In a city renowned for business and

fi nance, the subject of arts and culture has

long been a point of contention in Hong

Kong, almost as if a rich involvement in art

and culture might somehow get in the way

of the business machine which helps drive

the Asian economy.

Still, there is no question that Hong Kong’s

art and culture scene has been on the

rise again in the last few years. Institutions

around town, such as the Arts Centre

and the Academy of Performing Arts have

continued to champion arts and culture,

both th rough educat ion as we l l as in

performances and exhibitions. From plays

and musicals, to operas and symphonies,

both local and international art ists and

performers are re-emerging. Meanwhile, art

galleries have popped up in every corner of

Hong Kong, while our local art fair ART HK

at the HKCEC has grown to become one of

the most lauded amongst art aficionados,

with this year’s event showcasing works of

260 galleries from 38 countries, and more

than 1000 artists, drawing in a record crowd

of over 63,000 art collectors and enthusiasts

from around the world.

However, while there may be strong support

for arts and culture on the surface, there

is sti l l a certain skepticism towards the

arts and culture community from one very

crucial element – the artists themselves.

The city’s lifeblood of local talent commonly

complains of a disconnect between the

government and the arts industry in their

approach towards reigniting the art-scene

in Hong Kong.

Though the number of homegrown artists

may have been bolstered in recent years,

art ists have found that their expanding

community is being hindered by regulations

and lack of capacity. This has mainly been

attributed to the lack of sufficient options

for space and venues in which the city’s

art, cultural and creative industries can

further expand. With expensive land costs

and rising rents to contend with, artists

are finding it hard to maintain a space to

work, and therefore these industries often

lack a solid foundation for growth at the

grassroots level.

Partly as a means to try to help artists,

the government enacted new industrial

bu i l d i ng po l i c i es , i n t roduced du r i ng

i t s 2 0 0 9 p o l i c y a d d r e s s , o u t l i n i n g

tax incent i ves fo r bu i ld ing owners to

convert industr ia l propert ies for h igh-

end commercial use. As it happened, the

policy drove up rent in industrial buildings,

effectively compromising the operations

of local art ists and musicians who had

enjoyed the relatively low rent in various

industrial spaces throughout the outskirts

of the city. As a result, the measure has

actually been counter-productive for Hong

Kong’s art and culture industries, and has

presented the creative community with

new obstacles.

With a view to turning Hong Kong into

a metropolis of international culture and

changing people’s perception of Hong Kong

as a finance-focused city, the ambitious

des ign for the West Kowloon Cul tura l

District (WKCD) is the jewel in the crown

of the Hong Kong government’s strategic

promotion of art and culture. The plan is to

build an integrated art and culture district

with world-class facilities, which will feature

distinguished talent, iconic architecture

and will embrace new technologies, new

applications of IT, and numerous sustainable

features. The West Kowloon Cultural District

Authority (WKCDA) was given 40 hectares of

land, where they will build 15 core arts and

cultural facilities, including a contemporary

art museum, a mega-performance venue,

concert ha l ls and theatres, as wel l as

facilities which will provide a framework to

groom and educate local artists and provide

the best possible environment for them to

learn and grow.

Recent ly speaking to Br i t ish Chamber

members a t the Hong Kong C lub, Dr

Man Wai Chan, Execut ive D i rector o f

Project Delivery at the WKCDA provided

members with an update on the project’s

progress. Despite the lengthy planning

processes that have been put into the

WKCD so far, the project is still very much

in the ear l y s tages , w i th the WKCDA

having decided to move forward using the

concept design from renowned architect

Norman Foster. The Foster team is now

Capturing Culture:

By Ian Cruz

PAGE 4ManagingInfl ation

PAGE 12Annual Ball

PAGE 8UK Property

PAGE 18Lifestyle

In This Issue

(Continued on page 2)

July/August 2011 • Vol 26 • No 7

www.britcham.com

Plus• News / New Appointments• New Members• Shaken Not Stirred

modifying the concept plan following the second round of public engagement which

took place in August last year. Currently, the WKCDA are still in the process of finalising

its Procurement Strategy for the venues and infrastructures – a crucial step due to

the complicated nature of the project. Meanwhile, the Concept Planner (Foster +

Partners) and Project Consultant, Mott MacDonald are assisting with the Development

Plan process. However, the WKCDA has yet to finalise the appointment of Design

Consultants for the buildings.

Given the grand scale of this infrastructure project, the WKCD will eventually take up

a considerable portion of the West Kowloon District. As the district’s focal point, the

consultations with the general public have not just given the WKCDA a clear indication

of what they want to see in terms of art and culture, but also the kind of environment

they want the WKCD to provide. It was evident that the public did not just want an

arts-and-culture hub, but also a place for the general public to enjoy and spend time

in. Apart from the retail, dining and entertainment facilities within the district, the

WKCDA will also be setting aside a minimum of 23 hectares of open space out of the

40 hectares of land being used, much of which will feature green spaces that take

advantage of the surrounding waterfront view. With a strong emphasis on international

cultural exchange, transport access to the district will be convenient from other areas

of Hong Kong, and the new Express Rail Link will provide an easy and direct route to

China as well.

Moving forward, the chosen WKCD Project Consultant will be completing and fi nalising

the development plan by the end of the year, followed by the third and final public

engagement exercise, and fi nally a submission to the Town Planning Board. The process

of town planning is especially crucial as it can be considerably lengthy, and major

construction work cannot begin before the approval of the land grant. At the same time,

the Project Consultant will also be helping the WKCDA on their functional brief and

schedule of accommodation for the core art and cultural buildings, which will be essential

for the venues’ design and

building process. It has also

been decided that at least

three of the WKCD’s iconic

buildings will be subject to

an international architecture

c o m p e t i t i o n w h i c h w i l l

ensure that the d is t r ic t ’s

architecture will be of world-

class standard.

The construction process is

currently predicted to start

in 2013 and will be opened

in phases to ensure that all

venues will be fully functional

and utilised during the initial

opening in 2015. Although

the first phase of the WKCD

is years away, and the construction has yet to begin, the WKCDA will soon begin

to build the framework of promoting art and culture by holding interim programmes

of outdoor activities and events, such as staging the Hong Kong International Jazz

Festival, Cantonese operas, and exhibitions, all of which will give people a taste of

what the future WKCD will have to offer. In the next 20 years, the WKCD hopes to set

the tone, and be the focal point for arts, culture and the creative industries in Asia.

How the people of Hong Kong, and the international arts and culture community

at large will respond to the end result remains to be seen. But no doubt artists and

the public alike will have their eyes firmly on West Kowloon when the WKCD opens

in 2015.

COVER STORY

(Continued from cover)

MANAGING INFLATION . . . . . . . . . . . . . . . . . . . . . . . . 4CHINA AUTOMOTIVE INDUSTRY . . . . . . . . . . . . . . . . 5UK TAXES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6BUSINESS ANGEL PROGRAMME. . . . . . . . . . . . . . . . 7PROPERTY INVESTMENT . . . . . . . . . . . . . . . . . . . . . . 8ENVIRONMENTAL CHALLENGES . . . . . . . . . . . . . . . 10ANNUAL BALL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

INTERNATIONAL SCHOOLING . . . . . . . . . . . . . . . . . 15TADA! . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17THE WESTMINSTER TERRACE . . . . . . . . . . . . . . . . . 18VIEWPOINT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20NEWS AND NEW APPOINTMENTS . . . . . . . . . . . . . . 21NEW MEMBERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22SHAKEN NOT STIRRED . . . . . . . . . . . . . . . . . . . . . . . 23

Kevin Taylor

With the summer upon us, I am sure most of us are away on holidays, enjoying a well earned break and more importantly, spending

quality time with the family.

