Magazine of The American Chamber of Commerce in Hong Kong
May/June 2017
HKSAR’s 20th Anniversary: A Celebration of Hong Kong’s Past, Present and Future Industry Focus on Hospitality and Tourism COVER SPONSOR
Guide to Residential Rentals
PUTTING YOUR CHILD 1
ST
ACHIEVING MORE THAN THEY BELIEVE THEY CAN
CAMPUS OPENING SEPTEMBER 2017!
Individualized Learning Plans from Age 5
Secondary and readies them for their future careers as ƐĐŝĞŶƟƐƚƐ͕ ĞŶŐŝŶĞĞƌƐ ĂŶĚ ďƵƐŝŶĞƐƐ ůĞĂĚĞƌƐ͘
Stamford’s Outstanding Results Our students at our Singapore campus consistently ĂĐŚŝĞǀĞ ĂďŽǀĞ ƚŚĞ h͘^͘ ďĞŶĐŚŵĂƌŬ ŝŶ ƚŚĞŝƌ D WΠ assessments. In Elementary, our students’ scores in Reading ĂŶĚ DĂƚŚ ĂƌĞ ŐƌĞĂƚĞƌ ƚŚĂŶ ƚŚĞ ďĞŶĐŚŵĂƌŬ ďLJ ŽŶĞ LJĞĂƌ on average. Progressing to Secondary, Stamford students ƉĞƌĨŽƌŵ ĂďŽǀĞ ƚŚĞ ďĞŶĐŚŵĂƌŬ ŝŶ DĂƚŚ ĂŶĚ ZĞĂĚŝŶŐ ďLJ ƚǁŽ or more years on average. In fact, the average Stamford 'ƌĂĚĞ ϲ ƐƚƵĚĞŶƚ ƉĞƌĨŽƌŵƐ ĂďŽǀĞ ƚŚĞ ďĞŶĐŚŵĂƌŬ ĨŽƌ 'ƌĂĚĞ Every student at Stamford undergoes standardized
10 students in Reading, four grade levels above the norm.
Measures of Academic Progress® (MAP®) assessments
These outstanding MAP® results combined with the
in Reading, Math and Science twice a year, allowing
/ŶƚĞƌŶĂƟŽŶĂů ĂĐĐĂůĂƵƌĞĂƚĞ ŝƉůŽŵĂ WƌŽŐƌĂŵ ŚĂǀĞ ůĞĚ
us to measure their academic growth throughout
90% of our graduates from Stamford’s Singapore campus to
the school year and from year to year. We deliver
acceptance to their 1st choice university.
individualized learning plans based on each student’s ŝŶƐƚƌƵĐƟŽŶĂů ůĞǀĞů͕ ĞŶƐƵƌŝŶŐ ĞǀĞƌLJ ĐŚŝůĚ ŝƐ ƐƚƌĞƚĐŚĞĚ ĂŶĚ challenged appropriately.
Preparing Students for the Future Stamford’s unique problem-based STEMinn (Science, dĞĐŚŶŽůŽŐLJ͕ ŶŐŝŶĞĞƌŝŶŐ͕ DĂƚŚ Θ /ŶŶŽǀĂƟŽŶͿ WƌŽŐƌĂŵ challenges students from age 5 in these disciplines ƚŚƌŽƵŐŚ ĐƌŝƟĐĂů ƚŚŝŶŬŝŶŐ ĂŶĚ ƌĞĂůͲǁŽƌůĚ ĂƉƉůŝĐĂƟŽŶ͘ >ĂLJŝŶŐ ƐƚƌŽŶŐ ĨŽƵŶĚĂƟŽŶƐ ŝŶ ƚŚĞƐĞ ĂƌĞĂƐ ƉƌĞƉĂƌĞƐ ŽƵƌ Elementary students for success in the highly challenging WŚLJƐŝĐƐ͕ ŝŽůŽŐLJ ĂŶĚ ŚĞŵŝƐƚƌLJ ĐŽƵƌƐĞƐ ŽīĞƌĞĚ ŝŶ
Discover more at
Open House
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Visit www.sais.edu.hk www.sais.edu.hk | +852 2500 8688 Ύ^ƚĂŵĨŽƌĚ ŵĞƌŝĐĂŶ ^ĐŚŽŽů ,ŽŶŐ <ŽŶŐ ǁŝůů ĂƉƉůLJ ƚŽ ƚŚĞ /ŶƚĞƌŶĂƟŽŶĂů ĂĐĐĂůĂƵƌĞĂƚĞ ĨŽƌ ƉƌŽŐƌĂŵ ĐĂŶĚŝĚĂĐLJ ŝŶ ĞĐĞŵďĞƌ ϮϬϭϳ͘
50 years helping you o Y Ë Â² nbb½ We can’t wait to show you around
Go knowing
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Relocating should be exciting and rewarding for everyone. Our experience and knowledge of worldwide relocations, is shared by all our people in more than 200 locations. And we’ll always be there to help you get the most from your relocation.
Tel: +852 2636 8388 hongkong@crownrelo.com
AmChamHK Publisher Tara Joseph Editor-in-Chief Kenny Lau Managing Editor Jennifer Khoo Advertising Sales Manager Tom Chan
AmChamHK is a magazine of news and views for management executives and members of the American Chamber of Commerce in Hong Kong. Its contents are independent and do not necessarily reflect the views of officers, governors or members of the Chamber. Advertising office 1904 Bank of America Tower, 12 Harcourt Rd, Central, Hong Kong Tel: (852) 2530 6900 Fax: (852) 3753 1206 Email: amcham@amcham.org.hk Website: www.amcham.org.hk Printed by Ease Max Ltd 2A Sum Lung Industrial Building 11 Sun Yip St, Chai Wan, Hong Kong (Green Production Overseas Group) Designed by Overa Creative Tel: (852) 3596 8466 Email: ray.chau@overa.com.hk Website: www.overacreative.com ©The American Chamber of Commerce in Hong Kong, 2017 Library of Congress: LC 98-645652 Single copy price HK$50 Annual subscription HK$600/US$90
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08
COVER STORY
AmCham hosts a cocktail gala in commemoration of the 20th anniversary of the establishment of the Hong Kong Special Administrative Region
16
TRADE & INVESTMENT AmCham President Tara Joseph explains that trade with Asia is increasingly tied to U.S. economic growth
22
GOVERNMENT RELATIONS
Will Trump succeed in reversing regulations passed by Congress in response to the 2008 financial crisis? AmCham speaks to a panel of experts on the subject
26
REAL ESTATE
Large inflows of Chinese capital into the city continue to have long-lasting implications for local property developers. Colliers reports on the changing landscape
AmChamHK 5-6 • 2017
May/June 2017 Vol. 49 No. 5-6
AMCHAM NEWS AND VIEWS
04 President’s Memo 07 New Business Contacts
20 68
Member Spotlight Mark Your Calendar
COVER STORY
REAL ESTATE
Celebration of 08 AHKSAR’s 20th Anniversary
Kong: A Magnet for Chinese Capital 26 Hong Large inflows of Chinese capital into the city
AmCham hosts a cocktail gala in commemoration of the establishment of the Hong Kong Special Administrative Region
TRADE & INVESTMENT
16 U.S.-Asia Trade: Engagement is Key
Despite U.S. withdrawal from the Trans-Pacific Partnership (TPP), AmCham President Tara Joseph – who expressed her views on the subject in the SCMP last month – explains that trade with Asia is increasingly tied to U.S. economic growth
CHAMBER NEWS Minutes With…Agnes Tsang 18 Five AmCham’s Director of Government Relations and
Public Affairs explains the significance of the upcoming annual Washington Doorknock and describes her crucial role at the Chamber
GOVERNMENT RELATIONS
22
Operation Regulation Rollback: Trump’s Reform Agenda
Will Trump succeed in reversing regulations passed by Congress in response to the 2008 financial crisis? AmCham speaks to a panel of financial and legal experts on the subject
AmChamHK 5-6 • 2017
continue to have long-lasting implications for local property developers
YOUNG PROFESSIONALS Return Home 30 Millennials The trend of Hong Kong-raised expat millennials
returning from overseas is providing the city with a highly qualified and skilled workforce
COMMUNICATIONS & MARKETING Consumer in a Digital World 32 The Angel Young, Nielsen’s Managing Director for Hong Kong and Macau, explains how Hong Kong’s retail sector can keep up with the changing consumer landscape by embracing digital technology
INDUSTRY FOCUS & Tourism: An Industry Overview 36 Hospitality Hong Kong’s hospitality and tourism sector suffered
from a particularly challenging year in 2016, but the sector remains critical to the local economy
SPECIAL SUPPLEMENT
49 Guide to Residential Rentals 3
BOARD OF GOVERNORS CHAIRMAN
Walter Dias
VICE CHAIRMAN
Jack Lange
TREASURER
Owen Belman
GOVERNORS
Donald Austin Evan Auyang Sanjeev Chatrath Elaine Cheung Sean Chiao Diana David Sean Ferguson Mark Green Robert Grieves Matthew Hosford Clara Ingen-Housz
Michael Klibaner Simon Ogus Seth Peterson Catherine Simmons Anna-Marie Slot Eric Szweda Rick Truscott Jennifer Van Dale Jenny Wong Patrick Wu Lennard Yong
EX-OFFICIO GOVERNOR
Peter Levesque
PRESIDENT
Tara Joseph
CHAMBER COMMITTEES Apparel & Footwear Ball China Business Communications & Marketing Corporate Social Responsibility Education Energy Entrepreneurs/SME Environment Financial Services Food & Beverage Hospitality & Tourism Human Resources Innovation & Technology Insurance & Healthcare Intellectual Property Law Pharmaceutical Real Estate SelectUSA Senior HR Forum Taxation Trade & Investment Transportation & Logistics Women of Influence Young Professionals
4
Gareth Brooks Sally Peng Elaine Cheung Rick Truscott Devin Ehrig Lili Zheng Oliver Rust Pat-Nie Woo Virginia Wilson Rick Truscott Cynthia Chow Jim Taylor Steven Chan Veronica Sze Mark Kemper Peter Liu Julie Brandt Leonie Valentine Rebecca Harrison Hanif Kanji Gabriela Kennedy Chiann Bao Jessica Bartlett Caroline Johnson Edward Farrelly Robert Johnston Terrance Philips Lili Zheng MaryAnn Vale Ivan Strunin Barrett Bingley Gavin Dow Jennifer Parks Anne O'Riordan David Boman Jamie Ford
PRESIDENT'S MEMO
Dear fellow members and friends, Given the fast and furious pace of life in Hong Kong, the past two decades since the handover feel like they have spun by in a near instant. For a city of its size, Hong Kong packs a heavy economic punch, and its continued success is a tribute to the strength, work ethic and perseverance of its people. With a prominent stock market and the world’s second largest inflow of FDI, plus its leading role in China’s outbound investment, Hong Kong is home to the regional headquarters of thousands of international companies. More than 750 U.S. firms are here today, a significant jump from 457 in 1997. Hong Kong thrives because of its unique “One Country, Two Systems” framework and its high degree of autonomy. Its independent judiciary, strong corporate governance, data protection, and free flow of information are what attract people and companies. This framework is Hong Kong’s core strength, and it is vital that it remains in place for Hong Kong to succeed. In the past two decades, China’s emergence on the global stage has had a huge impact on Hong Kong. China’s accession to the WTO in 2001 dramatically changed the course of global trade and Hong Kong’s role as a gateway city. A thriving China should be good news for Hong Kong The rising cost of living, however, is a challenge. Companies think twice before posting foreign executives to Hong Kong, and in many cases it costs more to employ a C-suite executive in Hong Kong than in New York or London. It is a worrying trend which will require a fresh approach to rectify. Hong Kong’s workforce has an abundance of talent, but it’s selling itself short without preparing its young generation of workers with crucial skills in language, technology and innovative thinking for the role of a super-connector city. There is no denying of the considerable challenges we are facing, but there is no doubt that Hong Kong’s core strengths, if allowed to thrive, will provide us with a strong momentum for the next two decades ahead.
Regards, Tara Joseph AmCham President
AmChamHK 5-6 • 2017
New Business Contacts
View our other members at: www.amcham.org.hk/memberlist
The following people are new AmCham members: Aetna Global Benefits (Asia Pacific) Ltd.
Emma Kenyon
Sales Manager
Christopher Campbell
Director, Medicare Performance Management
American Women's Association of Hong Kong, Ltd.
Andrea Roth
President
Bank of America Merrill Lynch
Sapna Daswani
Assistant Vice President
Breakthrough Group
Gavin Dow
Partner
Cartus
Denise Ng
Chubb Life Insurance Company Ltd
Michael Ho
Director, Destination & Real Estate Services- Hong Kong, Destination and Real Estate Services Country President
Cushman & Wakefield
Reed Hatcher
Head of Research, Hong Kong
Sebastian Jessop
Associate Director
Catherine Chen
Associate Director, Head of Forecasting
Howard Chan
Senior Manager
Finsbury
Daniel Simon
Associate Partner
FreedomONE International Consulting & Coaching
Danny Khursigara
Founder / CEO
Google (Hong Kong) Limited
Yam Ki Chan
Head of Public Policy and Government Affairs, Hong Kong
Hampton TCI
Angela Leung
Managing Partner
Chris Contino
Managing Partner
Fion Yau
Research Manager
Michelle To
Student Experience
Christopher Domingue Christopher Yip
Manager, MBA/MSc Career & Professional Development, School of Business and Management Manager, MBA/MSc Career & Professional Development
Pauline Cheung
Assistant Director, MBA Programs
J.P. Morgan
Timothy Hogan
Vice President International Government Relations
Kaplan Professional
Gerry Chu
Director
KPMG
Priscilla Adams
Global Head of Hospitality and Leisure Partner, Audit
Master of Global Public Policy
Etta Wong
Director
Philip Morris Asia Limited
Marcus Teo
Director, Illicit Trade Strategies & Prevention, Asia
PricewaterhouseCoopers Ltd
Alexandra Tse
Associate Director- Transfer Pricing
Ralph Lauren Asia Pacific Limited
Craig Unsworth Dana Jr
Senior Vice President, Global Sourcing
Regus HK Management Ltd
Eric van der Wulp
Country Manager
SCAD Hong Kong
Deborah Kelly
Director of Human Resources
Splunk
Winnie Lee
Senior Marketing Manager, North Asia
TMF Hong Kong Limited
Tom Harrison
Business Development Executive
UniGroup Worldwide Moving
Henry Lau
Corporate Account Executive
Hong Kong University of Science & Technology
AmChamHK 5-6 • 2017
7
COVER STORY
A Celebration of HKSAR’s 20th Anniversary AmCham hosts a cocktail gala in commemoration of the establishment of the Hong Kong Special Administrative Region
By Kenny Lau
8
T
he 20th birthday of the HKSAR is an opportunity to celebrate and re-commit to the core values and principles that make the city a unique and essential place in the world, said AmCham Vice Chairman Jack Lange, in his opening remarks at a cocktail gala with hundreds of members and guests, including Chief Executiveelect Carrie Lam, U.S. Consul General Kurt Tong and Acting Commissioner of PRC Ministry of Foreign Affairs Tong Xiaoling, in attendance. “We all have an affection for Hong Kong and a commitment to Hong Kong’s success,” he says. “Americans feel a special affinity for Hong Kong because both places were born out of colonial spirits. We share with many in Hong Kong an enormous optimism and a powerful belief that the rule of law, freedom of expression, free enterprise, open and transparent government will see us through to an even brighter future.”
