully on
one side the rising concerns over collapsed bridges
or “tofu buildings” on the Mainland, and the shadow
of corruption (the construction industry is after all
worldwide recognized as the sector most heavily
burdened by corruption): Guangzhou’s Baiyun airport,
opened in 2004, cost about HK$24 billion — one third
the cost of the Hong Kong International Airport. The
offi cial audit cost for the 2008 Beijing Olympics came in
at HK$24 billion:
the London Olympics cost fi ve times as much. Beijing’s
subway line No 10, completed for the Olympics, cost
about HK$800m per km — a quarter of the cost of
Hong Kong’s Tseung Kwan O line.
Even if you don’t put much faith in China’s numbers,
it is clear that regulatory costs and delays contribute
strongly to the hyperinfl ation of megaprojects. This has
created a feast of opportunities for consultants and
financiers – largely at the cost of taxpayers. But as
megaprojects have become more mega, so the number
of global contractors deemed capable of managing
them has dwindled. As competition has dwindled,
perhaps unsurprisingly, prices have risen. A happy elite
band of contractors have clearly done very well out of
this process.
Is there anything that can be done? Clearly, the trend
is toward more regulatory scrutiny rather than less. But
it would surely help if the (largely public sector) clients
commissioning megaprojects were more expert than
they currently appear to be in setting specifi cations and
scrutinizing tenders. Experts say that it helps if clients
resist the temptation to change specifications mid
contract — and if they carefully distinguish wants from
needs, and do not insist on the very latest technologies
or highly idiosyncratic specifi cations unless they clearly
fall into the “need” category. Look, for example, at the
UK’s aircraft carrier Ark Royal. This ship was originally
built in the 1930s for £3m. It was sunk in 1941, and the
replacement launched in 1981 cost £250m. I read that
a new Ark Royal in the UK would today be budgeted
at £3.5 billion — in large part because of the military
establishment’s efforts to ensure it carries the very
latest defence technologies.
We can only be grateful in Hong Kong for the small
mercy that we have no army, navy or air force to
equip, and can leave this hyperinfl ationary headache to
Beijing. But then, even with Ten megaprojects on our
hands, we have budgetary headaches enough.
Britain in Hong Kong 2120
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Earlier this year the UK Government announced far-
reaching proposals to change the way that non UK
companies which owned UK residential property would
be taxed. Previously these companies, like non UK
resident individuals, had not been liable to pay Capital
Gains Tax (CGT). Under the new proposals this would
change and those companies would now be subject to
CGT, broadly calculated on the difference between the
acquisition value and the disposal value.
There are many companies who acquired UK property
many years ago so their base value for CGT purposes will
be very low. On resale of the property those companies
are going to face a very heavy tax bill.
Additionally, companies which own a property worth
more than £2 million will now be subject to an annual tax
which is being referred to as “Mansion Tax”. The amount
will vary according to value but will be a minimum of
£15,000 and a maximum of £140,000.
These charges are going to greatly impact on the
investment value of such properties. Both charges can be
avoided by transferring the property from the company
to individual owners but, particularly for older buyers or
those in poor health, that will not be attractive as it will
mean that the property is subject to UK Inheritance Tax
(IHT) at 40% of the total value if anything happens to the
owner. Obviously it won’t concern the owner themselves
as the charge will only be triggered when they are past
caring but many will be concerned to try and preserve
wealth for the benefit of their family and heirs. For that
reason, individual ownership will only seem interesting
if the ultimate owners are young and/or intending to
sell the property sooner rather than later. Those owners
are likely to be in the minority. Insurance is likely to be
an alternative way of covering the IHT but is likely to be
expensive especially for older owners.
HMRC did announce some exemptions from the new
charges. More detail of those exemptions have now
emerged so the planning opportunities have now
become clearer.
The first exemption announced was that professional
trustees holding residential property would not be subject
to the new 15% rate of Stamp Duty Land Tax (SDLT) that
was introduced in April this year. They will also be exempt
from the Mansion Tax but there is no general exemption
from the new CGT charge which previously did not
apply to non UK residents. Exemption from CGT can be
obtained if the trustees and a benefi ciary occupying the
property both claimed Principal Private Residency relief.
Offshore Companies Owning Uk
Residential Property Need To Take Urgent Action
Howard Bilton,
Chairman, The Sovereign Group
B u s i n e s s
28071_BCO_Oct-1.indd 2228071_BCO_Oct-1.indd 22 12年10月22日 上午9:4412年10月22日 上午9:44
This would normally apply where the property is occupied
by any benefi ciary or any number of different benefi ciaries
of the trust. CGT might also be avoided by “selling” the
property by changing the beneficiaries of the trust or if
the trustee was a private trust company by changing the
ownership of the trustee or by both. In fact there appear
to be so many potential ways to avoid CGT and so many
difficulties in collection that the latest rumour is that
HMRC may decide not to introduce this new extension.
At this stage it would be unwise to assume that CGT will
not apply.
Discretionary trusts are subject to a ten yearly charge
which could be as much as 6% of the capital value of
the property. This is an attempt by HMRC to claw back
some of the 40% IHT which is lost if UK property is held
within trust. The way the ten year anniversary charge is
calculated is complicated so 6% is certainly the maximum
but it will generally work out to be between 3% and 6%
depending on value and other circumstances. Luckily
this charge is only payable on the equity in the property.
If loans are used to purchase the property, the tax is
payable only on the difference between the capital value
and the loan amounts. For this reason it seems as though
a two trust structure may give the best of all worlds. One
trust, set up by a non-UK domiciled person, can receive
the capital amount needed to purchase the property. That
amount is then loaned to another trust which actually
buys the property. The loan amount is then deducted from
the value of the property for the purposes of calculating
the 10 year tax. The loan could be sufficiently large to
reduce the tax to a nominal or zero amount.
The above does not work for those who are sti l l
domiciled in the UK because the transfer into trust
would trigger the lifetime IHT charge of 20%. For UK
domiciled persons it is better to use a Qualifying Non UK
Registered Pension Scheme (QNUPS). A QNUPS is a
pension trust that enjoys special UK IHT treatment. The
pension trustees (typically corporate trustees) are exempt
from the new 15% SDLT charge and from the Mansion
Tax. A QNUPS is not subject to the ten year anniversary
charge. The terms and conditions necessary for the
trust to qualify as a QNUPS do mean that access to the
capital is somewhat restricted. The property can be sold
and the money can be re-invested in another property
or anything else allowed for under the pension rules but
the pension holder would only be able to take the money
out of the QNUPS according to the rules of the scheme.
Those rules normally allow the pensioner to take a lump
sum out on retirement and then the rest in drawdown.
That restriction may not suit everybody so the trust
structure will be preferable for non doms.
Happily, a gift by a non UK company to either a trust or a
QNUPS can be made free of SDLT as long as there is no
mortgage in place on the property. If there is a mortgage
then SDLT is payable on the mortgage amount so the
transfer could prove expensive to do now but will result
in large savings in the future.
Trusts owning residential property are subject to higher
rates of tax on rental income. They pay up to 50%. To
reduce the tax on income the income rights can be
vested in an offshore company wholly owned by the
trust when the property is acquired. The tax rate is then
reduced to 20%.
Anybody who owns UK property worth £2 million or
which may become worth £2 million in the future should
take action now. There is a window of opportunity to
rebase the capital cost as long as this is done before
April next year.
Howard Bilton is a UK and Gibraltar barrister, Professor
of Law at Thomas Jefferson School of Law, San Diego
and Chairman of The Sovereign Group.
Britain in Hong Kong 2322
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Delivering our recent oversubscribed Networking
seminar for a cross section of the HK business
community, Fraser Murray asked the audience at the start
of the event why they felt the need to be even better at
networking, particularly as Hong Kong is already known
for being a hotbed of networking. The answer……whilst
many people are great at networking socially.... turning
good social networks into business growth is for many of
the audience, much more challenging!