For those who attended the annual Britcham ball, I can sum it up with the UK (1975) hit single - Oh, What a Night! Themed as ‘We Will

Rock You’, we were all transported back to the Rock ‘n Roll era as we toasted to the good times for businesses in Hong Kong and

a successful year ahead. The ball was yet again the best evening in town. I would like to use this opportunity to thank our sponsors,

members and supporters for their continued support, and to express a special word of appreciation to the team at Britcham who put

together such fantastic events and who are truly the ‘engine’ of the British Chamber in Hong Kong.

The Greek debt crisis has spread wider and as I write this article, Italy is coming under tremendous pressure with the cost of borrowing

starting to raise major concerns in Europe. The economic challenges Europe faces should not be underestimated, and with US debt

continuing to grow without a strong, agreed-upon fi scal plan, the global economy continues to be under pressure. Such developments

place the spotlight of expectation fi rmly upon Asia to continue providing strong economic momentum. As investment continues to

fl ow into Asia and into Hong Kong from China, sustaining high growth, it also raises concerns about asset price infl ation, especially in

residential property markets, where values in some markets including Hong Kong have soared since the beginning of 2009. While the

Asia story remains strong, we have to remain cautious about infl ationary pressures.

As you know, one of the challenges that we have long highlighted is the almost impossible task of getting children into quality

primary schools in Hong Kong. I am delighted that this has now become a fi rm fi xture on the political agenda. With cross-chamber

collaboration between the Italian, American, Canadian Chambers, our own Chamber, and the international business community,

the government has now accepted we have a problem impacting business and investment on Hong Kong Island. However, the

government feels that we do not have a primary school issue in Kowloon and the New Territories regarding high-quality English-

based education. This is not correct, and we will continue to supply our collected facts and fi gures on the subject independently. The

most concerning issue is that in some cases, local state schools are struggling to fi ll their places whilst international schools at the

primary level are completely full. It is surely not beyond reasonable expectation for the government, with the support of the business

community, to allow more school accommodation to be made available to the international schools in order to satisfy demand,

or to involve the local schools in creating a quality, shared, international-based education system with an international curriculum

environment. We will not let this subject drop, and we are making progress.

The brand new Baker Tilly Hong Kong Business Angels website has now been launched; this wonderfully successful programme has

grown fantastically over the past four years, giving more entrepreneurs the opportunity to pitch their business plans to angel investors

and move their business to the next stage. Please do help spread the good word about this dedicated website and encourage both

startup companies and investors to register at angel.britcham.com.

In chamber news and events, Britcham and the Irish Chamber of Commerce of Hong Kong are together celebrating the recent historic

visit of Queen Elizabeth II to Ireland. This is in memory of Ireland and Britain’s war dead and in honour of the Queen’s visit marking the

culmination of the peace process and a new era in the relationship between our two countries. This can only be positive.

Finally, do have a great holiday, enjoy your break and we’ll see you soon.

Happy Holidays!

CHAIRMAN’SMESSAGE

EditorsIan CruzSam Powney

DesignBill MoAlan WongKen Ng

Advertising ContactCharles Zimmerman

Project ManagementVincent Foe

Jointly Published by Speedfl ex Medianet Ltd andThe British Chamber ofCommerce in Hong Kong1/F, Hua Qin International Building340 Queen’s Road Central, Hong KongTel: 2542 2780Fax: 2542 3733Email: info@speedfl ex.com.hkEditorial: Ian@speedfl ex.com.hk sam.powney@speedfl ex.com.hkAdvertising: charles@speedfl ex.com.hk

British Chamber of Commerce Secretariat

Executive DirectorCJA Hammerbeck CB, CBE

General ManagerCynthia Wang

Marketing andCommunications ManagerEmily Ferrary

Special Events ManagerBecky Roberts

Events AssistantMandy Cheng

Business Development ManagerDovenia Chow

Membership ExecutiveLucy Jenkins

AccountantMichelle Cheung

Executive AssistantJessie Yip

SecretaryYammie Yuen

Offi ce AssistantSam Chan

Room 1201, Emperor Group Centre, 288 Hennessy Road, WanchaiTel: 2824 2211Fax: 2824 1333Website: www.britcham.com

© All published material is copyright protected. Permission in writing from the Publishers must be obtained for the reproduction of the contents, whole or in part. The opinions expressed in this publication are not necessarily the opinions of the Publishers. The Publishers assume no responsibility for investment or legal advice contained herein.

The Magazine of the BritishChamber of Commerce in Hong Kong

Sky-rocketing oil prices are fueling inflation and reducing people’s

disposable income. This is exacerbated in Hong Kong by rising costs of food imports and

housing. The combined effect lifted Hong Kong’s Consumer Price Index to 4.6% in April

2011 over a year earlier, which is on average 3.1% higher than the preceding 12-month

period*. If you do nothing, infl ation will undermine your spending power and leave you with

less money to spend.

So how can you guard your assets and prevent inflation from jeopardising your

long-term goals?

Review your budgetAn effective way to deal with inflation is to plan for it in your budget. While your

income is most likely fi xed, your expenses will vary and are more likely to increase than

decrease.

Review your budgets to ensure your savings plans and long-term goals are still on track.

Make a monthly direct debit for your tax payment to a tax reserve account, and a second

monthly debit for your savings to your investment plan. What you don’t see you don’t

miss; instead you are forced to review what is left in your wallet and to cut back on

discretionary spending without putting your long-term goals in danger.

Invest into Growth assets for long termInflation makes it difficult to see what is happening to your family balance sheet. If

you have money invested in the bank at, say, 2 per cent per annum and infl ation is

running at 5 per cent per annum, your

real wealth is actually reversing at 3 per

cent per annum. In real terms $100 can

quickly become $97. This means your

investments are losing spending power,

and that will ultimately mean you need to

save more, work longer, or expect a less

comfortable retirement lifestyle.

Long term wealth is built through exposure

to assets with real earnings power and

strong growth potential. Equities are the

best placed asset class to fil l this role.

The key is to invest in companies which

can continue to grow earnings and those

less exposed to economic cycles. An

investment climate characterised by rising

infl ation presents a challenging environment

for investors, but it also presents new

oppor tun i t i es . Not a l l count r ies a re

experiencing the same levels of infl ationary

pressures. US interest rates are very low,

whi le Europe, Japan and developing

markets are all at different stages in the

economic cycle. Diversifi cation across asset classes, as well as within each asset class

across different regions, is an important and effective infl ation defense.

Means to an endSo review your budgets, set up your savings plans and invest in robust, well-diversifi ed

portfolios that focus on long-term performance. This is the best infl ation defense and the

best attack. Regular portfolio reviews and strategy adjustments are also critical to ensure

your investment plan refl ects changes in the market, as well as that in your life.

We know it’s tough to keep a balanced view of things around money in turbulent times

and a fi nancial guide with a compatible philosophy can help to keep you grounded,

even when the markets are not.