AmChamHK 5-6 • 2017
From left: Stuart Tait (HSBC), Sanjeev Chatrath (Thomson Reuters), US Deputy Consul General Thomas Hodges, USCG Kurt Tong, AmCham Vice Chairman Jack Lange, CE-elect Carrie Lam, AmCham President Tara Joseph, Acting Commissioner of PRC Ministry of Foreign Affairs Tong Xiaoling, HKTB Ambassador Michael Wong, Tay Keng Puang (MassMutual Asia Ltd.), Sean Chiao (AECOM), Fang Lin (FTLife Insurance Co. Ltd.) and Marco Rotondo (Philip Morris Asia Limited).
These core values under the “One Country, Two Systems” framework are key factors that attract U.S. companies and talented people here, says USCG Kurt Tong. “This environment has created the conditions for the American Chamber of Commerce and for American businesses to thrive and contribute to the success of this great city.” The occasion is also a perfect opportunity to raise Hong Kong’s international profile. “By doing so, we would be able to lay a stronger foundation for Hong Kong’s future,” says CE-elect Carrie Lam whom is described as a very good friend of AmCham and a role model for the civil service for her swift response and resolute style. “This evening, I want to assure that swift response and resolute style will be the hallmarks of the next administration.” “As the next chief executive, I am duty bound to safeguard
AmChamHK 5-6 • 2017
those core values and traditional strengths of Hong Kong, not only for a population of 7.3 million but also for the international business community which has taken Hong Kong as a place for doing businesses. Thank you for the faith and confidence that you have in this great city of ours.” “We’d love to have more U.S. companies using Hong Kong as a place for their regional headquarters and their regional offices…to do business in Hong Kong riding on our nation’s major initiatives under the Belt and Road as well as the Guangdong-Hong Kong-Macau Bay Area,” Lam adds. “I can assure you that my foremost duty is to ensure that the ‘One Country, Two Systems’ will continue to work. And those core values of independence, freedoms, and the rule of law will continue to be Hong Kong’s cornerstone,” she says.
9
HKSAR’S 20 th Anniversary - A Reflection “When I first came to Hong Kong in 1969, it was a different world. Taxis were black-and-white Mercedes; trams were the old style; and buses were the old-fashioned double-deckers. You didn’t hear Mandarin but only Cantonese. As Americans, we couldn’t go to China or even buy in a Chinese department store. In 1979, we went to the trade fair when China was opening, and our delegation was invited back to meet with the mayor of Shenzhen – which was then a small place. At the time, it was hard to believe but I think they would prove more realistic than we ever thought.” - Bob Adams, AmCham Chairman 1979 “AmCham in the lead to 1997 suggested that an international adviser be included in the drafting process of Hong Kong’s Basic Law, and it was an exciting process working with CY Leung, Rita Fan and Martin Lee. We also asked for the right to permanent residence for anyone having lived here seven years or longer. As a lawyer, I was involved in supporting the rule of law. The greatest British legacy, in the history of the empire, is common law. It really is one of Hong Kong’s most significant edges. We played an active role in discussing those issues, and it’s held up fairly well.” - Gage McAfee, AmCham Chairman 1985 “It was a much slower pace of life in Hong Kong when I arrived in 1974. There weren’t a lot of private cars but a lot of bicycles on Queen’s Road Central. On my first trip to China in 1975, I was woken up by loudspeakers outside the hotel at 6 a.m. denouncing American imperialism. It was a very different U.S.-China dynamic until normalization. Trade with China was principally based on commodities. Foreign investment and advertising were taboo in China. But we could see a sense of experimentation prior to 1979, and it was the beginning of an extraordinary transformation. Hong Kong just seemed like the best place to be.” - Tom Gorman, AmCham Chairman 1995 “The ‘One Country, Two Systems’ was a new way of governing, especially for China. The question was whether Hong Kong was going to remain relatively autonomous and conduct its own economic policy. We were cautiously optimistic about the new government, and it was an important message at a time when pessimism was quite strong and dramatic. An article of Fortune magazine in June 1995 painted a very dark future for Hong Kong, but Hong Kong has been amazingly resilient. That’s one of the many things making this place attractive. We have to keep moving and changing, and we’ve been successful.” - Mark Michelson, AmCham Chairman 1996 “Hong Kong is a very fast-paced city and seems to change every six months. With the rule of law and free flow of information, it is truly an international city. AmCham has also made a serious and historic contribution to conveying and upholding the key values of free trade, private enterprise, business ethics, transparency and the rule of law. Hong Kong is not just a typical Chinese city, and its international appeal is unmatched. We should do more to strengthen our foundation by addressing issues such as a widening wealth gap in the city, by promoting key industries, by encouraging innovation and by upholding our strong legal system.”
- Paula DeLisle, AmCham Chairman 2001
10
AmChamHK 5-6 • 2017
“Hong Kong continues to be the amazing city I came to know in 1978. It is a trusted international financial center. The stable government, low taxes and abundant job opportunities make it a desirable place to live and work. The strong legal system here makes it a good place to develop a business. Opportunities will be those with China’s economic growth as well as those of the region, but there are also challenges including rising costs of living and doing business. Hong Kong has proven to be very adaptable to any change in circumstances. The integration with Mainland China should continue at a pace advantageous to both.” - Jim Thompson, AmCham Chairman 2002 & 2003
“When I opened the office for my current firm on 1st January 1997, I was very convinced that Hong Kong was going to continue to succeed. Over the past 20 years, it’s been a big roller coaster ride having to deal with extreme circumstances. But Hong Kong has been very resilient, and I foresee a very positive future at least up until 2047. The ‘One Country, Two Systems’ has been a very successful system, and I’d like to see an extension of the system for another 50 years. It should be sorted out before 2047 so that people remain confident in the rule of law here and in Hong Kong’s institutions.” - Jon Zinke, AmCham Chairman 2005 “When I moved here in 1996, there was a lot of nervousness about the handover. While the discussion raged, I was personally not that concerned because I was confident in the Basic Law and the greatness of Hong Kong. Five years post- handover, all was well; despite some ups and downs, Hong Kong remained calm politically and prosperous economically. However, recent events have challenged that calmness and stability. To remain stable and prosperous, we need to focus on Hong Kong and China. As we welcome our new chief executive this July, I am hopeful that Hong Kong will remain a great international city.”
- Steve DeKrey, AmCham Chairman 2008
“Hong Kong has some very distinctive characteristics and factors that set the city apart. It has free trade and a free flow of capital. Multinational companies and industries can come to Hong Kong with the assurance that they will be protected under the rule of law. Its tax system is one of the best and simplest in whole world. Hong Kong is an attractive place to live, and it’s probably easier to hire talent here than in other places in China. Hong Kong will continue to be the most international city in China. Shanghai’s going to try to catch up, but that’s healthy competition.” - Rob Chipman, AmCham Chairman 2011 “I see this as a time when Hong Kong has to carve out its role for the next several decades. It’s got the opportunity to become a global financial center, a global logistics center and an innovation hub in the region. Otherwise, Hong Kong might lose its competitive edges as a highly-regarded international city. Hong Kong has been so successful for so long that it’s sometimes easy to assume it will just continue. Hong Kong’s role in the region has been vital for many years, but if the city doesn’t establish itself for the long term in these strategic areas, then it will risk being just another ordinary city of China.” - Peter Levesque, AmCham Chairman 2014 & 2015
AmChamHK 5-6 • 2017
11
HKSAR’S 20 th Anniversary - An AmCham Perspective
1996
1997
1997
1998
AmCham’s new office in Bank of America Tower opens.
Governor Chris Patten attends the AmCham Ball held in the spring each year.
Hong Kong returns to Chinese sovereignty after more than 150 years of British colonial rule.
President Bill Clinton visits Hong Kong and meets with Chamber leaders and members.
2003 Hong Kong rides through the SARS (Severe Acute Respiratory Syndrome) pandemic.
12
2004 AmCham organizes second Women of Influence Conference and Awards.
2004
2005
Election Central: AmCham holds a large-scale event amid the U.S. presidential election in which George W. Bush is re-elected.
Prominent business leaders discuss Hong Kong’s brand in a forum.
2008
2008
2009
2010
Economist Nouriel Roubini warns about the forthcoming financial crisis in a speech at the Chamber.
Election Central: AmCham witnesses the historic moment of Barack Obama being elected U.S. President.
A U.S. delegation led by Senators Lindsay Graham and John McCain joins the Chamber on a boat trip to Lamma Island.
U.S. Secretary of Commerce Gary Locke comes to Hong Kong on a trade mission.
2012
2012
2013
2014
Election Central: AmCham honors the U.S. elections in which Barack Obama is re-elected for a second term.
Chief Secretary Carrie Lam shares her story at AmCham’s WOI Conference.
AmCham launches a series of business delegations to Southeast Asian countries.
Former Chief Secretary for Administration Anson Chan meets with AmCham members.
AmChamHK 5-6 • 2017
1998
2000
2001
2002
Chief Executive Tung Chee-hwa joins AmCham for Thanksgiving.
An AmCham delegation travels to Beijing in a business/advocacy trip.
The world is shocked on September 11 when terrorists carry out a string of attacks on U.S. soil.
AmCham holds International Memorial for Peace upon the first anniversary of 9/11 terrorist attacks.
2005
2007
2007
2007
John Tsang, Secretary for Commerce, Industry and Technology, speaks about WTO’s ministerial meeting in Hong Kong.
AmCham’s Board of Governors in 2007 upon Hong Kong’s 10th Anniversary.
Past AmCham chairmen reflect on ten years of Hong Kong’s handover.
Janet Yellen, President & CEO, Federal Reserve Bank of San Francisco, explains the rationale of U.S. monetary policy.
2010
2011
2011
2011
U.S. Ambassador to China Jon Huntsman discusses Sino-U.S. relations in an AmCham meeting.
Brazilian footballer Pele makes a guest appearance for AmCham in Hong Kong.
Steve Forbes remarks on stimulus spending and declining value of the U.S. dollar.
U.S. Secretary of State Hillary Clinton articulates principles for prosperity in Asia.
2015
2016
2017
2017
U.S. Ambassador to China Max Baucus meets with AmCham leaders.
Election Central: AmCham observes the making of U.S. history as Donald Trump becomes U.S. President-elect.
AmCham appoints its first female president and is represented by a diverse board of governors.
AmCham co-hosts a series of discussions among candidates (Woo Kwok-hing, John Tsang and Carrie Lam) for chief executive in Hong Kong’s 2017 election.
AmChamHK 5-6 • 2017
13
HKSAR’S 20 th Anniversary - A Story of Growth
Establishment of the HKSAR Asian Financial Crisis VISITOR ARRIVALS
10Mil
1.6X Population
Suspension of regular land auctions & Land Application List System SARS
Hong Kong International Airport opens
HSI peaks at 31,958
CEPA signed
One ifc completion
Individual Visit Scheme (IVS)
Land Application List System
HSI troughs at 6,545
GDP Per Capita >USD30,000
Donald Tsang Land Application steps up as List System Chief Executive resumes
Two ifc completion
Cheung Kong Center completion
RMB breaks 1:1 against HKD
Hong Kong Disneyland opens
Global Financial Crisis One Island East completion HSI troughs at 10,676
31,958
VISITOR ARRIVALS
20Mil
3.2X Population
10,676 6,545 CEPA
LAND ATION APPLIC LIST
STOP LAND
107
Stations
Airport Express opens Tung Chung Line opens
Tseung Kwan O Line opens
West Rail Line opens
Ma On Shan Line opens
INDUSTRIAL
OFFICE Overall HK Grade A Office Stock (NFA ) Largest Growth in Stock - Kowloon East (NFA )
49mil sf 2.1mil sf
76mil sf 13.6mil sf
Total Industrial Stock (GFA) Avg.Warehouse Rents (per sf per mth )
361mil sf HK$7.9
Avg.Central Grade A Office Rents (per sf per mth )
HK$68
HK$128
Container Throughput-TEUs (Share in Global Top 10 Ports)
14.6mil( 24% )
19.8mil*( 9% )
HK$16,500
HK$34,600
1.8mil
4.5mil*
36%
51%*
Avg.Central Stratified Office Capital
Values (per sf )
No. of Regional Headquarters
Air Cargo *
Handled (Tonnes )
China’s Share in HK’s Total Trade
RESIDENTIAL Avg.Mortgage Rates
10.5%
358mil sf HK$12.4
RETAIL 2.0%
Avg.Capital Values Growth ( from 1997-Peak )
No.of Shopping Centers ( GFA)
195( 39mil sf )
331( 70mil sf )
Prime Retail Rents-High Streets (per sf per mth )
HK$704
HK$1,100
HK$235bil
HK$437bil*
10.4mil 2.3mil
56.7mil* 42.8mil*
Price-to-Household Income Ratio ( Years)
11
15
Total Retail Sales
Annual Transactions ( % of Total Private Stock )
172,700 (16%)
54,700 (4%)*
Visitor Arrivals
Highest Government Residential Land Price
HK$11.8bil
HK$16.9bil
Overall Chinese
* 2016 Figure Sources: Census and Statistics Department, Hong Kong Monetary Authority, Financial Services and the Treasury Bureau, Rating and Valuation Department, The Land Registry, Lands Department, Tourism Board, HKEX, Oxford Economics, MTRC, CBRE Research .