In this article Fraser, Talent expert and MD of Rock The
Boat, shares his top tips for effective business networking.
Many people find it challenging meeting new people
at a business event, conference or training event.
Whether you’re job hunting or looking to develop new
business contacts, the initial approach can be quite a
daunting experience, but it doesn’t need to be! With a
few simple tips and some preparation, you can make
networking enjoyable and with the right connections,
there are a few things you can do to increase your
chances of doing business with your new network
contact in the future. Just one or two changes in your
approach could land you that new business deal, or
new job!
TOP TIPS for EFFECTIVE BUSINESS NETWORKING
Fraser Murray, Managing Director,
Rock the Boat Consulting
”NETWORKING IS LIKE PLANTING
BAMBOO…..It takes a long time to grow but
when it does it’s very strong!”
– Fraser Murray
B u s i n e s s
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Why might you want to network more effectively?
In the current economic climate, selling your product
or service is a tough challenge; therefore networking
has become an even more valuable skill to possess
than ever before. Does that mean that you need to
become an extrovert social butterfl y, fl uttering around
the room, meeting as many people as possible?
No, not at all! Not all extroverts are successful at
translating network contacts into new business. Both
extroverts and introverts can learn to be even more
effective at networking. Networking is one of the most
successful and cost effective ways to generate new
business leads. Becoming brilliant at networking isn’t
just useful, for many businesses it’s critical and can
be the difference between success and failure. As well
as new business and contacts, you could be picking
up useful information about what’s going on in your
sector.
Trust is one of the most critical requirements in selling
effectively and without it, few people will buy from you
and certainly even fewer will recommend you to others!
People buy from people they know, they rate highly and
they like. I ran a session recently for a group of MBA
students who tried to convince me that people didn’t
have to “like you” to buy from you. On refl ection, they are
possibly right, but in my experience, “being liked as well
as highly rated” certainly helps!
1. Prepare in advance
• Set your objectives
Find out who will be attending the event. Decide
who you would like to target and what you would
like to take away from the event, how many quality
contacts and in relation to what? Having a specific
goal will ensure that you remain focused and will have
success.
• Get yourself in the right frame of mind for any
networking opportunity
Prepare well. Nobody is that interested in what
you wear as long as you are not hugely under or
over-dressed. Relax and remember to try and fi nd
out more about the other person and you’ll be
fi ne. Hold your head up, tummy in, chest out and
project your voice slowly and with confidence.
If you’re nervous, think back to a time, anytime,
when you were at your most confi dent. Remember
how it felt, feel the confi dence, imagine the scene
and now take that confidence with you into the
next situation.
• Be clear on your personal story and 30 second
introduction
Try to keep it short and punchy as there’s a limit to
how much people will remember on first meeting.
You want to give them enough information to get a
hook that they may wish to explore further but not
too much to send them to sleep!
Here is mine: “I lead a team of experts at Rock the
Boat, a Talent Development organisation providing
training in Leadership Skills, 1:1 Performance and
Career Coaching, and who specialise in Women’s
Development”.
What’s yours? You need to get a person’s interest
right away or you’ve lost your chance. The greeting
should be no more than thirty seconds long,
informative and about you. You need to sell yourself
before you can sell a product or service.
• Make a professional first impression with your
appearance and your attitude
The Blink Theory says you make your mind up in
the first 17 seconds. People decide many things
about you within 17 seconds of meeting you. Decide
what impression you want to make and then how
to make it through the colours and styles you wear,
your posture, handshakes, eye contact and facial
expressions. Dress to impress. Whether we like it
or not, attractive people receive attention. Anyone
can be attractive with the right outfit. Dress for
a networking meeting as you would if you were
going to visit your most important client. You need
to approach the event with a positive attitude and
positive energy, as people will be more likely to enjoy
your company and to recommend you to others if
you are up-beat and have a can- do attitude. Try to
smile regularly as and when appropriate.
2. At the networking event
• Working the room
Working a room can sometimes seem very daunting
for some people but it’s easier than you think if you
use some basic techniques. Shaking hands and
exchanging business cards are pretty common at
networking events, so make sure that if you have a
buffet at the event, that you have a drink or food but
not both! Always keep one hand free!
• Interrupting/joining a group of people
Focus on a group of people and stride confidently
up to them, so they can sense you’re coming. Don’t
interrupt immediately but be prepared to be invited
Britain in Hong Kong 2524
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into the group. Standing close to two people usually
results in them opening up to let you join. As you
approach, focus your eye-contact on one friendly
face, usually on the far side. Don’t be scared to walk
round the group to enter where people are smaller.
More people will see you this way and they are more
likely to welcome you in. Show interest in the topic
they are discussing.
Be prepared when invited to introduce yourself briefl y
and be prepared to shake hands with everyone. Say
your name slowly (don’t rush). It is OK to take a peek
at name badges! Make sure you wear yours high up
rather than on your belt or near your cleavage, unless
that’s where you want people to look!
Ask questions. Where do you work? What do you
do? What do you do in your spare time? Are you
doing anything interesting this weekend? Do you
have any kids? How old are they?
• Ask questions
The best way of fi nding out about the other person is
to ask them questions. Hopefully they will then ask you
some questions too. Focus on your value proposition or
ideas that can help them grow their business, improve
their performance or reduce their costs. A strong and
positive relationship takes time to develop. If they feel
you can add value to them or to their contacts, they
may want to meet up again in the future.
• Share business cards only with those you have
made a useful connection
Culturally I’ve noticed some differences in the way
business cards are used in Asia compared to many
other parts of the world. In Asia, it’s a bit like the
handshake greeting, in so much as everyone offers
their business card almost immediately. Whilst I
accept this cultural practice and reciprocate, I do
often wonder whether this is an effective use of
business cards, as this way most will end up in a
drawer at home never to be looked at again. The
reality is that most of us will only connect with one
or two out of every five people we meet. I believe
you should only offer your business card at the end
of the meeting if the rapport and interest was strong
enough for you both to want to stay in touch. There’s
no shame in not having a strong connection, that
would be quite normal where I come from, but then in
an Asian culture I accept that may be uncomfortable.
Instead I prefer to focus my energy where there is a
two way meeting of the minds or at least where you
feel you can help one another, then exchange contact
details! One strong connection is worth a hundred
weak ones.
Spend time with those you DON’T know
Diversity often sparks new ideas, so try to fi nd new
types of people to help generate more creativity for
you. Although it is ok to spend some time with key
contacts before working the room, remember that
people with whom you are already friendly know what
you offer. Networking meetings should enable you to
expand your network.
Open questions to establish rapport – men……..
this must be more than sport; business and
current events.
Find common ground quickly. Ask simple questions
to get things started. Appropriate humour often
works. Try to create a conversation, rather than an
interrogation. Avoid any temptation for a one-way gush
of “this is me, what I do, and I only want to know if we
can do business otherwise I am out of here”….
Listen, listen, listen...more than you talk
Are you listening carefully to what the other person
is saying, or just waiting to speak? You don’t want to
spend all of your time explaining what you do. First,
find out what the other person does. Not only do
people love to talk about themselves, but it will give
you time to understand their needs and how you may
be of service to them.
Ask yourself, “How can I help this person?”
Share ideas and resources to help them achieve
their objectives. Genuinely care about the other
person.
Always maintain good eye contact; be alert to your
body language and theirs and start to develop
relationships with people in the group. Think “What
do they want to know? How can I help them?” Is
there anything that my network contacts could do for
them?
How often you should keep in touch so you are
remembered?
Research tells us that you start to lose rapport
somewhere between the 1 and 3 month stage.
People start to forget about you and your needs,
so try to make contact with them every quarter.
Remember that face to face contact is far more
effective than telephone contact or email, so make
the effort to meet those important contacts in your
network every 3 months (minimum).