Ultimately, combating infl ation is just part of your journey to protect and grow your wealth

in order to achieve what you aim at in life. Remember smart money management and

investing are a means to an end – and they mean little without linking them directly to how

you want to lead your life.

*Source: Consumer Price Indices for April 2011 (23 May 2011), The Census and Statistics

Department, HKSAR

If you would like to discuss this article, or would like to learn more about ipac, please email

Jason.Powell@ipac.com.hk or visit www.ipac.com.hk

The above information is of general advice only, which has not taken into account

the investment objectives, financial situation or particular needs of any person.

Before making an investment decision, you should speak to a fi nancial planner

to consider whether this information is appropriate to your needs, objectives

and circumstances.

By Jason Powell, Sales Manager, ipac fi nancial planning Hong Kong limited

Guarding against infl ation

www.br i tcham.com4

BUSINESS

Shop 7, G/F, Paramount Bldg.,12 Ka Yip Street, Chai Wan, Hong Kong.

2009 was an important year for the China automotive industry. This was the year

that China exceeded the United States and Japan in becoming the top car manufacturer

by production volume. 2010 saw China produce just under 14 million units, a 33% increase

from 2009 and therefore consolidating its position as the world’s largest automotive

manufacturer. Into 2011, China’s position in the automotive market remains strong and this

is unlikely to change for the foreseeable future.

As well as being the largest manufacturer, China is recognised as the largest automotive

market in the world, given the size of the population where only one in fi ve owns a car.

The forecast is that by 2015, the demand for cars in China will reach 25 – 30 million units.

Foreign car manufacturers are therefore naturally drawn to such an exciting market where

the number of potential consumers is staggering.

Foreign brands currently hold approximately 85% of the Chinese market and in the recently

announced 12th Five-Year Plan of the People’s Republic of China (12.5 plan), one of the

key goals is to see market share for domestic brands reach 50% by 2015 and for exports

to reach 10%. The 12.5 plan also emphasises the need for Mergers and Acquisitions (M&A)

to consolidate the industry and, in fact, many people believe that M&A activity is the key to

achieving the main goals of the 12.5 plan.

To date, we have seen numerous partnerships develop, where large Chinese car

manufacturers are cooperating with foreign brands. These partnerships allow foreign brands

to gain access to the Chinese market due to the 50% ownership of a domestic entity

restriction, whilst the domestic manufacturer can learn what makes a foreign automobile so

desirable to the Chinese and Western consumer.

The direction for the next five years is to

move the Chinese automotive industry up

the value chain and for China to become

leaders in the green energy vehicle sector.

The 12.5 p lan inc ludes object ives and

funding for the sector to develop a new

energy car where one million units could be

produced by 2015. With over urbanisation

and ci t ies l ike Shanghai restr ict ing the

number of non-electric car registrations,

going green is high on the agenda and is

perhaps the golden prize of the automotive

industry.

We saw a number of new hybrid and energy

vehicles being revealed at the recent Shanghai

Motor Show, where the intention is for some

of these models to go into production. The

ultimate desire, however, is to develop a

workable pure fossil fuel-free automobile

wh ich w i l l requ i re s i gn i f i can t ba t t e r y

development time. Indeed, the government

expects to see three to fi ve major enterprises

Automobiles‘Made in China’ or ‘Made by China’

leading the way and also hopes to see the

cost of producing batteries reduced by half

by 2015.

With this drive to move up the value chain

and with M&A activity being encouraged,

we have already seen the big local car

manufacturers acquire famous European

brands and par ts manufac tu res . By

acquiring overseas brands and know-how, it

allows the benefi ts of learning how the ever

popular western market automobiles are

made without having to surrender domestic

market share.

Indeed, after acquiring a foreign manufacturer, besides obtaining the brand, you will

have access to their technology, R&D, management know-how, distribution channel and

supply chain which can take many years of development to acquire. The affi liation with

a high end brand would also send a strong message to the market place regarding your

own brand. The acquisition of Jaguar Land Rover by Tata of India, for example, saw

people’s perception of Tata change. Another example would be Skoda cars, where the

brand was considered to be at the low end of the market in the 90s, but since joining

the VW group, a Skoda Octavia is well-known to be a variation of an Audi A3 or a

Volkswagen Golf.

Besides foreign M&A activity, the Chinese government is keen to consolidate the domestic

market and reduce the number of manufacturers. There are currently more than 50, but

15 is seen as a more appropriate number. Manufacturers in China may therefore look at

sharing knowledge and merging. By working together, the domestic players will have an

increasingly signifi cant role in the global market.

Although the 12.5 plan is keen for M&A activity, it is also cautious of merging for the sake of

merging. It is important that the merger is of commercial sense and is well executed in order

to be successful.

Most people will know what the famous foreign brands are, but the challenge is: how

do you know who is for sale and whether your target company can fit in with your

portfolio? How will you structure post-acquisition in order to retain talent and know-

how? Tax planning? How will you merge culture and experience? It is important to

engage with local automotive M&A specialists who know the lay of the land and can

assist you in your expansion.

M&A indeed may not be the only solution. Manufacturers could consider forming local

partnerships to share intellectual property (IP) and know-how. In the past, we have seen

alliances such as Nissan with Renault and Rover with Honda, where knowledge has been

shared. Chinese companies may also form such alliances in future with mutual respect and

common objectives. With Chinese technology consistently improving and with the drive to

develop a new breed of automobiles, we may indeed see a shift of the domestic and global

automotive market place within this decade.

By Daniel Lin, Managing Partner, Grant Thornton Jingdu Tianhua

5July/August 2011 • Vol 26 • No 7

BUSINESS

“…the residence rules are vague, complicated and perceived to be subjective. In certain circumstances it is not possible for a person to be sure whether they are tax resident in the UK or to know what activities or circumstances would make them tax resident. ….”

With these words the UK Treasury launched, on 17 June 2011, its consultation on

a new statutory test of what constitutes tax residency in the UK. The new test is designed

to provide certainty for taxpayers in assessing their residency treatment. While this certainty

will be welcomed given the unsatisfactorily vague nature of the current UK tests of tax

residency, it does come at a price and some of the permissiveness of the current regime will

be lost. The new rules are intended to be introduced with effect from 6 April 2012.

For the purposes of the new test a distinction is to be made between three classes of taxpayer:

1. ‘Arrivers’ – individuals who have not been resident in all of the previous three tax years;

2. ‘Leavers’ – individuals who have been resident in one or more of the previous three tax

years; and

3. ‘Full time workers abroad’ – individuals who leave the UK to work abroad. Full time

workers are classifi ed as those who work aboard for at least a tax year, who do a 35

hour working week and spend less than 20 days working in the UK.

Each class will have its own set of rules and ‘safe-harbours’ – clear guidelines that confi rm

when individuals will not be regarded as UK resident. This contrasts with the current

position where it is not possible to say defi nitively that even an individual who does not step

foot in the UK during a tax year is not UK resident. While these rules are clear (for the most

part) they cannot always be described as generous.

The rules are still based on a day count and will take the existing “presence at midnight” test as

to whether an individual was present in the UK on a particular day. For each class of individual

there is then a safe harbour day count, within which an individual will not be treated as resident.