14
AmChamHK 5-6 • 2017
Buyer’s Stamp Duty (BSD) & SSD extension
Special Stamp Duty (SSD) ICC completion Industrial Revitalisation Scheme Population>7mil
Retail sales >HK$400bil
Occupy Central
CY Leung elected Double Stamp as Chief Executive Duty (DSD)
VISITOR ARRIVALS
Land Application List System abolishes & regular land sales resume
40Mil
5.9X Population
Retail sales >HK$300bil
VISITOR ARRIVALS
30Mil
5.1X Population
2012 BUYER’S STAMP DUTY
Kai Tak Cruise Terminal opens
2012 SPECIAL STAMP DUTY
GDP Per Capita >USD40,000 15% Stamp Duty RMB Total Deposits >RMB1,000bil Industrial Revitalisation SH-HK Stock Scheme ceases Connect SZ-HK Stock VISITOR ARRIVALS Connect
60Mil
8.4X Population
Carrie Lam elected as Chief Executive
VISITOR ARRIVALS
57Mil
7.7X Population
VISITOR ARRIVALS
50Mil
7.6X Population
佔領 中環
201 SPEC 0 I STAMAL DUTYP
2013 DOUBLE STAMP DUTY
2016 15% STAMP DUTY
Land Sale
LOHAS Park Line opens West Rail Extension opens
West Island Line opens
Kwun Tong Line Extension opens South Island Line opens
161
Stations
OTHERS POPULATION PYRAMID
STOCK MARKET CAPITALISATION
NO.OF NON-DOMESTIC COMPANIES IN HK
Years Old 80 & above
6,863
70-79
1997-Chinese Enterprises
1,123
60-69
HK$522bil (16% )
50-59
2017-Chinese Enterprises
HK$17,567bil ( 64% )
40-49
3,069
405
Foreign
Chinese
30-39 20-29 10-19
Non-Chinese Enterprises
0-9
Source: CBRE RESEARCH This report was prepared by the CBRE Hong Kong Research Team, which forms part of CBRE Research – a network of preeminent researchers who collaborate to provide real estate market research and econometric forecasting to real estate.
AmChamHK 5-6 • 2017
15
TRADE & INVESTMENT
U.S.-Asia Trade:
Engagement is Key Despite U.S. withdrawal from the Trans-Pacific Partnership (TPP), AmCham President Tara Joseph – who expressed her views on the subject in the SCMP last month – explains that trade with Asia is increasingly tied to U.S. economic growth
By Kenny Lau
How important is Asia to U.S. businesses, and vice versa? Asia is the fastest developing market for both goods and services in the world. There is a rising middle class, fresh potential for large infrastructure projects stretching from Sri Lanka to the Philippines, and a developing pipeline of opportunities for finance, law and technology firms. Asia today accounts for about 60 percent of the global economy, and American companies are heavily engaged across the region. There are over 1,400 U.S. companies operating in Hong Kong alone. Overall, 15,000 U.S. companies are open for business across the region, and the value of investment across the region totalled US$620 billion in 2016. A free flow of trade will help smaller, underdeveloped economies grow and lift people out of poverty across Asia. Greater engagement between the U.S. and China will bring a slew of fresh business opportunities to Hong Kong, the first and ultimate gateway city between East and West. What should be the approach to “engagement?” Engagement means developing strategies for growth, not strategies for isolation. Importantly, a strategy for trade engagement in Asia is not at odds with President Trump’s America First initiative. Conversely, it helps it. Profitable American companies, wherever they do business, help create healthy profits back home. By tearing down barriers and raising standards in other markets, we will see more American manufactured goods, agricultural products
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and services sold around the world. Whatever trade strategy may replace TPP, those of us in Hong Kong understand that the United States cannot afford to rest on its laurels. Competition has become more intense – European, Japanese and Chinese firms are all competing for an increasingly large slice of trade and profits. Are there any positive signs of development despite all the uncertainty? The worries remain as to what kind of trade framework will replace TPP, but we’ve also seen a few welcome developments in the past months. First, the United States and China last month came to agreement on a trade deal rather than starting a trade war. It was a step by U.S. President Trump and Chinese President Xi to address a trade imbalance worth US$350 billion. The plan to accelerate trade and investment in agricultural products, energy and finance may only be a starting point for providing U.S. businesses greater access to China’s vast market, but it provides a major signal of an intention on both sides to engage. It was also encouraging to hear that President Trump plans to attend three top Asia Pacific meetings in November – The ASEAN summit and the East Asia summit in the Philippines, as well as the Asia Pacific Economic Cooperation (APEC) summit in Vietnam.
AmChamHK 5-6 • 2017
CHAMBER NEWS
Agnes Tsang AmCham’s Director of Government Relations and Public Affairs explains the significance of the upcoming annual Washington Doorknock and describes her crucial role at the Chamber
By Jennifer Khoo
Internally, Government Relations and Public Affairs is also the Secretariat of the AmCham Board of Governors and the Secretariat of the Board of Trustees for our Charitable Foundation. Tell us a little about your role at AmCham. Externally, this role covers relations with government stakeholders in HK, the U.S. and sometimes the Asia Pacific region; developing advocacy agendas for the Chamber, handling media relations and producing policy submissions and press releases. Apart from organizing meetings, we also take delegations to the U.S. and other Asian countries.
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What is the Washington Doorknock and why is it important? The Washington Doorknock is an annual AmCham tradition of bringing Asia-based American and international business perspectives back to Washington D.C. to emphasize the importance of the U.S.' presence and engagement in Asia. The delegation usually consists of core AmCham members and industry
AmChamHK 5-6 • 2017
experts who get the chance to meet with leading think tanks, as well as staffers and representatives from the U.S. Administration and Congress. The “soft” power of American presence and influence in the Asia Pacific region is no less important than the United States’ “hard” power, and many businesses here proudly see themselves as ambassadors for American values and best practices. Face-to-face interaction is always the best way to communicate candid views and exchange different perspectives. To this end, the annual Doorknock provides an excellent platform upon which senior American executives can voice their views to decision makers back home.
“Many businesses here proudly see themselves as ambassadors for American values and best practices.” - Agnes Tsang Director, Government Relations and Public Affairs
What are three top issues that AmCham hopes to address in Washington this year? 1) Hong Kong's unique role and strengths in U.S.-China relations and trade under One Country, Two Systems; 2) U.S. competitiveness overseas in relation to double taxation; and 3) Getting an on-the-ground view of the U.S.' trade position in this region post-TPP (Trans Pacific Partnership). A lot of planning and preparation goes into the annual Doorknock to ensure its success. Could you share some of your to-do list with us? This year, we have an exciting event taking place during our Doorknock trip - a symposium to reflect on the "One Country, Two Systems" and to mark the 20th anniversary of the HKSAR. The symposium, co-hosted by AmCham and the Center for Strategic and International Studies (CSIS), and supported by the Hong Kong Trade and Economic Office in Washington, will be broadcasted via a live webcast so that viewers in Hong Kong can also tune in. U.S. Consul General Kurt Tong will deliver a keynote address during the event. With a new U.S. Administration and hundreds of
AmChamHK 5-6 • 2017
government appointments still being confirmed, we have encountered a few more challenges than in previous years in scheduling some of the meetings. Finally, what is your advice to anyone considering a career in government relations? This job is a hectic one with few breaks, as you are in constant communication with key stakeholders to foster relations on behalf of the Chamber. You can't miss emails or delay in response as everyone is important, from members internally to government officials externally. Their perceptions about the Chamber are down to what they see and experience of us. Fortunately, I have a SUPER team - Queenie and Dannio - and some very dedicated and smart interns from Hong Kong and the U.S. It is my wish to groom these students to become future young AmCham ambassadors.
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How long have you been in Hong Kong and what do you like most about life here? I have been here since the beginning of the year. Actually this is my second time around as I lived in Hong Kong from 1996 until 2000. I also spent two summers here when I was a university student, teaching ESL (English as a Second Language), in 1994 and 1995. Favourite weekend getaway? Macau! The cultural bits and the food – not the gambling.
Name: Mark Slade Job title: Managing Director, Hong Kong & Macau Company: DHL Global Forwarding (HK) Ltd. Industry: Logistics & Transportation AmCham member since: January 2017
What is something people would be surprised to learn about you? That I’m not American – I sound just like one - but I come from Canada. If I wasn’t a business leader, I would be… A business follower? What was your first ever job? Right here in Hong Kong, working in a freight forwarding company in Jordan, Kowloon. Favourite piece of advice (work-related or otherwise)? Don’t take any wooden nickels. Outside the office, where can we find you / what can we find you doing? Chilling out at home with my wife and kids or jogging on Bowen Road. Name something on your bucket list. I don’t have a bucket list, sorry! Which AmCham event are we likely to find you at next? Something related to my industry – logistics and transportation.
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AmChamHK 5-6 • 2017
BE THE BUSINESS
WHEN YOU GET THERE.
Enjoy fully lie-flat seats with direct aisle access in both Flagship™ First and Flagship™ Business, Wi-Fi and upgraded dining options on our direct flights from Hong Kong to Los Angeles and Dallas.
GOVERNMENT RELATIONS
Operation Regulation Rollback:
Trump’s Reform Agenda “We are absolutely destroying these horrible regulations that have been placed on your heads.” - U.S. President Donald Trump, summing up his intention to unwind a host of financial regulations passed by Congress in response to the 2008 financial crisis
The Trump administration is aiming to reverse the Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law by President Obama in 2010 to regulate the financial services industry. Will Trump succeed? AmCham’s Kenny Lau speaks to a panel of financial and legal experts amid a drastic change of direction on regulation, trade and diplomacy
A growing environment of compliance… In 2016 alone, we saw more than 52,506 regulatory alerts – an average of more than 200 regulatory changes per day. Across the financial services industry and into the world of corporates, regulation continues to be an overriding theme and challenge for institutions across all jurisdictions as both US and European rules in the form of Dodd-Frank, US Foreign Account Tax Compliance Act (FATCA), and MiFID II/EMIR. The volume of global regulatory change has helped fuel a type of FinTech that continues to grow across Asia. RegTech, the use of technology in regulatory monitoring, reporting and compliance, is gaining rapid
22
attention in the financial industry. Innovative products and services already on the market can provide more efficient ways to ensure financial stability, enhance prudential safety and soundness, strengthen consumer protection and market integrity. - Gautam Verma Head of Enterprise Content & Capabilities Market Development, Asia Thomson Reuters Financial services… The Trump Administration has largely departed from the anti-bank populism espoused during the campaign
AmChamHK 5-6 • 2017
end of this year. This transformation at the top of regulatory agencies will enable changes to various pain points – perceived stringent demands of regulators, very narrow or non-transparent interpretations of complex provisions, and punitive enforcement actions. and quickly moved onto more traditional Republican goals to (a) spur economic growth by improving the ability of banks to lend more freely and (b) reduce the “excess” regulatory burden on financial institutions and the financial system.
In choosing relatively moderate nominees with industry experience for financial services agency positions thus far, the Trump Administration is sending a signal that there will be changes to the financial regulatory environment, but the core framework of Dodd-Frank is here to stay (for now). Gautam Verma
The Administration has been primarily issuing Executive Orders (EOs) and Presidential Memoranda (Memos) which have been more geared toward grabbing headlines than enacting any immediate regulatory change. They have had a particularly limited effect on financial services because EOs and Memos only target executive agencies (e.g., Treasury and Department of Labor) whereas most of the agencies regulating banks are independent of the executive branch. Ultimately, changes to financial regulation will either need to be accomplished by changing the regulators (and therefore the interpretation and enforcement of rules) or changing the rules themselves through legislation. Even before the battle over repealing and replacing the Affordable Care Act (ObamaCare) revealed the depth of the divisions in the Republican Party, it was clear that the threat of a filibuster by Democrats would make legislative changes to Dodd-Frank difficult to accomplish before 2018 at the earliest (when Republicans have a chance of gaining more Senate seats). Further, inquiries into the decision to fire Director of the Federal Bureau of Investigation James Comey will take up valuable Congressional committee and floor time over the next several weeks (or even months), and thereby push financial services regulatory reform even further to the back burner. Therefore, we continue to believe that changing the referees (i.e., regulators) rather than the rules is the Trump Administration’s best chance for speedy and impactful reforms. President Trump will have already replaced the majority of President Obama’s senior financial regulators by the
AmChamHK 5-6 • 2017
- James Quinnild Partner & Financial Services Consulting - Asia Pacific Leader PwC A different direction of policy… Upon taking office President Donald J. Trump implemented campaign promises to revise financial industry regulatory overreach, and has appointed a group of regulators and policymakers led by Treasury Secretary Steven Mnuchin, National Economic Council Chairman Gary Cohn, Securities and Exchange Commission Chairman Jay Clayton, and Office of Management and Budget Director Mick Mulvaney. What followed was Executive Order 13772 (Core Principles for Regulating the United States Financial System) issued on February 3 by President Trump, stating seven key principles: ensuring Americans’ financial well-being, preventing taxpayer-funded bailouts, fostering economic growth, promoting U.S. competitiveness, advancing American interests internationally, making regulation efficient and effective, and restoring accountability. Legislative priorities such as healthcare, tax reform, infrastructure investment, and the budget might hinder those changes that require Congressional action. Thus, change via regulatory reform is where industry is likely to see
James Quinnild
23
faster progress. Executive Order 13777 (Enforcing the Regulatory Reform Agenda) issued on February 24 directs executive agencies to appoint a regulatory reform officer. Moreover, Executive Order 13781 (Comprehensive Plan for Reorganizing the Executive Branch) issued on March 13 directs agencies to prepare reorganization plans within 180 days. The Presidential Memorandum “Financial Stability Oversight Council” issued on April 21 sets to improve the FSOC processes under the Dodd-Frank Act. - Ross D. Feingold Senior Adviser DC International Advisory On trade and diplomacy… President Trump wasted little time in shifting the landscape of U.S. trade policy, via executive order, upon entering the oval office. He immediately withdrew the United States from TPP and promptly ordered a thorough review of all U.S. free trade agreements. Although President Trump ultimately did not withdraw the United States from NAFTA, he has entrusted Secretary of Commerce Wilbur Ross and U.S. Trade Representative Robert Lighthizer to begin “renegotiations” with the participating countries. Amidst this flurry of trade activity, the Administration has also imposed preliminary tariffs on Canadian lumber, launched a Section 232 investigation to determine whether imports of steel and aluminum threaten U.S. national security, expressed concern over Congressional consideration of a Border Adjustment Tax as part of any tax reform, and established a new U.S.-China Comprehensive Dialogue. The first meeting under the U.S.-China Comprehensive Dialogue will follow implementation of the U.S.-China “100-day plan” that included commitments by China to allow U.S. beef imports and suppliers of electronic
Ross D. Feingold
24
Tatman Savio
payment services into its market and commitments by the United States to allow imports of Chinese cooked poultry into the U.S. market and greater access by Chinese banks, among other commitments.