If you want to know more tips on how to network effectively,
including how to increase business sales through brilliant
networking, how to remember people’s names, and how to
exit someone's company gracefully..... look out for future
British Chamber workshops!
B u s i n e s s
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Debate continues on the provision
o f s tudent p laces in Hong Kong
international schools. Long waiting lists
at the most prestigious of these are a
fact of life, as are the genuine concerns
of the business community that a
shortage of school places is a serious
disincentive to the recruitment of top
overseas professionals.
Quality vs QuantityOne point that is sometimes overlooked
in this debate is that, according to
government figures, there were 4,000
international school vacancies last
year. Based on this fi gure, Yew Chung
International School (YCIS) believes it’s
the quality, not the quantity that is the
issue. Parents want a good school,
not just any school professing to offer
international education.
It’s apparent that further development
is important to meet the demand for
quality places and also to support
H o n g K o n g ’s f u t u r e e c o n o m i c
growth. The government has made
clear its intentions to foster the city’s
development as a regional education
hub. Co-operation with mainland and
international educational institutions
is growing rapidly. It’s an exciting time
for education providers, who must
ensure they meet the needs of both
the local community and those of
students who come from other places.
An important question is: “What should
an international education provide to
students?”
Your Global EducationYCIS fi rmly believes that the globalised
world of the 21st century requires
students to be international-minded
citizens. This is particularly relevant
to Hong Kong. As a major financial
centre, the city needs to constantly
connect with the rest of the world and
foster innovation and diverse ways of
thinking.
International education must go beyond
establishing a strong platform for future
careers. Local educators must lead the
way in Hong Kong – and throughout
Asia – in embracing new standards.
They need to offer students an “extra
something” that enables them to develop
truly global perspectives and prepares
them to become tomorrow’s leaders.
This must start at an early age, taking
into account the overall well-being
of each student. YCIS understands
the need to encourage students to
become active and motivated learners,
developing skills not only in literacy and
numeracy but also in asking questions
and observ ing according to thei r
individual abilities.
Connecting East and WestIn Hong Kong’s context as a key
interface between East and West,
dual-language education – mastering
both Chinese and English – is key.
By do i ng so , s t uden t s deve l op
intercultural skills and understanding.
Th is i s fu r the r nur tu red th rough
i n t e r na t i ona l exchanges , whe re
students interact with their peers in
other cultures, perform cross-cultural
community service, and develop their
understanding of the world around
them, shifting their thinking from local
to global.
Th is is a major change f rom the
historical development of international
schools in Hong Kong, which began
with a British education being offered
to a mainly British school population.
Even today, some international schools
still offer a national curriculum leading
to foreign qualifi cations for entry into a
national education system overseas. In
fact, they are really national schools in
an international context.
Future World CitizensYCIS strongly believes that education
s h o u l d b e v i e w e d h o l i s t i c a l l y,
focusing on students’ intel lectual,
physical, cultural, spiritual and social
development as future world citizens.
The challenge now for Hong Kong is to
build on its existing advantages in order
to offer a world-leading international
educational experience.
Three core beliefs underpin the YCIS
philosophy and practice. Education
must:
change with time, produce long-term
benefits for individuals, help create a
better future for all.
and
ndividu
Con
in
An education feature brought to you by YCIS
YCIS students’ global mindset is nurtured through international exchanges and cross-cultural community service
YCIS Believes quality is key to developing the international school sector
Britain in Hong Kong 2726
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The fi rst ever Poppy Day
was held on 11th November
1921. Traditionally Poppy
Day is held on the second
Saturday of November, the
closest to 11th November,
to mark the end of WWI
on the Eleventh Hour of
the Eleventh Day of the
Eleventh Month in 1918.
The use of the poppy was
adopted because, in the
areas of Northern France
known as Flanders and
Picardy which saw the
heaviest f ighting during
WWI, it was the only other
living thing which survived.
F lower ing each year i t
brought life, hope, colour
and reassurance to those still fi ghting. Major Howson, a young
Infantry Offi cer, decorated for bravery recognized that making
artifi cial Poppies might offer opportunities for those disabled in
the war who, on return home, seemed unemployable.
The Royal British Legion
The British Legion, now the Royal British Legion, was founded
by Earl Haig, formerly Commander-in-Chief in France, in
1921, to give practical help to the ex-Servicemen and women
and their dependents. The surviving men and women who
returned home after the war, many injured and scared by their
experiences, did so to a world that would never be the same.
People at home had learned to manage without them. For
many the transition to civilian life was not easy. Some found
diffi culty in adjusting to their new way of life and others could
not fi nd work due to their age or health.
Hong Kong and China Branch
The Royal British Legion (Hong Kong and China Branch) has
been active in Hong Kong since 1922. It was established for
the purpose of providing financial assistance to Hong Kong
ex-servicemen and women and their dependants who fall on
hard times. Some of the ex-servicemen were prisoners of war
in Hong Kong while others escaped to China to join the British
Army Aid Group or to Burma and India to continue fi ghting.
How it all BeganC o m m u n i t y
THE
REMEMBRANCE
SUNDAY SERVICE
IS AT 11AM
ON SUNDAY 11th
NOVEMEBER
2012.
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The Charitable Work of the Royal British Legion in Hong Kong
The work carr ied out
by the Legion increases
y e a r b y y e a r a s e x -
s e r v i c e m e n b e c o m e
older and are less able to
take care of themselves
a n d t h e y b e c o m e
dependent on the Legion
for financial assistance.
In Hong Kong there are
current ly only 35 war
veterans still alive. They
are in their late 80s – 90s
and many need our help.
We help to run a clubhouse in Causeway Bay where these
gentlemen can escape their sometimes very small and sparse
accommodation and meet to play mahjong, have a cup of tea
and meet their friends. It is not, however, just the war veterans
we help. We also help the Local Enlisted Personnel (LEPs) who
were made redundant when the British Garrison closed in 1997
following the handover. We estimate there are 14,000 who are
eligible to apply to us for help. In addition to these we stand
ready to assist former Gurkhas and British Ex Servicemen who
have fallen on hard times.
The Legion is a charity organization. It relies upon public
support to continue its work because the Legion receives no
fi nancial support from the Government or from the Community
Chest. The Legion also supplies wreaths, made by disabled ex-
servicemen, for the annual Remembrance Sunday ceremony
that falls on the second Sunday in November, the day after
Poppy Day.
It is a matter of principle that the Hong Kong and China Branch
of the Royal British legion helps only Hong Kong people –
100% of them are resident in Hong Kong. Currently we pay 15
monthly grants to people in need – these grants range from
war veterans to young widows with children who are still in
school. So we need your support not only fi nancial by buying
a poppy but by coming along to the service on the 11th of
November 2012.
The Poppy Brigadier Christopher Hammerbeck,
Executive Director, British Chamber of Commerce in Hong Kong
anBritain in Hong Kong 2928
THE CEREMONY, WHICH IS TAKING PLACE ON SUNDAY 11TH NOVEMBER 2012. COMMEMORATES THOSE WHO GAVE THEIR LIVES FIGHTING FOR THEIR COUNTRY IN ALL WARS, BUT ESPECIALLY WE REMEMBER THE MEN AND WOMEN WHO TOOK PART IN THE BATTLE FOR HONG KONG IN 1941.
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The Eugenia, BangkokTucked away and a little hidden, this Relais & Chateaux
boutique hotel is one of Bangkok’s little known gems.
Designed and decorated in an old world-style – a late
19-century colonial-style house, and tastefully furnished by
the owner, it offers its guests a quiet oasis in the middle of
a busy city.
Each of the 12 suites includes four-poster beds, settees,
dressers, vintage desks and hand-beaten copper bathtubs.