Arrivers Fewer than 45 days in the UK

Leavers Fewer than 10 days in the UK

Full time workers abroad Fewer than 90 days in the UK (up to 20 working days)

For those seeking to establish residency in the UK there are two factors that will show UK

residency conclusively:

1. being resident in the UK for 183 days or more in one tax year; and

2. having your only home (or homes) in the UK.

Between these safe harbours, there is a sliding day count scale for ‘Arrivers’ and ‘Leavers’

that sets out when individuals falling within those categories will be treated as resident. In

contrast to the current position, where all the facts of an individual’s life are relevant (from

homes to shotgun certifi cates and parking permits), only fi ve defi ned factors are relevant:

1. Whether your family is UK resident

2. Whether you have ‘substantial’ employment in the UK

3. Whether you have ‘accessible’ accommodation in the UK

4. Whether you have been resident for more than 90 days in the previous two years

5. Whether you spend more days in a single other country than you do in the UK

A statutory defi nition of UK tax residency

Using these factors, a sliding scale is then set out for each of the ‘Arrivers’ and ‘Leavers’

dictating when they will be resident, based on their day counts and the number of factors

that they meet. By using these tests, individuals will be able to determine when they will be

resident. The government’s hope is that this “will allow individuals to assess their residence

status simply and without the need to resort to specialist advice.” While the consultation is

refreshingly light in terms of anticipating abuses, there is a proposal to extend the temporary

non-resident rules. These currently tax capital gains and offshore income gains made by

an individual who is non-resident for less than fi ve tax years on their return (where such an

individual was resident in the UK in four out of the seven years before leaving). It is proposed

that they should be extended to some types of investment income; dividends from close

companies are mentioned, while bank interest and dividends from listed companies are

excluded. It would seem likely that profi ts from insurance policies may also be caught by

this rule when enacted.

This article is provided for information only and cannot be relied on as tax advice.

By Katie Graves, Partner, and Philip Munro, Associate, Withers Hong Kong

www.br i tcham.com6

BUSINESS

A large gathering crowded the Kee Club on June 15th for the launch of a new

website for the Baker Tilly Hong Kong Business Angel Programme. With food and

drinks generously provided by Baker Tilly Hong Kong, the evening was indicative

of the great interest the programme has generated in a city often criticised for its

lack of new investment opportunities. Launched in 2007, the Baker Tilly Hong

Kong Business Angel Programme committee has reviewed hundreds of enterprises

looking for initial or growth investment, and has put many in touch with investors

from the British Chamber of Commerce. This is the first such programme to be

launched by a chamber of commerce in Hong Kong.

In reaction to its tremendous appeal, Baker Tilly Hong Kong and the British Chamber

of Commerce have been working to improve the programme by building a new

website with the capabilities needed to handle the growing number of applicants

and Angel investors. In mid June, this came to fruition with angel.britcham.com, a

new website setting out the programme’s aims and mechanisms and providing an

attractive, easy-to-use online registry for investors and enterprises seeking investment.

“This takes, in my view, an already excellent programme to the next level,” said

Andrew Ross, Managing Director of Baker Tilly Hong Kong.

The new website provides separate pages for business Angels to see the benefi ts and

to register, and for entrepreneurs to fi ll in their details and upload their business plan.

Angels can see a full list of vetted businesses looking for investment for only HK$5,000

per annum. If entrepreneurs receive approval of their business plans by the committee,

they can simply wait for interested investors to get in touch. Of course, they may also

be invited to present their plan in front of assembled Angels at the regular and much-

anticipated Baker Tilly Hong Kong Business Angel Programme breakfast events, the

next of which will be taking place at the end of September. This remains the greatest

opportunity for entrepreneurs to share their ideas face to face with interested investors.

For more information about the Baker Tilly Hong Kong Business Angel Programme

and the next event, which is taking place at the end of September, please visit the

website angel.britcham.com or contact: emily@britcham.com.

Angels Go OnlineNew Website for theBaker Tilly Hong Kong Business Angel Programme15 June, 2011Kee Club

7July/August 2011 • Vol 26 • No 7

BUSINESS

Baker Tilly Hong KongBusiness Angel Programme

Take your businessto

new heights

If you have a great idea, or have started a new business and are looking to grow, the Chamber would like to help.

The Baker Tilly Hong Kong Business Angel Programme is run by the British Chamber of Commerce to bring entrepreneurs and investors together to create exciting new partnerships. This programme gives entrepreneurs with new business ventures, or SMEs looking for funding to expand, the opportunity to present their business plan to potential investors (known as Angels).

Shortlisted applicants will be given advice and assistance by a sub-committee of experienced professionals. Applicants, who do not need to be members of the British Chamber of Commerce, should be seeking to raise between USD100,000 to USD2,000,000. The deadline for applications for the next event is Friday 2nd September 2011.

If you’re an entrepreneur or SME looking for investment, and would like to fi nd out more about this programme, please visit our website angel.britcham.com or email emily@britcham.com

Calling all Start Ups

With more overseas banks such as The Bank of

China coming into the market, there is a massive opportunity

in the UK for overseas investors and expats. One area of

the UK that has huge potential is Cornwall. Here, locals find

it difficult to buy property in their area as wages are much

lower in this part of the UK, but overseas investors have

realised the huge potential in the area and are making the

most of the opportunities.

So why the UK?With over 500,000 inhabitants moving to the UK every year,

housing is very much in demand. After all we are only a relatively

small island and we’re running out of space. Ignore the negative

press; if you invest and sit tight on your portfolio, it will always do

well. Ian Clark, MD of Midas Estates comments:

“Think back to the fi rst house you bought and what it would be

worth now. Mine was £19k and is now worth £250k. There is no

way that I could have made that kind of money from any other

kind of investment. Never panic and don’t sell prematurely, that’s

how the rich get richer and the poor get poorer.”

• The UK has fantastic opportunities within the student

market and student rentals are very much in demand - year

upon year this market expands allowing student landlords

the chance to profit. Key areas in the UK for this type of

investment are Bristol, Swindon, Reading and Cardiff.

• London wil l never stop growing, even in a recession

properties here are sound investments.

• Coastal locations remain popular and landlords can expect

to achieve £1,000-£3,000 a week nearly all year round.

Top Tips onTop Tips onUK Property InvestmentUK Property Investmentfor Overseas Investorsfor Overseas Investors

Top Tips on Property Investment1. Be duly diligent and carry out as much research as

possible.

2. Location, location, location.

3. Remember that this is an investment. You’re not

looking for a home that you would like to live in

yourself.

4. Always go for growth if possible so you can refi nance

and buy again to keep building your portfolio.

5. Don’t buy anything smaller than 450 square feet.

6. Get to know the area you’re looking to buy in - visit

the shops, pubs and restaurants and speak to the

locals. Ask them if it’s safe at night and enquire

about the schools etc. Local people will tell you

everything and these are the people who will rent

your investment property.

7. Look for easy access to motorways, train stations

and public transport links.

8. Always have a buffer or slush fund and increase it as

you build your portfolio. This will cover, for example,

lack of rent, repairs or an increase in mortgage rates

and will let you ride out any storm.

9. Research rental properties within the area and take

£100 off to make sure you get it spot on.

10. You should not buy your fi rst buy-to-let investment if

you are not prepared to give it 5 to 10 years.