On the foreign policy front, despite his rhetoric on the campaign trail, President Trump has not moved to amend the sanctions programs that he criticized most prominently when he was a candidate for office. In the run-up to the election, President Trump expressed his opposition to the Iran nuclear deal, calling it a “disaster” and “the worst deal ever.” He was similarly critical of U.S. sanctions against Russia, suggesting that it would be preferable to improve our relationship with Russia. However, following the election, instead of trying to renege on the Iran nuclear deal, the Trump Administration has continued to certify Iran’s compliance and waive sanctions. Notwithstanding this approach, and creating uncertainty with respect to the future trajectory of Iran sanctions relief, the Administration is currently conducting an inter-agency review of the Iran nuclear deal to determine if the suspension of sanctions is vital to the national security of the United States. On Russia, where President Trump was initially bullish on orchestrating a dial-back of sanctions, he is now hemmed in by multiple controversies related to Russia and his campaign and Administration, as well as the threat that Congress will codify the sanctions program and potentially enhance sanctions against Russia before he can revoke or amend existing Executive Orders. - Tatman Savio Registered Foreign Lawyer Akin Gump Strauss Hauer & Feld The panel of experts appeared at an AmCham forum earlier as part of a new event series called “The Trump Era,” designed to provide business executives with insights on a range of issues including taxation, geopolitics, diplomacy and trade relations.
AmChamHK 5-6 • 2017
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REAL ESTATE
Hong Kong:
A Magnet for Chinese Capital With a record US$5.32 billion of mainland investment into Hong Kong property last year – up from just US$3.31 billion in 2015 – Hong Kong’s real estate market was second only to New York’s as a target for mainland capital in 2016. The inflow of Chinese capital is rapidly transforming the market for development sites and mature assets in the city
By Zac Tang
B
y the end of this year, Hong Kong may surpass New York as the most favored investment destination among Mainland Chinese developers, corporations and high-net-worth individuals. In the near term, heavy inflows of Mainland Chinese capital into Hong Kong may moderate, given the stabilization of the RMB in foreign exchange markets. However, over the long run, Chinese investors are in the territory to stay. Both local and Mainland developers will need to adapt to the changing face of Hong Kong real estate. A changing landscape When Chinese developers first came to Hong Kong for investment in Hong Kong’s real estate market, they generally teamed up with local partners. In the 1980s
26
and 1990s, for example, CITIC Limited (previously known as CITIC Pacific) and China Overseas Land jointly acquired residential sites with local developers. Over the last 20 years, Mainland developers have grown in terms of their size and scale so remarkably that they can invest on their own without a local partnership or joint venture. Companies like China Vanke, China Overseas, Poly Property, and HNA have all been very successful in their recent bids for land in Hong Kong. In February 2017, two lesser known Chinese developers, Logan Property and KWG Property, surprised the market by winning a bid for a residential site in Ap Lei Chau Island, paying a record HK$16.86 billion (US$2.17 billion) for the site near Hong Kong’s newly-opened South Island metro line.
AmChamHK 5-6 • 2017
Chase has pre-leased multiple floors in Kwun Tong, and AllianceBernstein will move from Central to Quarry Bay. Recent market transactions While Chinese investors have snatched up trophy assets in New York, including Chase Manhattan Plaza and the Waldorf Astoria, high-profile assets in Hong Kong’s Central district are generally not for sale. With
Chinese buyers are no less influential in the residential sector. In March, HNA bought its fourth plot of land in Kai Tak for HK$7.44 billion, effectively doubling the market price per square foot compared to three years earlier.
Presence of Prominent PRC-owned Buildings at Victoria Harbour
With demand continuing and prices still on the rise, mainland investors and MNC occupiers should explore opportunities in the decentralized areas. With more affordable prices in Kowloon and the New Territories, there is greater potential for upside as these locations mature. Price growth in core-areas, despite their prestige value, may slow after two years of rapid increases based on previous cycles. How local developers can adapt Aggressive pricing strategies adopted by Mainland
Source: Colliers International
local developers determined to hang onto their landmarks in Central, Mainland investors have ventured further east into the district of Wanchai. Two of the record-setting en bloc purchases in the area include Evergrande’s HK$12.5 billion purchase of the Mass Mutual Tower in 2015 and Everbright’s HK$10 billion acquisition of the Dah Sing Financial Centre in 2016. Mainland buyers have also been active in the market of Kowloon East and other areas outside of Central. Mainland corporations are also the fastest growing group of office tenants as the number of PRC companies in Hong Kong has increased by double digits between 2012 and 2016 – a key reason for rising office rent and further decentralization of office locations among multinationals and SMEs alike. For instance, JP Morgan
AmChamHK 5-6 • 2017
27
developers in land tenders have put their Hong Kong counterparts on the defensive. While participation from these mainland giants in the Hong Kong property market could create tension in the short term, both sides are facing the necessity of developing innovative strategies to replenish their depleting land banks.
One option is a long-term investment in agricultural land. Hong Kong’s top four local property developers together have amassed 106 million square feet of agricultural land. The conversion of farm land for residential purposes involves complex planning and negotiations – and local developers are much better positioned to be involved in acquiring agricultural land in Hong Kong.
HKD million
The local development market is getting crowded with more PRC developers entering Hong Kong, and the share of land sales value won by the Key Cities Receiving Chinese top five local developers fell Direct Investment in Property from 23 percent to 8 percent between 2015 and $50,000 2016. To maintain a stable stream of future supply of $45,000 residential units, local $41,274 developers will need to use $40,000 a range of different resources rather than reliance on the $35,000 government land sales program to replenish their $30,000 $28,315 land banks.
$44,470
$25,000 $20,000 $13,745
$15,000
$10,000
$7,912
$6,988
$5,000 $0
$3,579
Hong Kong
There are also opportunities for local developers with brownfield sites. The government has been encouraging the transformation of the old industrial cluster in Kowloon West, Kowloon East and Island South where industrial activities have decreased drastically. Chinese investment is here to stay, and local developers need to adapt by weaning off reliance on government land alone. A consortium with medium-sized Mainland
28
Outbound
Sydney
Melbourne 2014
Vancouver 2015
Toronto
NYC Metro
London Metro
2016
Source: Colliers International
developers can be beneficial in the long run because expertise and knowledge of the local market are critical to the success of PRC developers; in return, Hong Kong developers can be more effective in penetrating the market of Mainland China. Zac Tang is Senior Research Analyst at Colliers International. He produces thought-leadership content on the latest movement and policy changes in the commercial, industrial and residential sectors. He also provides analysis on occupier and investment markets in Hong Kong.
AmChamHK 5-6 • 2017
YOUNG PROFESSIONALS
Millennials
Return Home
The trend of expat millennials who grew up in Hong Kong returning home after university and early careers overseas is extremely positive for Hong Kong. Highly qualified and skilled, many are very entrepreneurial and are setting up their own apartment renovation businesses, trading businesses, and even non-profit foundations
By Jack Wagner
H
ong Kong is seeing a trend of expat millennials who grew up in the city returning home after having graduated from university and started their early careers overseas. While there has not yet been an official statistical study to support this claim, it is clear that a significant proportion of the population of expat millennials that I grew up with in Hong Kong have already returned home or are thinking about returning home. Along with myself and my wife Cait, our friends Paul, Philip, Josephine, Claire, Dan, Amaury, Olivier, Jason, Alex, Florian, Elaine, Chris, Rebecca, Josh, Nadia, Natalie, Beatrix and Sally are all high school graduates from Hong Kong’s international schools between 2008 and 2012. We have come back to live in Hong Kong just in the past year – and they are just the ones off the top of my head. Another dozen friends are seriously thinking about moving back in the coming years.
30
This trend comes as a countercurrent to the welldocumented drop in the expat population of Hong Kong since 2015, namely those from the U.K., the U.S. and Australia. The American population, for instance, dropped 7.9 percent between 2015 and 2016, while the numbers of British and Australian nationals decreased by 10.6 percent and 5 percent, respectively. The French population in Hong Kong, however, has risen significantly, growing five percent per annum over the past five years, mainly due to sluggish economic conditions back in France, forcing young professionals to find opportunities overseas, as well as the presence of more than 800 French companies here in the city. We are spoiled by Hong Kong While we don’t think we are in the same boat as the kids who grow up in the U.S. or the U.K., go to a university nearby, and return home to live with their parents (like so many of my former colleagues in London), that is often the case for us returnees. Many, or most, of these Hong Kong expat millennials have moved back in with their parents – including those who are in their late 20s or even early 30s.
AmChamHK 5-6 • 2017
Of course, parents who suffer the empty-nest syndrome with the absence of their kids are simply delighted to have them back; kids also don’t seem to mind having their laundry magically appear clean and folded. However, with Hong Kong rents among the highest in the world, it is likely these expat millennials are unable to afford anything more than a closet on Hong Kong Island, and are unwilling to compromise on the lifestyle they know so well by moving across the harbor to Kowloon or New Territories. An important distinction between Hong Kong-bred expat millennials and their counterparts in the U.S. or the U.K. is that very few of these friends of home were out of a job in New York, London, or wherever else they lived after university. Of course, a few of them wanted to become DJs, but the majority could have stayed where they were with good corporate jobs, and could certainly have continued to develop their career. Take me as an example: I was working at the London headquarters of a risk management company called PGI, and I requested to be transferred to Hong Kong. My wife was working at a fancy gym in London, and now she works at a fancier gym in Causeway Bay. Another friend worked in wealth management in London, and has returned to Hong Kong to set up a chain of hostels.
AmChamHK 5-6 • 2017
These millennials are moving back because they want to live in Hong Kong, because nowhere else did they find the quality and unique aspect of life they find so attractive – a lifestyle which includes a community of old friends in a cultural setting of glitz and glamor as well as a quiet, nature-driven way of life. Nowhere else can you be in the middle of the central business district, drive to a sunny beach and then get on a hiking trail within 45 minutes. Hong Kong-raised expat millennials are clearly spoiled – I know that all too well myself – and we are uncompromising. We are positive for Hong Kong I believe this trend is extremely positive for Hong Kong. Not only are many of these returning expats highly qualified and skilled individuals, but many of them are also very entrepreneurial, setting up their own apartment renovation businesses, trading businesses, or in my case, non-profit foundations. These millennials are also adding to the social scene in Hong Kong, with a boom in new restaurants and bars for every taste in areas like Sheung Wan and Sai Ying Pun in recent years. Based on my conversations with these people, many intend to stay long-term, and we will therefore be seeing a new, exciting generation of Hong Kong-raised expat professionals climbing up the social ladder and becoming leaders of a diverse community in the coming decades. Jack Wagner works in geopolitical risk for PGI Intelligence and is the founder of Solerico, a non-profit foundation which finances renewable energy projects in Asia.
31
COMMUNICATIONS & MARKETING
The Consumer in a Digital World In a challenging environment amid slow global growth, Hong Kong’s retail sector could appeal to the changing consumer landscape through digital technology, particularly in China where more than two-thirds of online shoppers are making cross-border purchases. Angel Young, Nielsen’s Managing Director for Hong Kong and Macau, explains in a recent interview
By Kenny Lau
What is your professional background and your role as managing director for Hong Kong and Macau? I am a lifer at Nielsen! Last year marked my 20th year with the firm. I first joined as a senior analyst working in the client servicing team, and was very curious about consumer behavior. I love analyzing numbers and engaging with clients on what the data means for their businesses. It was these early experiences that enabled me to quickly understand evolving client needs in a fast-changing market. In my various roles over the past ten years, I defined stretch goals, went out of my comfort zone to learn, acquired different perspectives and adapted new leadership styles. I would say that no two days are alike at Nielsen. Attracting and developing talent are among our key goals, and we focus on creating the best experience for our people. You can foster innovative ideas, make a difference and grow with us. What exactly does Nielsen do? Nielsen is a global performance management company that provides a comprehensive understanding of what
32
consumers watch and buy. The “Watch” segment provides clients with measurement across all devices where content – video, audio and text – is consumed. The “Buy” segment offers an industry’s global view of retail performance measurement. We have a long heritage of helping companies measure and improve their performance by providing end-to-end consumer insights and by enabling faster and better business decision-making. We address clients’ issues at different stages of their business – understanding the most profitable consumer segments, developing a distinctive concept and a marketing message, and measuring sales impact. What can you tell us about Hong Kong’s retail sector? Retail is one of Hong Kong’s key sectors, both in contribution to the total economy and as a driver of the labor market. As of 2016, retail sales made up about 18 percent of Hong Kong’s total GDP and employed 9 percent of the total labor force. With the influx of Mainland tourists, it has been one of the key growth engines over the past few years.
AmChamHK 5-6 • 2017
These consumers value genuine, high-quality overseas brands, and they benefit from overseas online prices often being lower than those in the local market.