The lobby, the reception area, the cafe, the library and the
lounge are all set on the ground fl oor. The swimming pool
and Thai pavilion are set in the back courtyard, surrounded
by luscious green trees. There is a 24 hour valet on standby
and a tuk tuk service in the driveway on hand to give you
lifts to the nearby shopping malls or landmarks. But, The
Eugenia’s pride and joy is their vintage car that is parked
out front and of course, for hire, if you would like to arrive (or
depart) in style.
Peninsula, BangkokThe Peninsula in Bangkok doesn’t disappoint. If you are
going to be paying those prices, you are expecting top
luxury and grandeur, which you will fi nd here.
YES SIAM !A recent work trip took me all around Thailand and of course, my mother jumped at the opportunity to take
advantage of a week of luxury spas and pool villas.
Arriving in Bangkok after a three hour flight was a bit of
a shock to the system – it was hot and dusty. We spent
two nights in a very cute boutique property, Ariyasom Villa,
located just off Sukhumvit Road in the heart of central
Bangkok.
Hua Hin was next and Six Senses were kind enough to
host us in a pool villa for two nights.
Our final stop was four nights in Koh Samui. Bangkok
Airways does direct flights from Hong Kong, making this
island easily accessible for long weekend getaways and
the choice of properties in Koh Samui seems endless.
Beaches, nightlife, shopping, water sports, elephant
trekking, temples and waterfalls are just a few options to
keep you busy during your stay there. We spent two nights
at W Retreat and two nights at Infinity Residences and
Resort.
L i f e s t y l e
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The 370 rooms and suites are spread across 37 floors
and cater perfectly to any type of traveller. The effort they
put in to making sure kiddies needs are also met is very
impressive, from baby sitting services, kid sized bathrobes
and slippers, to blankets with printed cartoons (pink or
blue) to baby activity kits.
All rooms are spacious and have a royal feel to them –
some with balcony, some with terrace and all overlooking
the river.
You can chose from four restaurants from the Chinese Mei
Jiang, the authentic home cooked Thai style, Thiptara, the
River Café and Terrace and the River Bar, which of course
are set by the Cha Phraya River and offer serene views and
a more relaxed atmosphere.
Activities range from lounging by the pool, painting and
cooking classes in their very own herb garden, garland
decorating, river cruises and of course shopping sprees.
Don’t forget you can arrive in style, as they do also have a
heli pad on the roof – now, if that’s not luxury, then I’m not
sure what is.
Six Senses – Evasom, Hua HinThree hours south of Bangkok is Hua Hin, where we
would spend the next two nights in our private pool villa of
Six Senses.
Six Senses has a luxuriously rustic feel to it. Everything is
very earthy, green and organic. From the food and herb
garden, to the villas to even the Earth Spa which is a
collection of mud huts – it doesn’t get more natural than
that.
The 240 rooms have a fresh feel to them with little pops of
colour, which is copied throughout the resort. The beds are
large, comfortable and come with mosquito nets, however,
fear not, there are perfectly functional air conditions in every
room! The pool villas are gorgeous and very light, with
spacious stone showers and bathtubs (both indoor and
out) and come with a 24 hour butler – ask for Tammy!
There are two spas – The Six Senses Spa and The Earth
Spa. The latter is not air-conditioned and comprises of
mud huts that rest between beautiful lily ponds. The huts
are naturally cooled and everything used in this Spa is
completely natural – think coffee beans, aloe, papaya,
cucumber…. The Six Senses Spa, of course, has air-
conditioning and a plethora of amazing treatments to
choose from (my mother is an expert on them all…).
The Beach Restaurant has a great choice of Italian cuisine
and a huge array of sorbets to choose from (try the
Jasmine & Yoghurt and Coconut. Delish!) Of course, there
is also the Thai restaurant which at night is entertained by
Thai musicians and The Living Room, their main restaurant
that serves an incredible breakfast spread.
Six Senses, Koh SamuiPerched on a cliff overlooking the ocean, this resort has to
be one of my favourites of the whole trip. It’s very earthy,
relaxed and rustic, yet luxurious and modern. You are
greeted at the top of the resort, then taken by buggy down
the cliff where the rest of the property lies. All 66 villas
are naturally designed and come complete with outdoor
showers, dining tables, daybeds, sun loungers and
spacious l iv ing
rooms, with dark
wood furnishings.
A private butler is
on hand for each
villa that will assist
you with anything.
Dining on the Hill
and Dining on the
Rocks are the two
main restaurants
and very popular throughout the island. Both with stunning
views and food to match. There is also an excellent wine
cellar, infinity swimming pool (possibly the best one I’ve
ever seen in my life), Thai cookery school, gym, library and
a spectacular spa with outdoor treatment rooms. “Bus
stops” dot the resort for you to call for a pick up at any
time.
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Four Seasons, Koh SamuiThe Four Seasons is one of the best. It was built on
a coconut plantation, however, not a single tree was
destroyed in its constructions, they simply built around
them – some trees are part of the décor in your villa!
The resort’s 40 one-bedroom villas and 14 one- to five-
bedroom residences come with a private pools and
stunning panoramic views of Laem Yai Bay and nearby
Koh Pha Ngan.
A great option for families, they have a wonderful kids club
catering to children of any ages with daily activities such a
coconut painting and crab racing on the beach.
The Forest spa – a spa in the jungle - comprises 5
treatment villas with private outside bathtubs ideal for
couples.
Dining at The Four Seasons is an experience of its own as
the views are absolutely breath taking. Lan Tania serves
Italian and Thai cuisine and Pla Pla which is set on the
beach serves fresh fi sh daily, prepared according to your
request.
Banyan Tree, Koh SamuiBanyan Tree is a collection of 88 villas, all equipped with
private pools, which are said to be one of the largest on the
island.
Overlooking the scenic Lamai Bay, the resort is nestled in
a series of cascading terraces on a private hill cove in the
south-eastern coast of Koh Samui.
Restaurants feature a variety of cuisines to suit all taste
buds. International delights at The Edge, Thai dinners at
Saffron, a fun BBQ at Sands, or cocktails by the pool. Of
course, there is the option of in-Villa dining, because, let’s
face it, sometimes (especially at Banyan Tree) there is no
need to leave the room.
Designed in a typically contemporary Thai style with
modern amenities, enjoy the sweeping views over the Gulf
of Thailand from your outdoor Jacuzzi, dining and sun-
lounging areas, or bask in the indoor bathtub and mosaic-
tiled shower.
Banyan Tree boasts some of the fi nest spa facilities with the
island’s fi rst hydrotherapy wellness centre: a jungle-themed
aquatic experience, including an artificial-rain walkway,
crushed-ice fountain and scented steam chambers.
B e s p o k e t r a v e l c o m p a n y L i g h t f o o t Tr a v e l
(www.lightfoottravel.com) is an Asia-based tour operator
specializing in tailor-made holidays, honeymoons, short
breaks, boutique accommodation and private villas in
Asia and beyond. For more information please call +852
2815 0068 or email [email protected]
L i f e s t y l e
Zazen, Koh SamuiMy favourite boutique property on the island, Zazen, has
a Moroccan/Balinese feel to it with a peaceful vibe and
friendly staff. Located just next to Fisherman’s Village in
Bophut, and directly on the beach, Zazen is close to all the
action.
Comprising only 26 bungalows with enormous beds and
open-air bathrooms, the rooms are either beach front or
surrounded by gardens.
The restaurant is famous throughout Samui for its delicious
east-meets-west cuisine and relaxed atmosphere. The
resort’s Le Salon de Ti is a bay-view tea lounge with Louis
XVI-style furniture and crystal chandeliers. They are also the
proud owners of their very own wine cellar and host weekly
Thai dance shows. The beach bar connects the main pool
and the private beach and is the perfect place to enjoy a
sunset cocktail or two.
The La Spa Zen is not to be missed, it is a traditional Thai
spa with beautiful rooms and a long list of exotic treatments
on offer.