By Ian Clark, MD of Midas Estates

For more information, please visit www.hk.midasestates.com

www.br i tcham.com8

BUSINESS

On Thursday 16 June, if any of your colleagues said they were off to Hong Kong

Disneyland (HKDL) for a business trip, you might have been wrong to doubt them! Thanks

to the Chamber’s Environment Committee, 22 participants enjoyed an afternoon in the

Magic Kingdom, learning about the environmental measures and plans that Mickey and the

cast members (ie. their staff) live by.

Starting in the Sleeping Beauty conference room of the Hong Kong Disneyland Hotel, Tina

Chow, Manager for Environmental Affairs and her team gave a very thought-provoking

overview of the business and the environmental challenges it faces. There are so many

aspects to operations – the hotel, theme park, F&B outlets, shops, vehicles etc – but

also sourcing, waste management, indoors, outdoors and more. You could virtually hear

the visitors (or guests in HKDL speak) contemplating the different ways the resort can

achieve its ‘3 R principle’ (reduce, reuse, recycle) and meet its goals to reduce electricity

consumption, cut green house gas emissions and send less waste to landfi ll.

On to Inspiration LakeOur tour took us through one kitchen, housing a rainbow of recycle bins – and that was just

one of eleven central collection depots for waste. With simple instructions on what was to

be disposed of where, cast members were busy matching ‘rubbish’ to bin – it was very clear

and simple waste separation, yet on an industrial scale. The less typical recyclable items

were particularly fascinating: empty glass bottles from wine etc are taken to Tuen Mun where

they are converted into bricks, and food waste and green waste are channeled off site into a

machine where they are converted into compost – which is then used throughout the grounds.

By Fiona Donnelly

EnvironmentalityTM

Around the corner we had a briefing on the lawn

where we learned about some of the key aspects

of the irrigation system, the landscaped areas of the

premises accounting for the lion’s share of the water

consumed. No doubt, starting from a greenfi eld site,

HKDL has had more chances than most to set things

up right – and in this infrastructural aspect they have

seized the chance.

Inspiration Lake is man-made and fi lls from channels

in the surrounding hilly catchment area. HKDL meets

70% of its water needs through this rainfall capture.

Furthermore, there are ‘smart’ sprinklers that keep

the lawns croquet-ready. The electronic wizardry that

controls the water fed to these areas record the rainfall,

and switch on automatically only to the extent that the

lawn has received a deficit in water supply naturally.

No automatic timers, just water switched on when it is

genuinely needed.

www.br i tcham.com10

ENVIRONMENT

Jiminy Cricket, the rooms are fabulous too!We proceeded to a guest bedroom where we learned about more gadgetry. HKDL

has adopted Energy Management Systems. In each hotel room this sensor activated

system switches off lights – energy efficient compact fluorescent and LED light bulbs

where possible – and air-conditioning when the room is empty. It can also calculate

sunrise and sunset times every day and adjust the on and off times of l ighting

automatically. HKDL has enjoyed electricity consumption reductions through this

system alone.

The character we saw the most during our visit was

Jiminy Cricket, the emblem chosen by Disney as the

internal logo for their ‘environmental mental ity’, or

EnvironmentalityTM as they call it. The Jiminy character,

as the conscience of Pinocchio in the movie of the

same name, is an apt reminder to all cast members that

every little bit makes a big difference, another mantra of

the company.

Calling all cast members!In learning about HKDL’s steps to incorporate reusable

cutlery and glasses in all of the park’s dining outlets, to

roll out more solar lights, use more green vehicles and

solar club cars and much more, what was very clear was

the process of getting ALL cast members involved.

At local site level, various steering committees combining cast members from different

business sectors throughout the organisation meet regularly, track progress against

goals, monitor technologies and keep developing EnvironmentalityTM. Mixing up the

teams and involving everyone resulted in one particularly simple yet ingenuous solution

to a problem. Hotel Engineering Services have to change the batteries in safes before

they run out, so guests don’t get their goods stuck in the safe, but rather than waste

these not wholly used batteries, they are now passed to the Merchandise team, who use

them for the toys that are used for demos. Mixing up teams, another waste to energy

idea is discovered.

HKDL are very conscious of their plans to grow but do so living by their EnvironmentalityTM

ethos. They are founding members of Hong Kong Green Purchasing Charter, Gold

Award winners in the hotels, Restaurant and Catering Companies at the inaugural 2008

and 2011 Hong Kong Awards for Environmental Excellence, but these are very much

rosettes for what they want to do. Programmes like Earth Days, Tree Care and Nature

Walks are part of their attempt to inspire children, parents, employees and communities

to make a lasting, positive change to the world and their total commitment to living with

EnvironmentalityTM.

As the great man Walt Disney said himself in 1950, “conservation isn’t just the business of

a few people. It's a matter that concerns all of us.” It’s good to remember Jiminy’s anthem:

Always let your conscience be your guide.

For more information on HKDL’s environmental work, visit: www.hongkongdisneyland.com/

environment

11July/August 2011 • Vol 26 • No 7

Thank you to everyone who joined us and rocked out at

the Grand Hyatt on Friday 24th June for the Standard Chartered

Bank and The British Chamber of Commerce Annual Ball.

Inspired by the theme, guests donned their best rock star outfi ts and

enjoyed a riot of rocking entertainment in a ballroom decked out in

glitter balls, slash curtains and ballroom glitz!

Guests were welcomed with themed cocktails, before indulging in

a spectacular fi ve star rock concert menu. Highlights included an

Iced Tomato Martini served with Scallop Tartar, a Grilled Wagyu

Rock Burger, and Jim Beam Chocolate Pralines. Guests were

able to sample some fi ne British real ales with their meal – kindly

sponsored by mybrewerytap.com. After dinner whisky was kindly

provided by Glenmorangie.

A night of non-stop entertainment started with guests being ‘met’

on arrival by Freddie Mercury, courtesy of Madame Tussauds who

provided one of their world famous waxworks for the occasion.

The crowd went wild for the highlight of the evening’s show – live

performances from two very special acts flown in from the UK

by Virgin Atlantic Airways, who kept the dance-floor full with their

tributes to Tina Turner and Freddie Mercury.

The Brit ish Chamber chose the KELY Support Group as the

designated Charity for the Ball, and through various fundraising

activities, raised over HK$525,000. Prizes in the Live Auction were

generously donated by Chamber members and luxury British

brands and included: a studded clutch donated by legendary British

handbag designer Lulu Guinness, a pair of gemstone earrings from

Melville Fine Jewellery and Bridges Tsavorite, a rock star retreat

in glamorous Bali donated by Aman Resorts and Garuda Airlines,

a night in the Rock Star Suite at the Hard Rock Hotel at City of

Dreams, Macau, and a stunning limited edition print of the famous

Beatles Sergeant Pepper album cover signed by the artist and

‘godfather of British pop art,’ Sir Peter Blake.

All guests at the Ball took home a great gift bag with prizes kindly

donated by Chamber members, including: Elemis skincare products,

a mug from Jaguar, gifts from British fashion brand Accessorize,

BBC Worldwide DVD’s and books, an Alessi napkin holder from

Colourliving, a TaDa! ‘We Will Rock You’ gift experience, and a gift

from Jaguar.