Our annual Mainland traveler study shows that that more than 80 percent visit Hong Kong with shopping in mind. Growth in sectors like luxury, department stores, and FMCG has been influenced by these travelers. They are also here for the total experience, and travel to Hong Kong for concerts, local food, sight-seeing and exploring places. While we have seen a decline in Mainland travelers recently, Q1 2017 numbers are showing signs of positive recovery (+3 percent year-on-year value growth in the month of March alone) driven by a rebound in traveler numbers. This suggests a gradual bounce back throughout 2017 and a new normal in the retail sector. Brands that focus on attracting Mainland shoppers will continue to see opportunities emerge. Why are Mainland consumers such a critical part of the equation? Their arrival has been closely linked to Hong Kong’s retail sales and will likely remain so for the future. We have seen more brands embracing this phenomenon by creating specific marketing and engagement strategies for Mainland travelers. Currently, Hong Kong still has an edge over other destinations, like Japan, Korea, and Taiwan, in terms of variety of offerings for these travelers. Additionally, brands need to accelerate their e-commerce presence to appeal to the changing consumer landscape of China. Currently, more than two-thirds of online shoppers are making cross-border purchases.
AmChamHK 5-6 • 2017
Where should we be looking for these opportunities in Hong Kong? The areas of opportunity include Angel Young Hong Kong’s local population (millennials who are growing up in a digital world as well as those increasingly interested in natural and health products), Mainland travelers who demand goods as well as financial and insurance products, and online Chinese consumers who buy via cross-border e-commerce platforms. The increasing potential of an integrated PRD region, the “One Belt, One Road” initiative, and the growing inter-dependence of trade between China and Hong Kong will continue to create further opportunity in the city. It is a shifting landscape where it is critical for brands to embrace these changes, innovate and focus on delivering on consumer demands. How has digital technology influenced market behavior? Hong Kong has one of the world’s highest mobile subscriber penetration rates at 230 percent, and we’re seeing a big influence on all aspects of consumers’ lives. According to our research, 92 percent of consumers spend more than 4 hours a day, everyday, online. With changing consumer viewing behavior (i.e. video on demand), advertisers are moving advertising dollars from offline to online. According to The Hong Kong Advertisers Association and Nielsen’s 2017 Adspend Projection, total online advertising spend will surpass offline this year. With massive marketing budgets being spent on digital, the industry needs transparency and accountability. It’s important to measure effectiveness for advertisers, agencies and publishers.
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The growth of mobile video
“Online-to-Offline” (O2O)
Cashless payment technology
By 2020, Hong Kong’s market of video digital advertising will account for 36 percent of total mobile advertising revenue. The emergence of streaming content on social media, such as Yahoo TV, Facebook Live and YouTube TV, is contributing a multitude of new, user-generated content. Even traditional TV networks and production firms are beginning to see the value of digital video as they shift towards online TV and mobile video streaming apps.
Smartphones are already playing a key role in online purchases, yet there are occasions where consumers still prefer to touch and feel the real product in physical outlets. Consumers are “showrooming” and “webrooming” with their mobile phones, and are quickly comparing product prices, details and reviews. To maximize sales potential, brands need to understand the platforms and touch points where their target consumers are making purchase decisions.
Cashless payments are already a big part of consumer transactions in some countries and are expected to keep growing. In China, Alipay and Wechat Wallet are examples of how quickly cashless solutions have spread. It’s estimated that by 2020, 30 percent of global retail sales will be made through an app or payment software. “Blockchain” technologies like Bitcoin are also interesting, but we’ll need to wait and see how these develop, despite their undeniable potential.
How will digital technology change the retail market? Angel Young, Nielsen’s Managing Director for Hong Kong and Macau, describes in detail five major trends
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The rise of the smartphone
Virtual and augmented reality
As smartphones become more advanced, it’s possible that they will become better able to learn from user behaviors, understand consumer needs and suggest options and purchases for consumers. It’s likely that they will be better designed to make more complex decisions or offer recommendations. Companies can add value to our communication, engage with us, give us something novel to share with friends, or simply make our lives easier.
Virtual and augmented reality are developing quickly and could have an influence on the way consumers shop, buy or gather information about products and services in the future. Some retailers have set up virtual stores where consumers can visit a virtual representation of a storefront right on their devices. With video headsets, some could offer consumers a deeply immersive and interactive visual display of their products.
AmChamHK 5-6 • 2017
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INDUSTRY FOCUS
Hospitality & Tourism:
By Jennifer Khoo
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AmChamHK 5-6 â&#x20AC;¢ 2017
T
he combination of slow global economic growth, increased competition posed by neighboring tourist destinations and fewer Mainland Chinese arrivals has put Hong Kong's tourism industry on the defensive over the past two years, but there are signs of recovery. In his delivery of Hong Kong's 2017-18 Budget in February, Financial Secretary Paul Chan said the local hospitality and tourism sector has seen a rebound in recent months after a 4.5% drop in total visitor arrivals last year. This is due to the rise in number of Southeast Asian tourists, cruise ship arrivals and overnight visitors who came to Hong Kong to attend meetings, conventions and exhibitions. In 2016, despite a 6.7 percent decline in Mainland arrivals (Hong Kong's largest visitor source market), non-Mainland visitors from short-haul and long-haul markets increased by 3.4 percent and 2.3 percent, respectively, from 2015. The arrival of overnight visitors for Meetings, Incentives, Conventions and Exhibitions (MICE) and cruise passenger throughput also recorded year-on-year increases of 10 percent and 50 percent, respectively. Hong Kong's top ten visitor source markets in 2016 were Mainland China, Taiwan, South Korea, the United States, Japan, Macao, the Philippines, Singapore, Thailand and Australia. In addition to short term relief measures such as fee waivers and subsidies for industry operators, the Government is setting aside HK$243 million which will go towards enhancing the city's tourism appeal. This includes supporting more homegrown "mega" events, light shows, and the promotion of Hong Kong as an ideal venue for meetings, conferences and events. Here, we round up the latest news of development from international operators in Hong Kong's hospitality and tourism sector.
AmChamHK 5-6 â&#x20AC;˘ 2017
Photo: Thickstock
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CK Hutchison Holdings Ltd.
Dorsett Hospitality International
“Harbour Grand Hong Kong celebrates 8th anniversary.”
“Dorsett’s Silka West Kowloon Hotel sold for HK$450 Million.”
The Harbour Grand Hong Kong hotel, managed by the CK Hutchison Group, marked its 8th anniversary on June 1, 2017. In celebration of this milestone, the hotel will run special promotions throughout the month of June, including free suite upgrades, complimentary dining, sightseeing tours, foot massages, a carnival themed buffet and a lucky draw.
In March, Dorsett Hospitality International Limited agreed to sell Silka West Kowloon Hotel to Golden Wheel Jasper Company Limited at an aggregate consideration of HK$450 million, through the disposal of its equity interest and shareholder loans.
“Harbour Grand Hong Kong is a truly global hotel and hosts over a million visitors from all over the world,” says Benedict Chow, General Manager. “Over the years, we pride ourselves on giving our guests a unique and memorable experience, world-class service, in an environment that makes people happy.”
Conrad “Conrad opens hotel in Mexico’s Historic San Luis Potosi.” Conrad Hotels & Resorts opened in May the Conrad San Luis Potosi. It is the group’s first hotel in Mexico and second in Latin America. This property is part of the larger Conrad portfolio of 30 hotels located in exclusive destinations around the world. In addition to guest accommodations, Conrad hotels are known for their distinctive services and experiences, such as the “Conrad 1/3/5” program which allows guests to enjoy one-, threeor five-hour experiences that reflect the region’s culture, art and gastronomy.
The agreement also called for Dorsett to continue managing the hotel under its mid-market Silka brand on behalf of Golden Wheel Jasper for another six years. The agreement provides an opportunity for Dorsett’s holding company, Far East Consortium Limited (FEC), to realize the value created in the development of the hotel, whilst continuing to manage the hotel under the brand “Silka” and to continue its expansion into the hotel management business.
Guests of Conrad San Luis Potosí are invited to use the Conrad Concierge available through the Hilton Honors app, which provides handy access to all the luxury services available at the hotel.
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AmChamHK 5-6 • 2017
Four Seasons
The Hongkong and Shanghai Hotels, Ltd.
“World’s Best Bar, The Dead Rabbit, comes to Four Seasons.” The Four Seasons Hotel Hong Kong in late May hosted The Dead Rabbit, the number one-ranked bar in the world and named after a notorious Irish-American street gang from the 1850s. The Dead Rabbit is the conception of two Belfast mixologists: Sean Muldoon and Jack McGarry, whose philosophy for the bar is grounded in respect for cocktail tradition. Bar Manager and Beverage Director Jillian Vose made a special appearance at Four Seasons’ Blue Bar for three days in May. Vose was named “Rising Star Bartender” by Starchefs.com in 2013 and was instrumental in creating, together with McGarry, The Dead Rabbit’s third drink menu, which won “World’s Best Cocktail Menu” in 2015, when Dead Rabbit was also first crowned “World’s Best Bar” by Tales of the Cocktail.
AmChamHK 5-6 • 2017
Grand Hyatt “The Park Hyatt brand makes its entry into Bangkok.” Park Hyatt Bangkok, located in the heart of Bangkok’s central business district and the first Park Hyatt hotel in Thailand, opened its doors in May. The hotel features contemporary architecture matched by luxurious residential interiors, expertly curated art, world-class food and wine, and refined service, all coupled with a promise to offer uniquely Thai experiences that reflect the country’s rich culture, gracious hospitality, and colorful lifestyles. Two of Park Hyatt Bangkok’s most dramatic installations were created by Japanese artist Hirotoshi Sawada: “Pagoda Mirage” which incorporates hundreds of small, conical copper swirls, suspended en masse to evoke the reflection of a pagoda on water, and “Naga,” a series of batons suspended from the ceiling that resembles a mythical water dragon traveling between the pool and internal waterfall.
“HSH and Yoma Strategic hold groundbreaking ceremony for the Peninsula Yangon.” The Hongkong and Shanghai Hotels, Limited (HSH) and Yoma Strategic in February held a groundbreaking ceremony in Yangon, Myanmar, marking the commencement of construction to develop the former Myanmar Railway Company headquarters and surrounding area into The Peninsula Yangon hotel. Attendees at the groundbreaking ceremony included government officials and dignitaries representing Myanmar Investment Commission (MIC), Ministry of Transport and Communications, Ministry of Hotels and Tourism, Myanmar Railways, Yangon City Development Committee, and the Yangon regional government. HSH and Yoma Strategic said that the investment permit for the proposed hotel development from the Myanmar Investment Commission (MIC) has been approved, meaning that all conditions under the shareholders’ agreement have been satisfied and the agreement is now unconditional.
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Hongkong International Theme Parks
Intercontinental Grand Stanford “Hong Kong’s largest whisky event returns to Intercontinental Grand Stanford.”
“Disney Explorers Lodge opens at Hong Kong Disneyland.” Hong Kong Disneyland Resort, owned and managed by Hongkong International Theme Parks, in April celebrated the official grand opening of Disney Explorers Lodge, a new 750-room resort hotel dedicated to the spirit of exploration. It features more than 1,000 artifacts that can be traced to various countries from around the world, including Mali, Papua New Guinea, Bali, Costa Rica, Bolivia, the Ivory Coast and others. The opening of Disney Explorers Lodge marks a milestone in Hong Kong Disneyland Resort’s development as it is the first new hotel since the Resort’s opening. Officiating the grand opening ceremony in April were Hong Kong Chief Executive CY Leung and Permanent Secretary for Commerce and Economic Development Philip Yung.
Hyatt Regency “Hyatt Regency Atlanta announces new scholarship at Georgia State University.” Hyatt Regency Atlanta and Georgia State University have announced the creation of the Hyatt Regency Atlanta Hospitality Scholarship, funded by a US$100,000 endowment to provide opportunity to young leaders pursuing degrees in hospitality. The annual scholarship, a part of Hyatt Regency Atlanta’s 50th anniversary celebrations, was established through a collaboration between the hotel and the Cecil B. Day School of Hospitality Administration in Georgia State’s J. Mack Robinson College of Business. Hyatt Regency Atlanta, Hyatt Corporation and Hyatt Hotels Foundation are each contributing to the US$100,000 endowment, which is designed to fund the scholarship in perpetuity. The School of Hospitality Administration will select recipients each year based on academic achievement and other criteria.
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The Hong Kong Whisky Festival has returned to the InterContinental Grand Stanford earlier this year by popular demand. The 2nd Hong Kong Whisky Festival, hosted in the Tiffany’s New York Bar in March, featured an array of brands and over 400 different whisky expressions, alongside master classes hosted by diverse brand ambassadors. The event was an opportunity for whisky lovers in Hong Kong to unite and enjoy a fun-filled evening involving whisky tasting and sampling of whisky-matching food delicacies. Whisky experts were on site to share information about different whisky regions, flavors and styles. An alfresco Chivas Bar presenting cigars and freshly-shucked oysters to match Chivas whiskies was one of the event’s highlights. Others included an award-winning mixologist, a barrel-making demonstration and a Scottish bagpipe performance.
AmChamHK 5-6 • 2017
Intercontinental Hotel
Lanson Place Hotel
“IHG expands presence across the Middle East.”
“Lanson Place wins prestigious accolades in Shanghai and Hong Kong.”
The InterContinental Hotels Group (IHG) has recently unveiled plans for four new hotel signings and six new hotel openings across the GCC (Gulf Cooperation Council) countries to take place in 2017.
Lanson Pace Hospitality Management Limited (Lanson Place) has been awarded two accolades of distinction for its two properties in Shanghai and Hong Kong.
The announcements reflect IHG’s continued expansion across the Middle East and Africa (MEA) in multiple segments, including luxury, business, family, and lifestyle. The four new hotel signings in the MEA are: Crowne Plaza Jeddah in Saudi Arabia, InterContinental Doha Festival City and Staybridge Suites Lusail in Doha, Qatar, and the Holiday Inn Mutare in Zimbabwe. IHG is also opening six new hotels in the MEA region in 2017, including Crowne Plaza Muscat OCEC in Oman, InterContinental Fujairah Resort in the UAE, Holiday Inn Doha - The Business Park in Qatar, Holiday Inn Algiers Cheraga Tower in Algeria, as well as two in Saudi Arabia: Staybridge Suites Jeddah Alandalus Mall, and the Crowne Plaza Riyadh - ITCC.