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Q. What is my liability as a shareholder in a Hong Kong company?
A. If you have invested in a Hong Kong incorporated company as a shareholder, you may be eager to know the extent of your liability. Hong Kong adopts the same regime as England for limited companies, namely that you will only be liable up to the amount of your paid-up nominal share capital.
The nominal value is fi xed by the company and is usually HK$1 per share. “Paid-up” means you have paid for the full nominal value of the shares. Shares of private limited companies are usually paid for in full when issued to shareholders.
Therefore, if the company is in debt and is wound up, and you own fully paid-up share capital, you should not have to contribute any more money to satisfy the debt. However, if your shares are only partially paid, you will have to “top up” so that they are fully paid.
Stefania Lucchetti, Partner, Corporate Practice, HWB.
Q. Daisy Chan commenced employment with Moon Cake Limited (“MCL”) on 8 October 2012 with a 3 month-probation period. After 5 weeks of employment, Daisy gave notice of pregnancy. MCL would like to terminate Daisy’s employment because of poor performance. Can MCL do that?
A. The Employment Ordinance provides pregnant employees with protection against termination. After a pregnant employee has served notice of pregnancy upon an employer, the employer shall not terminate the employment unless the employer has grounds to summarily dismiss her. However, such protection is not available to employees on probation for a period not exceeding 12 weeks. MCL is allowed to terminate Daisy’s employment, so long as the reason is not connected to Daisy’s pregnancy (in this case, it is poor performance). The Company must effect termination before 8 January 2012, otherwise MCL will not be permitted to terminate Daisy’s employment until after she returns to work, after completion of her maternity leave.
Catherine Leung, Senior Associate, Employment Practice, HWB.
Q: Our company has been approached by marketing agencies to sell our client and employee data, especially email addresses and phone numbers. Could this backfi re on us under the Personal Data (Privacy) Ordinance (Cap 486)?
A. Yes – it will probably backfire and we advise against this approach. The guiding principle under the Ordinance is that personal data (including email account details and phone numbers) should be carefully controlled. The data should not be used for any other purpose than the purpose for which it was to be used at the time of the original collection of the data.
The exception to this is when a person consents to the use of their data for another purpose, although that is unlikely to happen in this kind of situation and, if it does, your company should secure written consent before the release of data to a third party. If a person suspects that your company has misused or sold their data for a purpose other than the original purpose of collection, they could make a complaint to the Privacy Commission and potentially, recover compensation. In addition, and perhaps just as signifi cantly, unlawful use of personal data is likely to cause signifi cant harm to your business reputation.
Lisa Nabou, Senior Associate, Dispute Resolution Practice, HWB.
Legal Q & A
Howse Williams Bowers (HWB) is a new independent Hong Kong law firm. Our key practice areas are commercial and maritime dispute resolution; corporate/commercial and corporate fi nance; clinical negligence and healthcare; insurance and professional indemnity insurance; employment; family and matrimonial law and intellectual property.
As an independent law fi rm we are able to minimise legal and commercial confl icts of interest and act for clients in every industry sector. The partners have spent the majority of their careers in Hong Kong and have a detailed understanding of doing business in Asia.
Disclaimer: The information contained in this article is intended to be a general guide only and is not intended to provide formal legal
advice. Please contact [email protected] if you have any questions about this article.
For more information please contact:
Stefania Lucchetti
Partner
+852 2803 3640
+852 2803 3618
Catherine Leung
Senior Associate
+852 2803 3630
+852 2803 3608
Lisa Nabou
Senior Associate
+852 2803 3604
+852 2803 3608
Law is always a daunting world for those outside the legal profession, yet its relevance to business situations can be very real and immediate. Britain in Hong Kong is here to help and is pleased to announce the new regular Legal Q & A column. Every month, legal experts from major law fi rms will be on hand to answer your queries. If you have any legal questions that you would like to ask our panel of experts please send them by email to [email protected]
This month the team from Howse Williams Bowers lays down the law (so to speak) on the fi rst round of business-related questions.
Britain in Hong Kong 3332L e g a l
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The Jardine Matheson Group & British Chamber YNetwork Scottish Ceilidh 2012Event date: 26/10/2012 - 20:00 - 27/10/2012 - 01:00 Venue: Aberdeen Marina Club, 8 Shum Wan Road, Aberdeen, Hong KongDress: Black tie, with a touch of tartan!
It is that time of year again! The famous British Chamber YNetwork Scottish Ceilidh is back, and is set to be better than ever! Get ready to dance the night away to the popular reels, and enjoy some delicious Scottish fare, washed down with plenty of whisky!
The night will open with Scottish pipers, sword dancing and a haggis addressing ceremony. There will also be a business card lucky draw with some amazing prizes to be won, so don’t forget to bring your business cards!
Asia - Regional Economic Outlook and Real Estate OpportunitiesEvent date: 30/10/2012 - 08:00 - 09:15 Venue: Harcourt Suite, 1/F, The Hong Kong ClubSpeaker: Nicholas Brooke, Chairman, Professional Property Services Ltd.
Whilst many countries in Asia share regional interests and have much in common when it comes to their economies, cultures, and climates, their economic status or political development and the business potential are not always so aligned.
Nicholas Brooke has been undertaking assignments and providing advice in the region for over 30 years and if you would like to learn more as to his views as to the current and future economic and investment opportunities across Asia, particularly in the real estate sector, join us for the Real Estate Committee breakfast on 30 October when Nicholas Brooke will share his thoughts with us.
Macau - Gaming-Politics-Junkets - What is really going on and what is going to happenEvent date: 31/10/2012 - 08:00 - 09:15 Venue: Harcourt Suite, 1/F, The Hong Kong Club Speaker: Steve Vickers, Chief Executive Offi cer, Steve Vikers & Associates
Whilst the Macau gaming industry has been hugely successful over recent years, it currently faces various strategic challenges. These include political risks arising from the pending leadership change in the People’s Republic of China and other political risk indirectly arising from the US Presidential Elections. Recently highly publicised allegations as to breaches of various laws by the international operators in Macau present other challenges.
Steve Vickers will help to put all of these matters into context and to identify factors which will impact upon the future direction of the gaming industry in Macau and Asia. Steve Vickers will help to put all of these matters into context and to identify factors which will impact upon the future direction of the gaming industry in Macau and Asia. Steve Vickers is the CEO of Steve Vickers & Associates (“SVA”) and has over 36 years experience in Asia. SVA is a specialist risk mitigation, corporate intelligence and risk consulting company. The company serves fi nancial institutions, private equity funds, corporations, high net-worth individuals and insurance companies and underwriters around the world.
“The View from the Boardroom” – is ‘Aspiration Britain’ deliverable?Event date: 02/11/2012 - 12:30 - 14:15 Venue: The Atrium, 39/F,
Island Shangri-La, Speaker: Sir Roger Carr, CBI President
Sir Roger Carr is President of the CBI, the UK’s premier business lobbying organisation. At this lunch, Sir Roger will discuss how UK PLC must adapt and lead in order to drive international growth, and what this means for the Asia markets.
Marketing Strategies for SMEsEvent date: 07/11/2012 - 12:30 - 14:00 Venue: CBRE offi ces, 3/F Three
Exchange SquareSpeaker: Timothy J. Peirson-Smith,
Managing Director, Executive Counsel Limited
Marketing communications and brand building for SMEs remain the most challenging areas for the sector in terms of what to do, who to have do it, and how to extract maximum ROI from a small budget. In this seminar, Timothy Peirson-Smith will share his experience on Public Relations and Marketing campaigns for large corporations and brands and will summarise his key learnings and distill experiences to those that will be appropriate to the needs and budgets of SMEs.