A huge thank you to all those who sponsored the event, which really

would not be possible without the support of our members.

www.br i tcham.com12

EVENTS

You can see more photos of the Ball on the Chamber’s website: www.britcham.com/event_photos

If you would like copies of any of these photos, please contact: Mandy@britcham.com

13July/August 2011 • Vol 26 • No 7

With thanks to our sponsors:

––––––– Many thanks to the following companies who donated prizes for the Annual Ball 2011 –––––––

––––––––––––––––––––––––––––––––––––––– Title Sponsor ––––––––––––––––––––––––––––––––––––––––

––––––––––––––––––––––––––––––––––––––– Gold Sponsors ––––––––––––––––––––––––––––––––––––––––

––––––––––––––––––––––––––––––––––––––– Silver Sponsors ––––––––––––––––––––––––––––––––––––––––

–––––––––––––––––––––––––––––––––––––––Other Sponsors and Supporters ––––––––––––––––––––––––––––––––––––––––

EVENTS

Set up last year, TaDa! are taking the gift world by storm

with their eye-catching and creative gifts.

In Asia, where gift giving is a must in corporate culture, it’s often

diffi cult to know what to buy. TaDa! make it easy. Packaged up

in fun, bright boxes, the gift set is beautifully presented making

the ‘unwrapping’ part of the experience. The gift packages

come in a variety of different options including Zen, Life,

Delicious, Excite, Escape and Ultimate. Each box has sixteen

options to choose from so your gift is sure not to disappoint

even the fussiest of clients.

However, what I liked most about TaDa! gift experiences was

not the concept, but the content. The TaDa! team are not ones

for gender stereotyping. For women, the options aren’t all facials

and shopping. Obviously the Britcham team are into more than

that… promise! We were given a Life box by the lovely team at

TaDa! and with a wealth of diverse and creative options from

which to choose – Henna body painting, boxing, painting,

and Japanese fl ower arranging, to name but a few – we were

overwhelmed with choice. After much discussion, we opted

for Batucada – a Brazilian drumming experience in the small

Pelourinho Brazilian Cultural Centre in Sheung Wan.

TaDa! make it very easy – one phone call to their concierge with

our preferred dates, an email confi rmation and we were good

to go. Given that the Britcham team’s only previous musical

performance took place in a karaoke room in Kowloon, it was

with some trepidation that our rhythmically challenged group

made the trip to Des Voeux Road West. On arrival we were

met by our host William, an enthusiastic drumming guru in a

small studio absolutely bursting with fascinating percussion

instruments, many that we’d never seen before.

William was patient and good-humoured, both traits that were

needed for working with our group! He introduced us to the

world of Brazilian beats and started us off on the relatively simple

shaker. Easy enough you might think until we were promoted

from that to the frenzied world of the full Batucada set including

large drums, snare, tambourine and, at one point, coconuts.

The journey through the different Brazilian music was fascinating

and, with each of us given a separate rhythm, the drumming

session was both a real test of concentration and nerve and

also a great team-building exercise. Only by working together

and LISTENING could we produce anything resembling proper

percussion music and, by the end of the hour long introductory

session, we were all pretty pleased with ourselves. The best part

of all was that by the end of it the stress of the working week

had completely faded away. Of course, we had to celebrate that

with a Friday night drink.

For more information on TaDa! original gift experiences, please

visit www.tada.net

DrummingExperienceBy Hilary Thomas

17July/August 2011 • Vol 26 • No 7

LIFESTYLE

Redefi ning Luxury

It’s really too tempting to imagine living here.

For a start, I arrived by taxi from Hong Kong Central in only fi fteen minutes. You drive straight off the main highway into a quiet, leafy road and up to the imposing building itself. The

entrance itself is in shade; overhung, as I later discover, by the jutting projection of the club-house.

Hard to believe that the city is so close by. In fact, The Westminster Terrace is framed by a pristine

backdrop of wooded hills. It’s only when you get inside the building and look back across the water

towards Tsing Yi and the city that you become aware that this really is the gateway to the city.

It must be a reassuring feeling to arrive here after a long day at work. The lobby is designed entirely

in marble and is inhabited by just one, eminently capable receptionist. To add to this discretion,

the elevators can only be activated by card-carrying residents. I head up towards a suite designed

by acclaimed designer Ikebuchi-san, who also designed the residence’s public areas, and in a few

seconds the lift doors open – straight into the apartment itself.

Ikebuchi-san’s work is delightfully understated, a truly delicate and thoughtful use of space. Moving

around the apartment, every inch of every room seems full of natural light. On the wall hangs a subtle,

smoky modern painting of a wood scene, complimenting a thin gold leaf panel near the entrance - the

kind of detail one is often aware of only subconsciously. All this comes as a welcome relief from the

ostentatious and miscalculated displays of luxury so common in downtown Hong Kong. It must be a

great relief to come back to this refuge, and to watch the boats making their way across the water from the quiet of the dining room table.

The furnishings too are elegantly simple. Ikebuchi’s bathrooms are walled entirely in a light marble which strings the light out across its skeins. Yet

the wash-sink, the shower, the mirror and the cupboards are all very practical and immediately obvious, with none of the irritating ‘little tricks’ and

decorations that have crept into bathroom styles in recent decades. The main bathroom does have one major surprise though, before you ever reach

it in fact: from the master bedroom its sliding doors masquerade as one of the cupboards.

It would be perfect for having friends to stay. The guest bedroom is amply sized, simple, but extremely comfortable. Throughout the rooms of this

suite, oak fl oor boards and window sills contribute to the overall feel of orderly comfort, yet once again this aspect is easy to overlook. Rather than

stand out with polished grains or patterns, the wood’s soft, dark hue allows one to focus exclusively on the bright space above. Adding to this almost

dreamy effect is the matching oak window sill which juts out just enough that the guest can use it as a very admirable desk.

Perhaps the most wonderful aspects of the Ikebuchi suite however, were the wonderful views out over Approach Bay and the Ting Kau Bridge,

including one spectacular vista…from the bathtub!

Grosvenor and Asia Standard International’s new development The Westminster Terrace at Approach Bay aims to redefi ne extravagant living in Hong Kong, offering new benchmarks for space and sweeping views of the surrounding bay. Sam Powney spent the day at the new develop-ment to discover its intriguing designs, and how it offers the luxury of both seclusion and accessibility.

By Sam Powney

www.br i tcham.com18

LIFESTYLE

The Club-HouseThe club-house is another reservoir of sedate charm, with a

spacious armchair lounge and two dining areas set back close to

the entrance. This is the perfect place to entertain - there must be

capacity for 40 or 50 people. A pair of enormous fi bre-frame lamps

dominate the high ceiling, but once again the eyes of the visitor are

drawn outside. This time, it is not just to the harbour, but also to

the garden and the set-piece pool. True to modern form, the water

appears to fl ow over the pool sides into vertical space (I eventually

spot a very discreet barrier beyond). The deliberately tropical garden,

with its stone banks and terraces, allows one to meander around a

surprising diversity of plant-life.

Altogether, the club-house allows precisely the kind of versatility of space that makes for a great

social event. In other words, after spending some time sipping cocktails in the marble-panelled

main hall, relaxing by the pool and then chatting with friends on the vast sofas at the far end of

the club-house, it still remains for one to go and play snooker in the billiards room!

Bringing to bear all the background and talent of the world-famous Grosvenor and Asia

Standard International, the designers of The Westminster Terrace have created a truly

unique refuge in one of the most crowded cities in the world. It’s a great achievement, and a

delightful experience.

For more information, please visit www.thewestminsterterrace.com or call (+852) 2772 3889.