AmChamHK 5-6 • 2017
Island Shangri-La “Island Shangri-La opens second Hotel Jen in Mainland China.” The 450-room Hotel Jen Beijing, located in the center of the city’s central business district, has opened its doors in May. The hotel features a vibrant co-working hub, an expansive, industrial-chic world-class gym catering to fitness enthusiasts and road warriors, and the only gastropub with its own brewery in the Guomao area. The hotel’s debut is a milestone for Shangri-La International Hotel Management Limited, marking its 98th hotel globally and second Hotel Jen branded property in Mainland China. Launched in 2014, Hotel Jen is a chain of ten hotels across Asia Pacific, including in Singapore, Hong Kong, Manila, Beijing and Shenyang (China), Penang and Johor (Malaysia), Brisbane (Australia) and Malé (Maldives). Hotel Jen is scheduled to open in Kota Kinabalu, Malaysia in 2018.
Aroma Garden Serviced Suites by Lanson Place won the “Best Serviced Apartment of China” at the 12th China Hotel Starlight Awards; while Lanson Place Hotel, Hong Kong was named “Asia’s Most Excellent Small Luxury Hotel” at the Asia Awards of Excellence 2017. The China Hotel Starlight Awards, often regarded as the “Oscar Awards” of China’s hotel industry, is one of the most prestigious and influential awards recognizing the remarkable achievements of excellent hotel groups, operators and hoteliers in the country. Award winners are carefully evaluated according to a list of strict criteria through public votes, recommendations by seasoned industry experts, and mystery-shopper reviews.
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Marco Polo Hotels Hong Kong
Melco International Development
“Martin Kwan appointed as Group Director of Purchasing.”
“Melco completes acquisition of majority stake in Melco Crown Entertainment.”
Marco Polo Hotels in March has appointed a seasoned professional, Martin Kwan, as Group Director of Purchasing. Heralding over 30 years in the hospitality industry, he joins Marco Polo Hotels to lead the group’s efforts in purchasing and procurement for its two brands, Niccolo and Marco Polo Hotels, and to enable cost efficiencies and economies of scale for its 14 properties. Formerly with Gold Cove Property Development as Owner’s Representative of the Crowne Plaza Macau, Kwan has held senior roles with Kowloon Shangri-La Hotel and The Westin Resort Macau. He is a graduate of The Hong Kong Polytechnic University in Hotel and Tourism Management, and holds a Master’s Degree in Logistics and Operations Management from Macquarie University in Sydney.
Marriott International “Fairfield by Marriott Phnom Penh to open in Cambodia.” Marriott International has unveiled its plans to open Fairfield by Marriott Phnom Penh. The hotel, scheduled to open in 2021, marks the first Fairfield by Marriott hotel in Cambodia. Owned by Royal Field Development Company Limited, Fairfield by Marriott Phnom Penh will be situated on a prime section of Russian Boulevard within the administrative center of the city, with seamless access to corporate, diplomatic and tourist destinations in the capital. As Phnom Penh continues to grow as a destination for both tourism and business, Fairfield by Marriott will offer convenient access to a variety of attractions. The hotel will be located minutes away from major financial institutions, new retail hubs, the Phnom Penh city center, popular tourist attractions and the airport.
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Melco International Development Limited, a group in the leisure and entertainment sector, announced in February that it has completed the purchase of a majority stake in Melco Crown Entertainment (MCE). The Group now holds approximately 51.3 percent stake in MCE versus approximately 37.9 percent previously. The aggregate purchase price for 198 million ordinary shares (equivalent to 66 million American depositary shares) of MCE was US$1,100,800,800. Melco immediately paid a deposit of US$100 million upon signing the acquisition agreement. To support the purchase, Melco obtained a credit facility of up to US$1 billion comprising a US$700 million term loan facility and a US$300 million revolving credit facility. The remaining amount of the closing payment was settled using the Group’s internal resources.
AmChamHK 5-6 • 2017
MGM China Holdings
Pentahotel Hong Kong
“MGM China reports 2017 first quarter total revenue of HK$3.9 billion.”
“Pentahotel opens its first hotel in France.”
MGM China has recorded in the first quarter of 2017 total revenue of HK$3.9 billion, an increase of 7 percent from the same quarter last year, while adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was up by 23 percent from a year ago to HK$1.2 billion. The Macau gaming market has been growing since the second half of 2016. Quarterly gross gaming revenue (GGR) in Macau has accelerated year over year three quarters in a row. Macau GGR increased by 13 percent in first quarter to HK$61.6 billion from a year ago. For the quarter, the Group recorded main floor table games win of HK$2.2 billion, an increase of 17 percent year-on-year, versus an estimated growth of 12 percent year over year for Macau mass table GGR. VIP table win at MGM China was down seven percent from a year ago.
AmChamHK 5-6 • 2017
The Mira “The Mira Hong Kong joins WWF Earth Hour 2017.” The Mira Hong Kong took part recently in the World Wildlife Fund’s (WWF) Earth Hour campaign in support of the global lights-off initiative to promote greater awareness of climate change and excessive energy consumption. In an effort to reduce its carbon footprint, the ISO-certified hotel shut down its non-essential lights across all facilities from 8:30pm to 9:30pm, including exterior lights illuminating its signature fin wall facade. Air condition units in the guest floor corridors, hotel lobby and its dining and bar outlets, as well as the office space, were set to a minimum 25 degrees Celsius.
The very first pentahotel in France celebrated its grand opening late last year in Paris with a spectacular, star-studded party with male model Papis Loveday, French Olympic gold medal winner Émilie Andéol and Paralympic gold medal winner Damien Seguin. The launch of pentahotel Paris also revealed a new global design of the hotel brand. Characterized by a trendy and comfortable feel with unique features, this latest overhaul aims to set new standards in the upper mid-market hotel segment, and will be applied to all new pentahotels worldwide by 2017. Known for its unique interior design and “neighborhood” feel, pentahotel strives for innovation in the industry’s four-star segment, offering individual and business travelers comfort and style in a relaxed atmosphere.
The Mira Hong Kong, located in the middle of bustling Tsim Sha Tsui, was also one of the first hotels in the city to replace limousines with electric vehicles for its car transfers in 2014.
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Renaissance Harbour View Hotel
The Ritz-Carlton Hong Kong
“Renaissance Atlanta Airport Gateway Hotel marks grand opening.”
“Ritz-Carlton Reserve to open new property in Los Cabos, Mexico.”
Renaissance Hotels in May announced the grand opening of Renaissance Atlanta Airport Gateway Hotel in conjunction with the brand’s Global Day of Discovery. Owned and developed by Grove Street Partners, the hotel is conveniently connected via SkyTrain to the Hartsfield–Jackson International Airport in Atlanta, Georgia. The new hotel boasts two expansive outdoor spaces, an amenity-driven fitness center and a buzzy bar. It features 204 guest rooms, including eight suites, in a style combining the residential Southern charm and a modern design aesthetic and pops of the unexpected – reflected in the custom murals found in each of the hotel’s eight suites, created by artist Ryan Coman whose gritty graffiti style juxtaposes a polished, animated element inspired by his father, a famed animator for Disney.
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Rhombus International “Rhombus recognized as Caring Company in 2016/17 for CSR contribution.” Rhombus Group, a global hotel management company, has been recognized as a “Caring Company” in 2016/2017 for the fourth consecutive year by the Hong Kong Council of Social Service (HKCSS). The Caring Company Scheme, established by the HKCSS in 2002, promotes corporate citizenship and partnership between businesses and the social welfare sectors. The recognition as a Caring Company 2016/17 reflects Rhombus’ contribution to society and corporate social responsibility and its commitment to creating a caring community. “We always strive to protect the environment and support the underprivileged, locally and internationally, through various eco-friendly and care initiatives,” says Jenny Chan, Vice President of Operations of Rhombus Group. “This is our way of giving back.”
A Ritz-Carlton property named Zadún, set along the dramatic coastline of San José del Cabo with panoramic views of the Sea of Cortez, will make its debut in early 2018. This opening marks the fourth resort in the prestigious Ritz-Carlton Reserve portfolio and the second in the Caribbean and Mexico region. It will feature 115 suites and villas, many with their own private plunge pools. The name Zadún is inspired by the unique topography and dunes of the region – dunas in Spanish – and meant to evoke the transformative, pure experiences guests have at Ritz-Carlton Reserve properties around the world. Set in some of the world’s most prized destinations, these properties are designed by drawing inspiration from their locale and native cultures and offer a highly personal connection between guests and the location.
AmChamHK 5-6 • 2017
Venetian Macau Limited
Wynn Macau
“Venetian Macau gains third ISO certification.” The Venetian Macau has been awarded an ISO 22000:2005 certification for its food safety management system – a first for an integrated resort or hotel in Macao. The certification covers receiving, storage, cooking, cooling and packaging of chilled food at the property’s central kitchen, and is the property’s third ISO certification to date. The Venetian Macau also holds an ISO 9001:2008 certification for the quality management system of its convention and exhibition services as well as an ISO 20121 certification for its event sustainability management system, making it the only convention and exhibition center in Asia currently holding both ISO 9001 and ISO 20121 certifications. The certification was awarded by the London-based British Standards Institution (BSI) Group, the world’s largest national standards and certification body.
AmChamHK 5-6 • 2017
W Hong Kong “W Hotels to debut in Prague in 2020.” W Hotels Worldwide in February announced it will open W Prague in 2020. Owned by PPH Evropa s.r.o, W Prague will be located on Wenceslas Square in the heart of the buzzing capital city, marking the brand’s debut into the Czech Republic. The hotel will be a renovation of the former Grand Europa Hotel, a radical art nouveau style property that pushed boundaries when it originally opened in 1905, based on the brand’s progressive design and innovative spirit. The historic structure will be combined with a modern new building to create a blend of old world glamour and bold, contemporary design. The two buildings will be fully connected to create 154 guestrooms and suites, including the Extreme Wow Suite – the brand’s lavish take on the traditional Presidential Suite.
“Wynn holds graduation ceremony for Leadership Acceleration Program.” Gaming operator Wynn recently organized a graduation ceremony for the first batch of employees who successfully completed the “Leadership Acceleration Program-Gaming.” The program, launched in 2016, seeks to facilitate the upward mobility of the local workforce by helping prepare them for more senior leadership roles in gaming. Ciarán Carruthers, Chief Operating Officer of Wynn Macau, said that it was not easy for ten graduates to stand out from all candidates and complete the intensive six-month training course. The program will continue with a second intake of participants soon, expanding its scope to also cover non-gaming employees. Wynn hopes these training courses will nurture local talent towards developing their potential, as well as demonstrate how the company lives up to its promise of facilitating upward mobility for local staff.
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CHINA CONFERENCE China’s Globalization Leap
September 8, 2017 #AmChamHKChinaCon
At the start of the year in Davos 2017, President Xi Jinping showed his intention to position China as a global leader. That push continues through to China’s trade pacts, its Belt and Road initiative, outbound investments and even climate change. Beijing is clearly on a quest to promote Chinese influence globally. What are the prospects of a globalized China? How should business leaders engage the dramatically evolving China and U.S. relationship? How will developments affect Hong Kong? C
AmCham HK will host its annual China Conference on Friday, September 8, 2017 at the Four Seasons Hotel Hong Kong. The conference is one of our signature events, where China experts, regional and international business leaders discuss the outlook for China and its associated challenges and opportunities.
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DETAILS Date: Time: Venue:
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Friday, September 8, 2017 8:00am – 3:00pm Four Seasons Hotel Hong Kong, Grand Ballroom, 2/F, 8 Finance Street, Central
CY
CMY
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CONFIRMED KEYNOTE SPEAKERS Dr. David M. Lampton
Chairman of The Asia Foundation; Hyman Professor and Director of SAIS-China and China Studies at the John Hopkins, School of Advanced International Studies
Dr. Joachim von Amsberg
Vice President, Policy & Strategy, Asian Infrastructure Investment Bank (AIIB)
...Stay tuned! More to be announced
TOPICS • The Prospects of a Globalized China • The Global Push of the China Brand • The Big Bay Area and the Future of Hong Kong • Insight from Beijing upon Hong Kong's role in joining the AIIB Platinum Sponsors
Gold Sponsor
Sponsorship
Program
Ms. Villy Leung vleung@amcham.org.hk (852) 2530-6922
Mr. Michael Yu myu@amcham.org.hk (852) 2530-6915
Organizer
Silver Sponsor
Bronze Sponsors
amcham.org.hk/china-conference
Nominate a
Woman
of Influence CALL FOR ENTRIES: www.amcham.org.hk/woi DEADLINE: September 18, 2017 (September 4, 2017 for early submission assistance) The American Chamber of Commerce in Hong Kong is inviting nominations for the Women of Influence Awards. Now in the fourteenth year, the awards are an exciting and important recognition of outstanding women and their supporters in Hong Kong. The awards will be presented at the Women of Influence Conference and Awards 2017 on November 10, 2017 at the Four Seasons Hotel Hong Kong. This is your chance to nominate outstanding candidates for the following awards:
1. 2. 3. 4. 5. 6. 7. 8. 9.