Shaken Not Stirred Networking Drinks KowloonEvent date: 08/11/2012 - 18:30 - 20:30 Venue: Vibes, 5/F The Mira Hong Kong,
Tsim Sha Tsui
Join us for our Kowloon networking drinks event at Vibes, The Mira - a chic, alfresco bar hidden in the fifth floor courtyard. Especially for all those working in and around Tsim Sha Tsui - unwind in style after work with an evening of drinks and canapés.
Past Events
Upcoming Events
Y Network Head of the Table dinner hosted by Nick Sallnow-SmithOn Thursday 6th September, Nick Sallnow-Smith, Chairman of the British Chamber of Commerce in Hong Kong and Chairman of Link REIT, hosted a
dinner for 12 members of the YNetwork at the Kee Club. Nick began the evening by guiding us through his dynamic career trajectory in which he has
been, at one stage or another, a teacher, civil servant, treasurer, property executive, and chairman. Despite these varied professions, Nick maintained that
one thread of consistency throughout his career has been his lack of qualifi cations! In fact, he argued convincingly that it was this very lack of qualifi cation
that has been the source of his success. That is, by entering new industries or professions without extensive experience but with an enthusiasm to
critically engage, he has been able to question the lazy consensus, challenge institutional inertia and create a momentum for change. Nick’s emphasis
on the importance of a fresh perspective and the impetus to question the status quo struck a particular chord with me and the other members of the Y
Network as we move forward in our careers.
Nick went on to describe his numerous career successes as treasurer of Johnson Matthey, treasurer
of Jardine Matheson and Chief Executive of Hongkong Land to name but a few. By comparing his
experiences in each of these companies, Nick applied a refreshing approach to our lively discussion
of company culture. He steadfastly argued that our loyalties should be to the people that make
up an organization, and not necessarily to the institution itself. Furthermore, Nick highlighted the
importance of diversity of approach within a company’s make-up. For example, although liberal arts
degrees can sometimes be dismissed, he told us that if he could go back the one thing he would
do differently would be to have done a degree in Philosophy as he believes that the intellectual
rigour of this discipline encourages an independence of thought that is not only relevant, but also
hugely advantageous, in the corporate world.
I would like to take this opportunity to thank Nick for so generously hosting the Y Network and for providing a forum for such stimulating and candid
debate on everything from the value of an MBA to abolishing the UK curriculum. Nick’s experiences provided us both with inspiration and practical
advice on how to develop our careers going forward. If you would like to learn how you can attend the next Head of the Table event, or if you would like
to ensure that the younger executives in your organisation can benefi t from this unique forum, please email Lucy Jenkins at [email protected].
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Thank you for your continued support
The British Chamber’s Sterling Members
Exciting Investment Opportunities!
Take your business
to
new heights
The British Chamber of Commerce is hosting its tenth Business Angel Event sponsored by Baker Tilly Hong Kong on 22 November 2012. This initiative provides an opportunity for new businesses, or existing small businesses looking to expand, to present their business plan in front of an audience of potential investors. Each candidate is screened before a committee of business professionals before the event and the investment opportunities that are subsequently presented on the day are high quality and often very exciting.
Who are we looking for?
This programme is designed for Angel Investors or their representatives who are looking for sound investment opportunities from Hong Kong based companies of around USD$100,000 to USD$2million. Angels should either be high net worth individuals looking to invest, investment companies or representatives of investors and the programme is open to both members and non-members of the British Chamber of Commerce.
There are still spaces available at this event for any potential investor who would like to hear more. Space is limited so please let us know as soon as possible if would like to be part of this unique investment opportunity. Please visit angel.britcham.com to register or email [email protected] for more information.
Sponsored by:
The British Chamber of Commerce is delighted
to announce that CBRE is supporting the SME
Committee’s SMART TIPS FOR SMALL BUSINESSES
series of lunchtime seminars aimed at entrepreneurs
and small business owners in Hong Kong.
The series is co-ordinated by the British Chamber’s
SME Committee, a group of successful entrepreneurs,
business owners and experts who understand the
challenges faced by small businesses every day. The
series aims to provide practical know-how as well as
market analysis tailored to small business needs. The
series is open to members and non-members.
With the support of CBRE, the SME Committee is
looking forward to hosting a fascinating series of
seminars this year.
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Member DiscountsFood and Beverage and Accommodation
Accor | Members will receive 10% discount on top of the lowest rates that Accor’s
Asian hotels are offering on the day. This applies to over 1600 Sofi tel, Pullman, MGallery,
Novotel, Mercure, Thalassa & Orbis hotels worldwide. You will also receive 5% discount
on top of the best unrestricted rates for hotels including ibis (in specifi c countries), All
Seasons & Hôtel Barrière. For more information please contact Regina Yip on 2868
1171 or email [email protected]
Alfie’s | Members of the British Chamber of Commerce can benefit from a 10%
discount at this chic restaurant in Hong Kong. To make a reservation please call 2530
4422 or email booking.alfi [email protected]
Berry Bros. & Rudd | Members can benefi t from a 10% discount on all retail prices as
well as receiving invitations to free tastings and other wine events during promotional
period. For more information please call 2907 2112
Courtyard by Marriott Hong Kong | Members will receive a 10% discount on food
only in MoMo Café. To make a reservation please call 3717 8888
Dot Cod | All members of the British Chamber of Commerce of Hong Kong will receive
a 10% discount on the bill. For more information please call 2810 6988 or email
Grand Hyatt Hong Kong | 15% discount on food and beverage at The Grill and
10% discount on treatments upon spending HK$1,000 at Plateau Spa. To make a
reservation please contact The Grill on 2584 7722 or the Plateau Spa on 2584 7688
Hyatt Regency Hong Kong, Tsim Sha Tsui | 10% discount at The Chinese
Restaurant, Hugo’s, Cafe and Chin Chin Bar (except during happy hour). To make a
reservation please call 2311 1234
JW Marriott Hotel Hong Kong | Members will receive a 10% discount on the total
bill at Man Ho Chinese Restaurant, JW’s California, Marriott Cafe, The Lounge, Riedel
Room @ Q88, and the Fish Bar & Grill. To make a reservation please call 2810 8366
Le Méridien Cyberport | Members can book a Smart Room at the special rate of
HKD1,600 including a daily eye-opening buffet breakfast (subject to availability). You
will also receive 20% discount at 5 of the hip restaurants and bars that the hotel has to
offer. Furthermore, when you book the 21-day long room package at HKD23,100 you
will receive a ‘Round Trip Limousine Service’. For more details please call 2980 7785
Hong Kong Skycity Marriott Hotel | Members will receive a 10% discount on the total
bill at Man Ho Chinese Restaurant, SkyCity Bistro, Velocity Bar & Grill, and The Lounge
(Promotion does not apply to alcoholic beverages). To make a reservation please call
3969 1888
Renaissance Harbour View Hotel | Members will receive a 10% discount on the total
bill at Michelin Star Dynasty Chinese Restaurant, all day dining at Cafe Renaissance, Scala
Italian Restaurant and the Lobby Lounge. To make a reservation please call 2802 8888
The Mira Hong Kong | Members will be given special room rates, a complimentary
upgrade and fantastic discounted rates on the Spa suite package (subject to availability).
For more information please contact Connie Kwan on 2315 5666 or email connie.
W Hong Kong | Members will receive fantastic offers at Kitchen and Sing Ying. Dine at
either of these restaurants and receive complimentary discount vouchers to use at your
next meal. For more information or to make a reservation please call 3717 2222
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There are many great benefits of being a member of The British Chamber of Commerce. One of those is the
Member Discounts programme which is an exclusive package of discounts that range from discounted car rental,
reduced hotel accommodation, airfares and even relocation costs.