Tara Bernerd is a young British designer whose design has a charm of its own. Her style is more overt than Ikebuchi’s

but also draws the eye straight out across the harbour by opening up the kitchen/dining room with a sizeable balcony, perfect

for relaxing with friends or family. Hers also has a more contemporary feel, with built-in plasma screens and a small but fun-

looking music system. Despite the modern, cutting edge look, taking all the aspects together I detected an atmosphere very

conducive to young families especially.

The kitchen, is one place in which one can immediately visualise the ease of living in Suite 2. Though apparently compact,

the kitchen includes all the modern gadgets one could hope for, and manages to allow space for an eating area, complete

with high stools for children. Winningly for adults and children alike, space has also been found for a classic, full-size brass

telescope. Personally speaking, this is a great attraction – though I fear that spying on boats and bridges could easily take up

most of my day.

19July/August 2011 • Vol 26 • No 7

How’s business?Business is developing nicely. We’re continuing to grow in the Asian

region supporting both the multinational corporations investing in

Asia Pacific and the emerging Asia based multinationals. We are

investing another £78 million in adding to our product portfolio,

expanding our professional services capability and adding another

six hundred employees over the next couple of years. It’s a good

sign. We currently employ about fi ve thousand people in the region,

and thirty thousand with our joint ventures. The investment provides

us with more scale. Our customers continually want more in terms

of network and associated services. Overall I’m very pleased with

our current situation.

What is the secret of BT’s success?Our people. We have an incredibly strong multicultural population

of employees, and we’re very focused on diversity. We also have

a real focus on developing talent in our business.

How do you ensure that?Our brand helps. That’s a strong attractor. We are also linked

in with higher education, the foremost universities and the

vocational training councils. We hire kids from both the top

universities and those who haven’t had the best educational

opportunities as well.

What’s the most exciting business-related news you’ve heard recently?Our latest Customer Survey report. I am always keen to ensure

that our customer service continues to improve. Customers

always come fi rst in my book.

How does the British Chamber of Commerce add value to your business?In many ways, the Chamber has a positive influence within

Hong Kong, ensuring that the framework for doing business

here stays healthy. We are also an excellent entry point for

organisations who want to invest in Hong Kong. We connect

very closely to and represent Br i t ish and Internat ional

business interests. It’s a great opportunity for networking

and, more importantly, for our community to link together.

We have a large number of committees – and those are

operat ing extremely wel l . I t ’s a st rong chamber and I

believe we are highly respected by the government. The

Chamber wants to continue to be of service to the broader

international community. All this fits very well with BT’s aims

and ethos.

Perspective

How long have you been in Hong Kong?18 years.

How do you spend your time outside the offi ce?Firstly, with family. I particularly love coaching rugby on the

weekends. That’s down at HKFC with the kids – including

my nine-year old boy, James. This is part of my life where

I enjoy giving something back. I also enjoy swimming and

doing the usual weekend stuff with the family. You can

usually catch me for a drink around town on Friday evenings

with friends.

What’s your favourite spot in Hong Kong?Driving down the Island Eastern Corridor towards Central, with

the Yacht Club to your right and all of Central and Kowloon

beyond. That’s an unbeatable view.

A transitory moment then…It’s not a picnic spot. But it does provide a truly panoramic view

of Hong Kong.

If you could save one building in Hong Kong from reclamation, which would it be? I suppose that would be St. John’s Cathedral. It’s there in

all the old photographs of Hong Kong, the one thing that

has remained constant throughout the last hundred and fi fty

years. Forever and a day it will always be an important part of

this city.

One thing you would change if it was up to you?I wouldn’t change anything. Of course there are issues you can

mention, but basically I’m delighted to be here. Hong Kong is a

wonderful international city.

One thing you’ve learnt recently that you didn’t know before?I ’m always amazed by the number of people who have

connections to Hong Kong. Last week I had lunch in London

with John Ridding, the CEO of the Financial Times. I wasn’t

aware before that John was previously a reporter here. Hong

Kong is such an important hub for so many people.Thank you for yourcontinued support

TheBritish Chamber’sSterling MembersSterling Members

Interview with Kevin Taylor, Managing Director, BT Asia Pacifi c

www.br i tcham.com20

MEMBERSHIP

Record results for the mining industryAccording to a new report from PwC, Mine: The game has changed, revenues for the world’s 40

largest miners leapt 32% to a record $435 billion, driven by surging commodity prices and a 5%

increase in production output in 2010. The strong top-line result catapulted the miners’ net profi ts

to an impressive $110 billion – a 156% increase over the previous year. To keep up with demand,

the top 40 have announced more than $300 billion of capital programs, of which more than $120

billion is planned for 2011, doubling 2010 capital expenditure.

Despite the challenges, the top 40 is well positioned to capitalise on the upside. Collectively,

they own nearly $1 trillion in assets, including $100 billion of cash. The report also highlights the

growing trend of emerging market producers outperforming those from ‘traditional’ locations

such as Australia, US, Canada, South Africa, and the UK. Over the past four years, the average

Total Shareholder Return of companies from emerging markets, more than doubled that of

those from traditional mining locations.

Her Majesty The Queen honours Hong Kong residents The Queen honoured Hong Kong residents, Dr John Edward Wenham Meredith and Mrs Wai

Lan Linda Yau, in the recently announced Birthday Honours List 2011. Dr John Meredith,

Group Managing Director, Hutchison Ports Holdings, Hong Kong was made a Commander

of the Order of the British Empire (CBE) for services to the international ports industry. Mrs

Yau, British Consulate-General, was made a Member of the Order of the British Empire (MBE)

for an exemplary record of public service stretching over more than twenty years.

British Consul-General Mr Andrew Seaton said, “I offer my warm congratulations to Dr

Meredith and Mrs Yau for these well deserved awards. Dr Meredith has made an outstanding

contribution to trade and investment links between Hong Kong and the UK and it gives me

great personal pleasure to see a long-standing, valued and well-respected member of my

staff included in the Birthday Honours.”

Foreign banks see growth opportunities in China despite continued challengesFindings revealed in the sixth PwC Foreign Banks in China survey show that despite an environment of increasing funding constraints, foreign banks operating in China are surprisingly confi dent

about their prospects in the Chinese market, more so than ever. In fact, they expect revenue to continue to grow over the next three years. Their optimism stems from the continued opening up of the

Chinese economy, and its transition towards a convertible currency.

The high level of confi dence belies the continued struggle of the foreign banks in trying to gain a foothold in China. The 127 foreign players operating in the country commanded only 1.83% of the Chinese banking

market in 2010, a slight increase from 1.7% the year before. Notwithstanding this, the 42 foreign banks that participated in this year’s survey, made it very clear that their commitment to China remains resolute.

As in the past three surveys, debt capital markets continue to be viewed as the area with greatest future opportunity, and despite concerns about the broader economy, the majority of foreign banks

believe that corporate and consumer credit remains stable, as evidenced by the rise in luxury spending by Chinese consumers.

Accountancy fi rm BDO has recently appointed Christine Chau as a

Principal of assurance services.

Christine has extensive experience in providing audit and business advisory

services. She deals with a wide range of companies including manufacturing,

international trading, engineering consulting and other services companies

of various sizes which are privately held or listed in Hong Kong. She is also

experienced in working on due diligence assignments.