Professional of the Year Young Achiever of the Year Entrepreneur of the Year Non-profit Leader of the Year Master of The Arts Leading Woman on Boards Champion for the Advancement of Women Best Company for Women Lifetime Achievement Sponsorship: Ms Villy Leung | vleung@amcham.org.hk | (852) 2530 6922 GOLD SPONSORS
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GUIDE TO
RESIDENTIAL RENTALS
GUIDE TO RESIDENTIAL RENTALS
The Bauhinia Apartments – Central 119 – 121 Connaught Road Central, Hong Kong
Special Features / Amenities Fully furnished apartments that enjoy a panoramic harbor view are always in short supply. That’s why Bauhinia’s studios and one - to - four bedroom apartments are so popular among guests, located in the core of the busy business area of Central. Minutes away from a vibrant district, Sheung Wan MTR Station can be quickly accessed. Residents can be whisked around swiftly, from the nearby Hong Kong Airport Express Station and Macau Ferry Terminal. Just downstairs is a wide selection of shopping and dining hotspots that facilitate an enjoyable city life. With stunning views of Victoria Harbor, the Bauhinia is perfect for guests staying short to long term leases. The property is located in the core Central / Sheung Wan business area and within easy access of the Sheung Wan MTR station, Shun Tak Ferry Terminal, Hong Kong Airport Express Station, IFC, Lan Kwai Fong and SOHO. Residents have complimentary Wi-Fi internet access and Cable TV in every homey apartment, which has a fully equipped kitchen as well. Some of the exclusive rentals even have a two-in-one washer and dryer. For those who work, local and overseas fax services, print-out services and photocopy services are also available. In the 24-hour secured living haven, tenants have no worries, but a comfortable getaway.
Features • • • • • • • • • •
Gymnasium Laundromat Business Centre Conference Room Furniture & Fittings Household Appliances Cooking Facilities & Utensils Electronic Safe Iron & Ironing Board Individual Air-conditioners
Services • Housekeeping Service • Change of Towels & Linen • Utilities (including Electricity, Water, Gas Charges and Government Rates) • Local Calls • HDMI TV with Cable TV Channels • Broadband Internet Access • 24-hour Security Service
Size Range of Unites Layout Monthly Rental Tel Email Website
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450 - 1995 sq. ft. Studio – 4 Bedrooms HK$22,800 - HK$86,800 (852) 2156 3000 enquiry@thebauhinia.com.hk www.thebauhinia.com.hk
AmChamHK 5-6 • 2017
D’HOME 239 Queen’s Road East, 80 Robinson Road
Size Range of Units Layout Tel Email Website
Gross Area 401-1,411 sq. ft., Saleable Area 270-1,052 sq. ft. Studio- 3 bedrooms (852) 3108 3636 info@dhome.com.hk www.dhome.com.hk
Special Features / Amenities Nan Fung Group’s D’HOME furnished apartments occupy two of the most prestigious addresses in town. The group takes a well-rounded approach to a cosmopolitan life style. Every detail is meticulously crafted with the focus on comfort and quality. Tailor-making your ideal living experience is a breeze here, as D’HOME provides flexible lease terms on fabulous apartments, along with top-notch amenities for all aspects of life. D’HOME in Wanchai is located amidst dining and entertainment outlets, within walking distance of the MTR, and with other public transport options readily available. D’HOME in the Mid-Levels is situated on Robinson Road, an upscale residential address that appeals to the busy executive. All these generously laid-out homes come with quality fittings that provide all your home comfort needs. On top of complete home entertainment provisions, each apartment is furnished with a full range of kitchen appliances for in-suite dining, coupled with an array of equally impressive in-room facilities. Selected apartments come with a widescreen TV and iPod docking to keep guests entertained without leaving the comfort of their home. D’HOME in Mid-Levels provides an indoor thermostatic pool with Jacuzzi and sauna, world-class gym, bowling alleys, a squash court, a billiard room, a reading room, landscaped gardens and a playroom for kids. Residents of D’HOME in Wanchai also enjoy exclusive access to the well-equipped gym, out-door swimming pool, and a rooftop garden perfect for chilling out over drinks and BBQ parties. Anticipating every need, the staff can arrange services ranging from organizing a party to arranging apartment cleaning and laundry services upon request and they are always happy to assist with whatever plans will help to make their guests’ stays even more enjoyable.
AmChamHK 5-6 • 2017
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GUIDE TO RESIDENTIAL RENTALS
Four Seasons Place Hong Kong Atop MTR/AEL Hong Kong Station, 8 Finance Street, Central, Hong Kong
Size Range of Units Bedroom Parking Facilities Monthly Rental Contact Tel Email Website
Gross Floor Area 547 - 3,562 sq. ft Studios to 3-bedroom Suites, Penthouses Monthly parking available at an additional fee HK$48,300 up Ms Mimosa Fong (852) 3196 8228 enquiries@fsphk.com www.fsphk.com
Description
Designed by Yabu Pushelberg and Bilkey Llinas Design, Four Seasons Place indulges guests with an exceptional “home away from home” experience. Suites offer magnificent harbour views and revive a contemporary and tasteful lifestyle. Guests can enjoy a selection of personalized services from Guest Relations Executives, top-notch in-room provisions and invincible facilities.
Location
Four Seasons Place enjoys unsurpassed location atop MTR/AEL at Hong Kong Station, where guests can travel to Kowloon, the Hong Kong International Airport and the rest of the city at ease. Impeccably connected to the ifc complex, Lan Kwai Fong, SoHo, and a myriad of the finest design shops and gourmet places are just a short stroll away.
Services
Guest Relations Executives and 24-hour multilingual concierge services Daily Housekeeping services (except Sundays and Public Holidays) Bed linen change 3 times per week 24-hour in-room dining service Daily newspaper delivery Limousine service and free shuttle service from/to Hong Kong Station (Airport Express) and Four Seasons Place • Welcome package and bathroom amenities upon arrival • Wireless Broadband Internet Service • • • • • •
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In-room Provisions
• Fully equipped kitchenette with refrigerator, microwave with grill, washing and drying unit, electric hob, coffee maker, blender, kettle, toaster, a range of kitchenware • Bose 5.1 Home entertainment system (except studios), Blu-ray player, IPTV and stereo music system • In-room security safe
Other Facilities
• • • • •
Rooftop heated pool, Jacuzzi and sauna 24-hour gymnasium and sky lounge Reading room with internet access Children playroom and multi-purpose function room Laundromat and personal storage space
AmChamHK 5-6 • 2017
The Grand Blossom Serviced Apartments 123 Bulkeley Street, Hung Hom, Kowloon
Room/Unit Size(s) Price range Min. length of stay Total number of rooms Tel Fax Email Website
Single Suites to 3 bedrooms / Max. 763 sq.ft. $6,500-$34,000 1 month 92 flats (852) 6522 2116 (852) 2545 5654 info@grandblossom.com.hk www.grandblossom.com.hk
Special Features / Amenities The Grand Blossom Serviced Apartments is located in Hung Hom with high proximity to the Kowloon city centre. Blending modernity and simplicity into our design, we are committed to provide superior accommodation quality and comfort to our guests. We occupy a prime location in proximity to the Ho Man Tin MTR Station.
Apartment Features • • • • • • • • • • •
Full Furniture and Fittings Two Bathrooms with Shower Booths Full Kitchen Facilities Covered Car Parking Spaces Kitchenware Electronic Hotel Lock and RFID Keycard Electronic In-room Safe Unlimited High-speed WiFi Connection Television Set Air Conditioning Guest Lounge and Fitness Room Access
Services
• Free Deluxe House Keeping service once a week, each session is approximately 2 hours • 24 hour professional security service
AmChamHK 5-6 • 2017
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GUIDE TO RESIDENTIAL RENTALS
The HarbourView Place @ ICC megalopolis Atop MTR/AEL Kowloon Station, 1 Austin Road West, Kowloon
Size Range of Units Bedroom Parking Facilities Monthly Rental Contact Tel Email Website
Gross Area 464 - 3,270 sq. ft Studios to 3-bedroom Suites, Presidential Suites Monthly parking available at an additional fee HK$36,000 up Ms Elaine Lau (852) 3718 8000 enquiries@harbourviewplace.com www.harbourviewplace.com
Description
The HarbourView Place accolades to the success of its sister property Four Seasons Place with its supreme location, seamless transportation network and personalized services. The serviced suite hotel epitomizes high-end living through its dazzling views of Victoria Harbour and the Kowloon Peninsula, catering a coveted lifestyle to even the most discerning guests.
Location
In vicinity with the International Commerce Centre (ICC) and situated atop MTR/AEL at Kowloon Station, The HarbourView Place offers unparalleled connection with the city and the airport. Guests can travel to Central and the Hong Kong International Airport in 5 and 22 minutes respectively, where they can also enjoy shopping and entertainment at Elements mall located at the doorstep.
In-room Provisions
• Fully equipped kitchenette with refrigerator, microwave/oven, washing and drying unit, induction hob, Nespresso coffee maker, kettle, toaster and a range of kitchenware • Choice of variety pillow menu and pillow top Sealy mattress • Wide screen LED HDTV and DVD player • 5.1 KEF home theatre system (except studios) • LED HDTV in bathroom (2 Bedroom suites or above) • In-room safe
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Services
• Guest Liaison Specialists and 24-hour multilingual concierge service • Daily housekeeping services (except Sundays and Public Holidays) and bed linen change 3 times per week • 24-hour in-room dining service • Daily newspaper delivery • Limousine pick-up service • Wireless broadband internet service • Welcome package and bathroom amenities upon arrival
Other Facilities
• Rooftop heated pool and Jacuzzi on 76/F • 24-hour gymnasium, sauna, lounge, and reading area with internet access • Multi-purpose function room • Laundromat and personal storage space • Carparking space
AmChamHK 5-6 • 2017
The Lily 129 Repulse Bay Road, Hong Kong
Size Range of Serviced Apartments Layout of Serviced Apartments Monthly Rental of Serviced Apartments Min. Length of Stay Services
Size Range of Unfurnished Apartments Layout of Unfurnished Apartments Monthly Rental of Unfurnished Apartments Email Website
Description
Gross area : 1,816 - 3,924 sq.ft. Saleable area : 1,353 - 2,943 sq.ft. 2 bedrooms, 3 bedrooms plus a study room & Penthouse From HK$99,000 (inclusive) 1 month House keeping, Broadband, Cable & Now TV (selected channels), 24 Hours Receptionist, Shuttle bus, Utility charges, Daily newspaper, Car park Gross area : 3,536 - 8,000 sq.ft. Saleable area : 2,677 - 5,847 sq.ft. 3 - 5 bedrooms, Penthouse duplex From HK$140,000 (exclusive) leasing@thelily.hk www.thelily.hk
Designed by Norman Foster, The Lily's sweeping curves and spectacular setting have made it an iconic landmark, with world-class facilities and services, comfortable like home, ideal for the modern family.
AmChamHK 5-6 • 2017
Location
Life at The Lily is a world away from the frenzy of Central Hong Kong and yet just a 15 minutes drive to the heart of the Central Business District.
Other Facilities
• Fully equipped gymnasium • All seasons indoor swimming pool, children’s pool and whirlpool Jacuzzi • Outdoor and indoor children’s play area • Outdoor barbecue area • Multi-function private room • Internet zone • Covered car parking spaces • Free shuttle bus service to Wanchai • Multilingual concierge team
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GUIDE TO RESIDENTIAL RENTALS
Kerry Residence
Aigburth 12 Tregunter Path, Mid-Levels, Hong Kong Size Range of Units (GFA) (Saleable Area) Bedrooms Parking Facilities Monthly Rental Leasing Agent Contact Tel Email Website
2,600 sq.ft. to 6,250 sq.ft. 1,827 sq.ft. to 4,715 sq.ft. 3-5 Covered parking spaces HK$128,000 exclusive up Kerry Real Estate Agency Limited Phoebe Au-Yeung / Clara Cheung / Franco Lau (852) 2967 2224 / (852) 2967 2221 / (852) 2967 2227 residentialleasing@kerryprops.com www.kerryprops.com
Special Features / Amenities Just minutes from Central in the exclusive environment of Tregunter Path, Aigburth is one of Hong Kong’s finest residential apartment. With spectacular views of Victoria Harbour and surrounding hills, the 3,000 sq.ft. apartments offer the heights of luxurious urban living. Lush landscaped gardens and cascading waterfalls provide a retreat from city pressures. Extensive facilities include an enormous free-form swimming pool and a 35,000 sq.ft. superbly equipped clubhouse. Excellent management. Shuttle bus service to Central.
Tavistock 10 Tregunter Path, Mid-Levels, Hong Kong Size Range of Units (GFA) (Saleable Area) Bedrooms Parking Facilities Monthly Rental Leasing Agent Contact Tel Email Website
4,860 sq.ft. to 8,255 sq.ft. 3,838 sq.ft. to 5,254 sq.ft. 4-6 Covered parking spaces HK$268,000 exclusive up Kerry Real Estate Agency Limited Phoebe Au-Yeung / Clara Cheung / Franco Lau (852) 2967 2224 / (852) 2967 2221 / (852) 2967 2227 residentialleasing@kerryprops.com www.kerryprops.com
Special Features / Amenities A prestigious development on Tregunter Path. Tavistock features a spacious living and dining area. The practical design of the apartment is also demonstrated by its large kitchen which is connected to a utility area and 2 maid’s rooms. The one of its kind big balcony commands a city view of Central and Victoria Harbour. Individual central air-conditioning system with IQ air purifying system. Shuttle bus service to Central. A wide range of clubhouse facilities with swimming pool shared with Aigburth.
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AmChamHK 5-6 • 2017
Branksome Crest 3A Tregunter Path, Mid-Levels, Hong Kong Size Range of Units (GFA) (Saleable Area) Bedrooms Parking Facilities Monthly Rental Leasing Agent Contact Tel Email Website
2,355 sq.ft. to 5,115 sq.ft. 1,766 sq.ft. to 3,799 sq.ft. 3-4 Covered parking spaces HK$126,000 exclusive up Kerry Real Estate Agency Limited Phoebe Au-Yeung / Clara Cheung / Franco Lau (852) 2967 2224 / (852) 2967 2221 / (852) 2967 2227 residentialleasing@kerryprops.com www.kerryprops.com
Special Features / Amenities Each of the typical units has 3 bedrooms with spacious Living and Dining Area incorporating a generous size balcony. All apartments are fully equipped with kitchen cabinets and electrical appliances. The clubhouse features a wide range of recreational facilities with swimming pool, all finished to the top standard. Excellent management. Shuttle bus service to Central.