Every six months we invite members to prepare a tailor made offer to all the members of the British Chamber. You
can fi nd these benefi ts listed below and for more details please visit our website www.britcham.com
Home
Allied Pickfords Hong Kong | Allied Pickfords will extend a free local move for any Home Search completed by SIRVA Real Estate. For more information please call 2823 2089 or email [email protected]
Bowers & Wilkins | B & W are offering members a 10% discount on all listed price items in the B&W Showrooms in Tsim Sha Tsui and Central. For more information please call 3472 9388 or 2869 9916
Colourliving | As a member of the British Chamber of Commerce, you can enjoy a 10% discount on all normal price merchandise when shopping at Colourliving in Wanchai. Please call 2510 2666 or visit www.colourliving.com
Travel & others
Avis | Members can receive up to 20% discount off standard rates on car rental bookings. To make a booking please call 2882 2927 or visit www.avis.com.hk
British Airways | As a member of the British Chamber of Commerce you can enjoy an exclusive offer of 7% discount from British Airways. To make a booking please visit www.britcham.com/memberdiscount/british-airways
Compass Offi ces | Compass Offi ces, Hong Kong’s largest Serviced Offi ce provider, offers members a 10% year round discount on meeting rooms, a free one hour Telepresence or Video Conferencing session and a 3 month complimentary Virtual Offi ce package. For more information please call 3796 7188 or email hksales@compassoffi ces.com
Flight Centre | Members will receive HKD150 off the fi rst booking made as well as a complimentary Airport Express ticket per booking. For all holiday and fl ight enquiries please call Paul Jeffels on 2830 2793 or email paul.jeffels@fl ightcentre.com.hk
Regus | Britcham members will receive a complimentary six-month Businessworld Gold card that gets you access to 1,200 business lounges in prime central city business locations in Asia and around the world. For more information or to accept this offer please visit www.regus.hk/localpartnership and enter the activation code APHKBCC in the Promotional Code box.
sense of touch | Britcham members will receive 20% off all treatments on their fi rst visit upon a total spend of $1,000, 10% off facials and massages in all subsequent visit as well as a $1,000 treatment coupon when purchasing a $10,000 cash package. For more information please call 2201 4547
The Hive | The Hive is offering one additional month’s membership at no extra charge for any member who signs up for 6 months. For further details, please visit www.thehive.com.hk
Virgin Atlantic Airways | Special offers to London are available exclusively for members of the British Chamber of Commerce. Please call 2532 6060 for more details or to make a reservation
VisitBritain | British Chamber members can get 5% on all purchases from VisitBritain’s online shop by entering the code TR7DE67! at the checkout. Please visit www.visitbritaindirect.com/world for further details.
Terms and Conditions apply. All member discounts are subject to availability. If you are interested in providing a tailored
offer to our members or for more information please contact Emily Ferrary on 2824 1972 or email [email protected]
Britain in Hong Kong 3736
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To enter:
• Consider who among your contacts might be interested in joining the Chamber
• Email [email protected] with the name and contact details of your suggested company
• If appropriate, contact your suggested company and let them know that the Chamber will be in touch
• The Chamber will follow up with each suggestion directly
• If your referral is successful, the Chamber will contact you with details of how to book your dinner. Your name will also go into
the prize draw which will be drawn in March 2013.
Make a successful referral to the
British Chamber of Commerce
and enjoy a fantastic meal for two!
AND if you happen to refer the most new members to the Chamber, you are in for a real
treat for you and your friends! A complimentary dinner for four at Sakesan, the newest
Robatayakibar, courtesy of Cafe Deco Group.
Sakesan
Sakesan is the newest Robatayakibar in the heart of the bustling Soho area. It offers a range of
exquisite dishes fresh from their robata grill, as well as other Japanese culinary delights, all rendered
with a modern twist. Designed by Fiona Bagaman and Mirei Lim, Sakesan uses different wood
and stone tones with fl ashes of black and gold to create a serene, relaxed and cool space. Funky,
colourful sake barrels wrap the bar
area and frame the individual dining
booths and an illuminated Japanese urban scene gives the bar a warm
glow as well as striking visuals. Signature dishes include homemade
steamed tofu, salmon miso, lobster dumplings and SAKESAN black
cod. There is also a cool bar featuring a top range of sakes, shochus
and awamoris with a superb range of cocktails made with these classic
Japanese ingredients. To compliment this they also offer a selection of
some of the fi nest, most thirst quenching beers to emerge from Japan.
The British Chamber is delighted to announce that the
Member Get Member 2012 campaign is well underway! If
you successfully introduce a company that results in them
becoming a member of the Chamber, you will receive a
fantastic dinner for two courtesy of one of our top member
restaurants in Hong Kong.
Not only that, all referring members will be entered into a
prize draw to win a $2,000 voucher to go towards your holiday
provided by Flight Centre!
MEMBER GETMEMBER 2012
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Terms & Conditions
• You must be a member of the British Chamber to be eligible for this offer
• The dining vouchers will only be provided if your referral results in a new member for the Chamber
• This offer is valid for all members whose referral results in a new Corporate, Overseas or Startup member of the Chamber. It
does not apply to Additional members or additional YNetwork members
• The Chamber will allocate the restaurant vouchers. Members will not be able to choose which restaurant they visit and must
adhere to the terms and conditions
The Bostonian, The Langham, Hong Kong
This well-established restaurant has been a Hong Kong favourite
for well over a decade. Located at the lower lobby level of
The Langham, Hong Kong, The Bostonian has an excellent
reputation for its superb steaks, and more recently its fully sustainable seafood menu. Featured
by one of Hong Kong’s infl uential restaurant bibles, “The Hong Kong Best Restaurant Guide”
since 2000 and recommended by The Michelin guide, the Bostonian is a hallmark for impeccable
service and exceptional food. Guests can indulge in a tantalising array of fresh seafood from
around the world at the “Raw Bar”, including home-made smoked salmon, prawns, crabs and
freshly shucked oysters. The enticing menu also includes gourmet favourites such as maine
crab cakes, sautéed foie gras, clam chowder, as well as separate menus for the restaurant’s
specialties – the Boston lobster galore, seafood sharing platters and Bostonian grill.
KITCHEN, W Hong Kong
Kitchen is a modern bistro with a capacity of 200,
reflective of W’s signature stylish and fun design. Upon arrival to KITCHEN, the
mad hatter’s tea party in “Alice in Wonderland” brings guests to a world of fantasy.
Cats play and jump around the stacks of plates, inviting guests to join their games
too. KITCHEN’s modern interpretation of timeless classics and equally innovative
original masterpieces fi ll a menu that’s designed to tantalize and satisfy even the
most discerning gourmands. Guest can indulge in the fun world of kitchen, while relaxing in the pleasant and interactive dining
experience, sampling the delicate cuisine on offer from all over the world.
Lobby Lounge, Conrad Hong Kong
Featu r ing the spectacu la r v iews
of the Hong Kong skyl ine and l ive
entertainment, the Lobby Lounge is the ideal venue for private
meetings or relaxed gatherings with friends. From salad bar to noodle
station, and delectable hot dishes to exquisite desserts, the Southeast
Asian themed supper buffet showcases an impressive range of more
than 50 scrumptious all-time favourites.
So what are you waiting for? Spread the word throughout your network to enjoy
a complimentary meal for two at one of these fantastic member restaurants:
cafe TOO, Island Shangri-La, Hong Kong
The innovative cafe TOO brings casual dining
to a higher level of creativity. Their ten cooking
theatres, each featuring a different culinary style, are
showcases for the best of international cuisine as well as stages for their
chefs' engaging performances.
T
Café Renaissance, Renaissance Harbour View Hotel Hong Kong
Café Renaissance is the perfect place for all day dining. Located on the
Mezzanine fl oor, the 210-seat all-day dining café serves a wide variety
of dishes from all over the world. Café Renaissance serves wholesome
breakfasts, chef crafted lunches and dinner buffets plus à la carte menu daily and brunch
on weekends, in a warm and welcoming atmosphere. In addition to the great array of fresh
seafood delights using the freshest ingredients, guests can also enjoy a tantalizing array of
international favourites and local specialties from live cooking stations.