Christine is a Certifi ed Public Accountant in Hong Kong and Certifi ed

Practising Accountant of CPAs Australia.

Accountancy fi rm BDO has recently appointed Paul Williams as a Principal within the corporate

fi nance team of BDO Hong Kong, specialising in transaction services and lead advisory projects.

Christine Chau

Educated at the London School of Economics, Paul joined BDO

from the corporate finance team of an international accounting firm

in 2001. Paul has led teams on a range of roles including accelerated

IPO’s and quoted company acquisitions, with a broad range of

experience including fi nancial and vendor due diligence, private equity

investigations, MBO’s, MBI’s and sales mandates.

Paul has assisted many Chinese companies to access capital

markets, and has worked on projects involving Asian companies

listing in London, Germany, Hong Kong and Singapore. Paul has also assisted Chinese and Asian

companies in a range of other transactions, including corporate M&A, private equity investment

and fund-raising, and is seeking to develop better channels that allow Chinese companies to

source international investors.

Paul Williams

MEMBER DISCOUNTS

To enjoy exclusive member discounts please log onto www.britcham.com, log in and click on membership discounts.If you have forgotten your login details please email info@britcham.com to request them.

Accor Carey The Mira Hong Kong

Alfi e’s Compass Offi ces Pure Bar + Restaurant

Allied Pickfords Dot CodRenaissanceHarbour View HotelHong Kong

B&W Group AsiaLimited Grand Hyatt Ta Da

Berry Bros & Rudd Hyatt Regency Virgin Atlantic

British Airways Le Meridien Cyberport VisitBritain

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

21July/August 2011 • Vol 26 • No 7

NEWS / NEW APPOINTMENTS

Business Policy UnitTim Peirson-SmithExecutive Counsel

China CommitteeDavid WattDTZ

Construction Industry GroupDerek SmythGammon Construction

Education CommitteeStephen EnoBaker & McKenzie

Environment CommitteeAnne KerrMott MacDonald Hong Kong Limited

Financial ServicesInterest GroupDebbie AnnellsAzure Tax Consulting

HR Advisory GroupBrian RenwickBoyden Search Global Executive

ICT IT CommitteeCraig ArmstrongStandard Chartered

Marketing & Communications CommitteeAdam O’ConorOgilvy & Mather Group

Real Estate CommitteeJeremy SheldonJones Lang LaSalle

Scottish Business GroupDr. Jim WalkerAsianomics Limited

Logistics CommitteeMark MillarM Power Associates

Small & Medium Enterprises CommitteeKate Kelly

Women in Business CommitteeLisa BowmanDG3 Asia Limited

YNetwork CommitteeFiona Foxon

Business Angel ProgrammeNeil OrvayAsia Spa & Wellness Limited

Tim Hay-EdiePilot Simple Software

Chairs of Specialist Committees

CORPORATEKlako Group

Sven Koehler

Group Managing Director

Tel 2345 7555

Fax 2357 5452

info@klako.com

10A, Seapower Industrial Centre

177 Hoi Bun Road, Kwun Tong,

Kowloon, Hong Kong

Accounting

PT Garuda Indonesia

Amy Yeung

Executive Assistant Manager - Marketing

Tel 2846 4371

Fax 2801 4819

amy.y.nicoll@gmail.com

Unit 01, 10/F 68 Yee Wo Street

Causeway Bay, Hong Kong

Aviation & Aerospace

Simba Logistics

Michael Saunders

General Manager - Business Development

Tel 3188 3730

hkg.saunders@simbalogistics.com

Room 2005-2008, 20/F, Ladford Centre

838 Lai Chi Kok Road, Kowloon

Hong Kong

Logistics

STARTUPChangepoint Consulting Limited

Changepoint Consulting Limited

Jonathan Berney

Director

Tel 2297 2374

Fax 2297 2289

jberney@changepointconsulting.com.hk

Level 8-5, 2 Exchange Square

8 Connaught Place, Central

Hong Kong

Consultancy

Maroon Ventures Ltd

Barry Jones

Principal

Tel 9177 0576

barry.jones@maroonanalytics.com

17/F, Comfort Court, 52 Third Street

Hong Kong

Consultancy

ADDITIONALMazars CPA Limited

Jack Clipsham

Head of Corporate Finance

Tel 2909 5555

Fax 2810 0032

jack.clipsham@mazars.com.hk

42/F, Central Plaza, 18 Harbour Road

Wanchai, Hong Kong

Accounting

Mace Limited

Helen Amos

Project Manager

Tel 2994 2341

Fax 2994 3434

helen.amos@macegroup.com

Room 2203, 22/F, Tower 1, Lippo Centre

89 Queensway, Hong Kong

Construction

South China Cosmetics

Mark Russell

Director

Tel 9018 3600

mark.russell@schinac.com

305 Wilson House

19-27 Wyndham Street, Central

Hong Kong

Well-being & Beauty

IP Global Limited

Chris Purdon

Chief Investment Offi cer

Tel 3965 9356

chris.purdon@ipglobal-ltd.com

17/F, 88 Gloucester Road, Wanchai

Hong Kong

Property / Real Estate Services

OVERSEASUniserve

Iain Brymer

Regional Manager, Far East &

Southeast Asia

Tel 3485 3769

isb@ugroup.co.uk

London Megal Terminal

Thurrock Park Way, Tilbury, Essex

RM18 7HD, United Kingdom

Freight Forwarding / Logistics & Delivery

Gladwell Fine Art Limited

Glenn Fuller

Director

Tel +44 207 629 4119

Fax +44 207 499 0119

68 Queen Victoria Street, London

EC4N 4SJ, United Kingdom

Fine Art

INDIVIDUALMary Rafferty

Tel 2849 0333

Fax 2849 6127

mary@matilda.org

41, Mount Kellet Road, The Peak

Hong Kong

www.br i tcham.com22

NEW MEMBERS

James Fearnside (Giles Publications), Ally Lung (Hong Kong Government)

Gregory Brossard (Goedhuis & Co), Ben Lester (Elite Capital Solutions)

Steven Resco (Widnell Sweett), Maureen Mills (Executive Homes)

Victoria Coplans, Emily Ferrary (The British Chamber of Commerce in Hong Kong), Stuart Northrop (Widnell Sweett)

Naveen Qureshi (Tanner De Witt), Andrew Tam (Skadden)

Bong Miquiabas (Giles Publications), Eliza Lee (AIA), Dorothy Luo (AIA)

Pretty Chu (Travelex), Gregory Seitz (AGS Four Winds)

Maureen Gleeson (Simmons & Simmons), Gregory Seitz (AGS Four Winds)

Graham Price (Halifax Fan), Liz Hamerton (Strategic Offi ce Solutions)

Naveen Qureshi (Tanner De Witt),

Sasha Koch-Belova

Anthony Richman (Venson), Derek Lynch (BT), Lee Wainwright (BT), Kunal

Pradhan (BT)

Ruth Rowan (BT), Roger Wu (Purcell Miller Tritton), Elise von Stolk (Santa Fe Relocation Services), Peter Hodges (Standard Chartered), Graham Price (Halifax Fan)

Nick Gowlland (Sateri), Ally Lung (Hong Kong Government), Roslyn Lau

Shaken Not Stirred June 2011Pure Bar + Restaurant

23July/August 2011 • Vol 26 • No 7

EVENTS