Britain in Hong Kong 3938
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For more information, please contact Charles Zimmerman on (852) 2542 2780 or at [email protected]
SPEEDFLEX (GUANGZHOU) ADVERTISING LIMITED
Speedflex provides the full range of pre-press services in China
through its wholly owned subsidiary in Guangzhou
Guangzhou Subsidiary Office
Rm 1208-9, 12/F Hao Yun Commerical Plaza
376 Xin Gang Zhong Lu, Guangzhou, China
Tel: (020) 2129 9508
Fax: (020) 8956 2197
Hong Kong Office
1st Floor, Hua Qin International Building
340 Queen’s Road Central, Hong Kong
Tel: (852) 2542 2780
Fax: (852) 2542 3733
28071_BCO_Oct-1.indd 4028071_BCO_Oct-1.indd 40 12年10月22日 上午9:4712年10月22日 上午9:47
Standard Life Launches Innovative New Investment
Plan for Hong Kong and International Mobile
SegmentsResponding to the market need for a more flexible, customised approach to
wealth management, Standard Life (Asia) Limited (“Standard Life”) – one of
Hong Kong’s leading investment-linked insurance providers – has announced
the launch of Harvest Wealth Investment Plan (“Harvest Wealth” or “the Plan”),
an innovative, holistic solution geared toward sophisticated local clients and
international mobile clients residing in Hong Kong.
Harvest Wealth utilises a direct fund approach, providing 295 investment choices
from 24 of the world’s leading fund managers. Customers may switch investment
choices at no cost while Standard Life’s comprehensive digital platform enables
online investment management anytime anywhere. Harvest Wealth also provides
contribution flexibility for customers that they may increase or decrease their
contribution levels as required, or even take contribution holidays.
BDO announces appointment of Chief Executive Offi cer
BDO Limited, the Hong Kong member fi rm of BDO — the world’s fi fth largest accountancy network, has
announced the appointment of Johnson Kong as Chief Executive Offi cer, effective as of 1 October 2012.
Albert Au remains as the Chairman of the fi rm.
Johnson joined BDO in 1989 and has been managing the fi rm’s non-assurance practice. He has nearly 30
years of professional accounting experience specialising in fi nancial investigation, due diligence, litigation
support, restructuring and insolvency related assignments. Johnson is a practising member of the Hong
Kong Institute of Certified Public Accountants, a member of the Institute of Chartered Accountants in
England and Wales and the Society of Chinese Accountants and Auditors.
British Airways appoints Tracy Dedman as Regional General Manager, Greater China and the Philippines
British Airways announced that it has appointed Tracy Dedman as Regional General Manager, Greater China and the Philippines. Based
in Hong Kong, Tracy will be responsible for the airline’s commercial activities in Mainland China, Hong Kong, Taiwan and the Philippines,
leading a region-wide team of over 21 people. Tracy has worked for British Airways for over seven years in various roles in Bahrain and
Hong Kong. Previously, she was Regional Corporate Sales Manager, Greater China.
Tracy replaces Kevin McQuillan, who accepted a new role within the organisation as Head of ba.com and Mobile Channels. Kevin’s
former commercial responsibility as Regional General Manager, East Asia, has since been split into two: Greater China & the Philippines,
led by Tracy; and Japan & Korea, headed by Vishal Sinha.
The split enables British Airways to place greater focus on the operational needs of each subregion while strengthening its commitment
to its customers, and it comes after British Airways’ parent company’s recent promise to grow its presence in Asia.
IML Worldwide appoints Merion Trask as Managing Director of its Asia operations
Merion Trask is no stranger to IML Worldwide, having been with the company for 17 years, most recently managing its global support
network across the full range of its meetings technology products. Over the past ten years he has also been responsible for launching
IML’s Electronic Shareholder Meetings Services in Asia, Europe, Australia, and Canada.
According to Trask, “Asia presents huge potential for IML Worldwide and I am looking forward to utilizing all my IML experience
and knowledge to continue to expand our presence in this exciting, dynamic market. We have an excellent reputation, unparalleled
experience and a second-to-none product range and I will be building on this whilst also focusing on our ability to advise clients on all
aspects of harnessing audience insight.”
New Appointments
NewsIML Joins BritchamBritcham welcomes new member company IML, a
global leader in harnessing audience insight. Its award
winning services capture and make sense of the rich
content, discussion and interaction that is generated
at meetings and events. Their signature product, the
IML Connector, allows seminar and panel audience
attendees to share their opinions easily and efficiently
and for organisers to analyse the results. Operating from
12 offi ces around the world, IML engages annually with
over half a million people at more than 2500 business
conferences, annual meetings, charity auctions, training
workshops and market research sessions - ranging in
size from ten to ten thousand participants. IML is owned
by Computershare.
Britain in Hong Kong 4140
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New Members
STARTUPMYR Consulting
Steve Tunstall
Managing Consultant - Asia
Tel 9182 6001
15-01, 15/F, 100 QRC, 100 Queen’s Road
Central, Hong Kong
Consultancy
Leodan Limited
Chris Thomas
Director
Tel 8199 0959
20/F, Central Tower, 28 Queen’s Road,
Central, Hong Kong
Computer / Technology / IT
CORPORATEIML Asia
Rachel Ford
Sales Manager
Tel 2862 8687
1806-07, 18/F, Hopewell Centre,
183 Queen’s Road East,
Wan Chai, Hong Kong
Events
HKUST
Roger Levermore
Interim Director, MBA Programs
Tel 2358 8749
The Hong Kong University of Science &
Technology, SBM Dean’s Offi ce,
Room 6415, Clearwater Bay,
Kowloon, Hong Kong
Education
ADDITIONALBritish Council
Susan Tse
Director Programmes
Tel 2913 5513
3 Supreme Court Road,
Admiralty, Hong Kong
Education
British Council
Sophia Chan-Combrink
Head of Education & Society
Tel 2913 5159
3 Supreme Court Road,
Admiralty, Hong Kong
Education
ICF GHK
Tom Callahan
Principal Consultant
Tel 2829 6408
19/F, Heng Shan Centre,
145 Queen’s Road East,
Wanchai, Hong Kong
Consultancy
INDIVIDUALAlexander Oxford
Tel 2838 3810
4/F, Wah Kit Commercial Centre,
302 Des Vouex Road, Central,
Hong Kong
We Collect and deliver your carFREE OF CHARGE
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28071_BCO_Oct-1.indd 4228071_BCO_Oct-1.indd 42 12年10月22日 上午9:4812年10月22日 上午9:48
Shaken Not StirredSponsored By
Aug 2012, Il Posto 97, Central
Ryan Swann (Baker Tilly Hong Kong), Cynthia Alfieri
Ava Chung (DataSource), Steve Thomas (Maxim Recruitment)
Liz Hamerton (Secretarial Office Services), Andrew Vize (Terra Firma)
Eve Ormond, Caroline Swartz-Zern (King & Wood Mallesons)
Jeff Lane (King & Wood Mallesons), Samantha Cornelius (Stand Out Hong Kong)
Will Sweeney (Concise Media Design), Katie Erricker (The Wren Press Ltd.), Helen Peters (The Wren Press Ltd.)
Maria Gomez (Terra Firma), Leigh Mackeurtan (Concise Media Design), Glen Farmer (Regal Hotels International)
Conrad Wong (Euler Hermes), Maria Leung (Euler Hermes), Anil Berry (Euler Hermes)
Kirsty Galbraith (Hays), Sarah Knapton (King & Wood Mallesons)
Gary Luttrell, Viki Kish (International Study Programs)
Caroline Chow (Epicurean Group), Vincent Leung (Crowne Plaza), Elaine Chan (Crowne Plaza)
Teddy Slama (AGS Four Winds), Samuel Lai (Baker Tilly Hong Kong)
Britain in Hong Kong 4342
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