Branksome Grande 3 Tregunter Path, Mid-Levels, Hong Kong Size Range of Units (GFA) (Saleable Area) Bedrooms Parking Facilities Monthly Rental Leasing Agent Contact Tel Email Website
3,030 sq.ft. to 4,950 sq.ft. 2,357 sq.ft. to 3,775 sq.ft. 3-4 Covered parking spaces HHK$139,000 exclusive up Kerry Real Estate Agency Limited Phoebe Au-Yeung / Clara Cheung / Franco Lau (852) 2967 2224 / (852) 2967 2221 / (852) 2967 2227 residentialleasing@kerryprops.com www.kerryprops.com
Special Features / Amenities A 24-storey prestigious apartment building with reverse cycle central air-conditioning. Extremely spacious and practical layout, large balcony & 2 maid’s rooms. All apartments are fully equipped with kitchen appliances and fitted with wardrobes. Comprehensive clubhouse facilities shared with Branksome Crest. Shuttle bus service to Central.
AmChamHK 5-6 • 2017
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GUIDE TO RESIDENTIAL RENTALS
Qi-Homes Property Consultants Limited 311 Yip Fung Building, 2-18 D’Aguilar Street, Cental, Hong Kong
Tel Fax Email Website
(852) 2858 1406 (852) 2858 1407 contact@qi-homes.com www.qi-homes.com
Qi-Homes is a premiere “boutique” real estate agency offering a comprehensive range of personalised property services to match your needs. For the past 17 years Qi Homes and our team of professionals are committed to delivering you with the best Residential Letting, Buying and Selling experience in Hong Kong across a wide range of budgets and locations. We strive to deliver the best service and attention to detail whether it's relocating to Hong Kong from Overseas or Moving Homes within the city with the help of our multi-cultural, multi-lingual team of passionate individuals who take great pride in meeting and exceeding our customers expectations. Qi-Homes maintains a database of over 15,000 quality homes throughout Hong Kong across a wide range of budgets and locations. In addition, we have contacts with over 1000 property agents which means we can represent you on every property in Hong Kong saving you the hassle of engaging multiple agents. Our easy to use interactive web site allows buyers and renters to make comprehensive searches depending on your needs. Please contact us today and let us help you find your perfect home.
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AmChamHK 5-6 • 2017
Queen’s Garden 9 Old Pead Road, Mid Levels, Hong Kong
Size Range of Units Bedroom Tel Email Website
Gross Floor Area 2,050 – 2,960 sq. ft One to four bedrooms (852) 9338 7380 leasing@queensgarden.com queensgarden.com
Panoramic Seaview Apartments
In Queen’s Garden, you’ll enjoy an elegant, top-notch lifestyle that you’d never imagine experiencing in Hong Kong. While natural sunlight floods the living room of your duplex unit, you’ll also enjoy a magnificent harbour view through the high floor-to-ceiling windows. A wide array of state-of-the-art health, fitness and wellness equipment is available at the Gym and Spa complex; and free daily shuttle bus provides easy access to the Central business district within 10 minutes.
Features
• High ceiling, approximately 15 feet • Split-level living room • Fully fitted kitchen including fridge, dishwasher, microwave oven, Cooker and oven, washer, dryer and water heater • Remote controlled curtain tracks
CLUBHOUSE
Wide array of recreational facilities and other amenities which rank among the best in the world are provided at the Clubhouse for the exquisite pleasures and comfort of all residents. A complete range of wellness leisure activities are provided in Queen's Garden • Outdoor heated swimming pool • Spa & sauna • Barbeque area • Squash courts • Gymnasium
• Aerobics room • Golf simulator • Function room • Children's playgrounds • Sky garden • Cigar Divan
AmChamHK 5-6 • 2017
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GUIDE TO RESIDENTIAL RENTALS
The Repulse Bay 109 Repulse Bay Road, Hong Kong
Size Range of Units Bedroom Parking Facilities Landlord Tel Fax Email Website
2,140 sq ft to 5,800 sq ft with simplex and duplex units 3-6 Complimentary covered carpark The Hongkong and Shanghai Hotels, Limited (852) 2292 2878 / (852) 2292 2877 (852) 2812 2176 marketingtrb@peninsula.com www.therepulsebay.com
Special Features / Amenities Built on the site of the famous Repulse Bay Hotel and just 15 minutes from the city, this magnificent environment is surrounded by greenery and is just meters from the sands and serenity of the sweeping bay. The Repulse Bay offers luxurious seaview apartments, fully serviced or unfurnished, for lease. The facility, owned by The Hongkong and Shanghai Hotels, Limited, and operated by The Peninsula Properties, is renowned for quality service and professional management. The Repulse Bay offers every facility for a complete lifestyle including supermarket, medical, dental and health centers, day spa, banking, lifestyle shops, superb restaurants and banqueting. Complimentary covered carpark, regular shuttle service and a private club with outdoor and indoor pools, tennis, squash, gymnasium, aerobics and extensive classes.
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AmChamHK 5-6 • 2017
Signature Homes 8 DEEP WATER BAY ROAD Island South Size Bedrooms Provision Parking Rental Leasing Agent Contact Tel Email Website
3,200 sf (saleable area) 4-Bedroom with plenty of storage 3 –Storey Town House with private terrace and airy rooftop 2 covered carparking spaces $139,000 Signature Homes Sun Hung Kai Real Estate Agency Limited Ms. Ronnie Chung (852)2828 5147 SignatureHomes@shkp.com www.SignatureHomes.com.HK
Special Features • Modernized colonial-style town house in Deep Water Bay • High efficiency with plenty of outdoor space • Outdoor pool, outdoor playground with landscaped garden
51 DEEP WATER BAY ROAD Island South Size Bedrooms Provision Parking Rental Leasing Agent Contact Tel Email Website
3,713 sf (Gross) / 3,498 sf (saleable area) 5-Bedroom with upgraded kitchen 3 –Storey Town House with private terrace and airy rooftop 2 covered carparking spaces $190,000 Signature Homes Sun Hung Kai Real Estate Agency Limited Ms. Elee Lee (852)2828 7896 SignatureHomes@shkp.com www.SignatureHomes.com.HK
Special Features • Prestige town house of solid security and high privacy in Deep Water Bay • High efficiency with plenty of outdoor space • Well-equipped gym, outdoor pool with landscaped garden
Signature Homes’ Portfolio • • • • •
Long-established brand of Sun Hung Kai Properties’ residential leasing arm Wide-range portfolio all over prestige locations in HK, from CBDs, Mid-Levels, Island South and The Peak One of the largest residential leasing portfolio in town Total housing solution with personalized services of leasing, customer service to technical aspects SignatureHomes’ membership with retailers privilege program and complimentary tenants’ activities
AmChamHK 5-6 • 2017
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GUIDE TO RESIDENTIAL RENTALS
Two MacDonnell Road 2 MacDonnell Road, Mid-levels, Hong Kong
Size Range of Units Units per Floor Tel Fax Email Website
31 – 70 sq.m. 10 (852) 2132 2132 (852) 2131 1000 resv@mr2.com.hk twomr.com.hk
About Two MacDonnell Road
Conveniently set in a vibrant residential neighbourhood within the city’s prestigious Mid-levels, accommodation at this restful oasis boasts green tropical views backed by Hong Kong’s iconic architectural skyline. Two MacDonnell Road offers 213 classically decorated rooms, private gymnasium and free shuttle bus service to Central, which is within easy reaches of Lan Kwai Fong and Soho. Immediately surrounding the property are the city’s lush Botanical Gardens and Hong Kong Park, making this hidden gem perfectly located for work, play and restoration.
Room Features
Wireless Broadband Internet Connection Cable TV DVD Player Voice Mail and IDD Telephone Lines In-room Electronic Safe Fully-equipped Kitchenette with o Microwave Oven o Refrigerator o Electric Stove with Hood o Utensils and Cookware • Iron and Ironing board (upon request) • Rollaway Bed (upon request) • Baby Cot (upon request) • • • • • •
Guest Services & Facilities • 24-hour Reception • Housekeeping Service • Shuttle Bus Service to Central and Admiralty • In-residence Dining • Laundry and Dry Cleaning Service • 24-hour Security • Babysitting • Business Centre • Café on 8 (under renovation) • Fully-equipped Gymnasium • Car Park
Room Types
• Standard/Superior Room • Business Suite • Family Suites o 31 sq.m. o 52 sq.m. o 70 sq.m. o Two-bedroom • Junior Suite • Deluxe Suite o 44 sq.m. o 60 sq.m.
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AmChamHK 5-6 • 2017
Castle One by V 1 Castle Road, Mid-Levels, Hong Kong Size Range of Units Bedrooms Provision
Monthly Rental Leasing Agent Tel Email Website
501 – 1412’ (gross) / 379 – 1050’ (saleable area) one bedroom, duplexes, magic two and two bedroom, either unfurnished or furnished. 112-unit Art Deco themed residential building with 23 meter outdoor swimming pool, gymnasium and function room. From HK$30,500 (inclusive) The V Leasing Department (852) 2533 2188 reservations@theV.hk www.castleonehk.com
Special Features/Amenties • 3 minutes away from the Mid-Levels escalator; 5 mins walking distance to SOHO area; 5 mins walking distance to Central; 10 mins to Wanchai and 15 mins to Causeway Bay by bus; • contemporary Molteni & C furniture • Varenna designer kitchen • Miele appliances • in-wall television in the bathroom
V Serviced Apartments 9 Yee Wo Street, Causeway Bay/25 Tung Lo Wan Road, Causeway Bay/68 Sing Woo Road, Happy Valley/ 180 Jaffe Road, Wan Chai/535 Canton Road, West Kowloon Size Range of Units Domestic Service Monthly Rental Leasing Agent Tel Fax Email Website
250 – 1800’ fully fitted kitchen, housekeeping service, laundry and gym, free wifi, free local call From HK$16,000 The V Leasing Department (852) 3602 2388 (852) 2891 1418 reservations@theV.hk www.theV.hk
Special Features/Amenties • Urban balcony apartments with outdoor terraces • Roof gardens penthouses with private barbeque facilities and Bang & Olufsen surround sound system • Grand suite with private patio terrace and uber-luxe open air soak tubs for two • 5 minutes walk to Causeway Bay MTR, Sogo Department Store, Hysan Place, Times Square, casual and fine dining restaurants for V Causeway Bay and V Causeway Bay2 • 5 minutes walk to Jordan MTR and 8 minutes walk to ICC, Elements and Airport Express Line Kowloon Station for The Lodge, managed by V in West Kowloon • 5 minutes walk to racecourse, boutique shops and eateries for V Happy Valley • 5 minutes walk to Wanchai MTR and Hong Kong Convention Centre for V Wanchai
AmChamHK 5-6 • 2017
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GUIDE TO RESIDENTIAL RENTALS
Bamboo Grove 74 - 86 Kennedy Road, Hong Kong
Size Range of Units Bedroom Parking Facilities Leasing Agent Contact Tel Fax Email Website
1,772 sq ft to 5,964 sq ft 3–6 Ample resident & visitor parking spaces Hysan Leasing Company Limited Ms Annie Tang / Ms Grace Mak (852) 9501 0226 / 9100 4454 (852) 2577 6159 residential@hysan.com.hk www.bamboogrove.com.hk
Special Features / Amenities • Convenient Mid-Levels location within 10 minutes’ walk from the MTR • In renowned school districts with more than 50 popular local and international schools nearby • Three to six bedrooms from 1,772 sf. to 5,964 sf, furnished or unfurnished • 20,000 sf. clubhouse with social activities and one-stop personalised resident services • A typical three-bedroom unit starts at HK$80,000 per month inclusive
The Camphora 51-52 Haiphong Road, Tsim Sha Tsui, Kowloon The Camphora, carefully refurbished from a mansion built in the 1950s with minimal alteration while restoring the original elegance, received the ‘Special Architectural Award- Heritage and Adaptive Reuse’ at the 2015 Annual Awards of the Hong Kong institute of Architects.
Special Features / Amenities
Size Range of Units
Monthly Rental Leasing Agent Contact Tel Email Website
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Studio (1-4, 6-9/F) 491 - 518 s.f. (M.F.A.) / 319 - 337 s.f. (S.F.A.) Balcony (2-4, 6-9/F) 69 - 207 s.f. (S.F.A.) From HK$30,800 Sino Real Estate Agency Ltd Ms. Steffie Kwok (852) 8207 7608 leasingcs@sino.com www.camphora.com.hk
The Camphora comprises 24 residences in the format of studio with some coming with a terrace. In addition to a rooftop garden, the fifth floor houses the clubhouse, where residents can enjoy comprehensive facilities included a gymnasium, self-service laundry room, business corner, meeting facilities and reading area. All apartments come with a fully-equipped kitchen with oven, refrigerator and freezer, gas cooker and exhaust hood, Meyer kitchenware and Nespresso coffee machine (available in selected units). The home entertainment system encompasses an LED iDTV with over 50 NOW TV and local channel as well as complimentary Wi-Fi.
AmChamHK 5-6 • 2017
Gateway Apartments Harbour City, Tsim Sha Tsui, Hong Kong Size Range of Units Bedrooms Parking Facilities Services Monthly Rental Landlord Contact Tel Email Website
Convenience
• Immediate access to MTR station, the Star Ferry pier and Hong Kong China Ferry Terminal and only 5 minutes drive to the Airport Express Kowloon Station • Enjoy the ultimate convenience at Harbour City, the largest shopping complex in Hong Kong providing 600 shops, dining and entertainment choices
712 - 2,931 sq ft Studio, 1-3 bedroom suites and Penthouse Available at additional fee Daily housekeeping, multi-lingual concierge, 24/7 security and maintenance services From HK$50,300 Harbour City Estates Ltd Ms. Doris Tsang (852) 2119 3000 enquiry@gatewayapartments.com.hk www.gatewayapartments.com.hk
Special Features / Amenities • Enjoy breathtaking panoramic harbour views of the famous Victoria Harbour or the lush greenery of Kowloon Park • Extensive recreational facilities at the 140,000 sq ft Pacific Club including gym, Jacuzzi, indoor/outdoor tennis courts, indoor swimming pool, spas, bowling alleys and children's playroom • Fully equipped kitchen and home entertaining system with over 100 TV channels • Free wireless broadband connection • Spacious marble bathrooms with Kohler bathtubs
HK Gold Coast Residences Sea View Apartments and Marina Villas 1 Castle Peak Road, Castle Peak Bay, New Territories Size Range of Sea View Apartments Price Range of Sea View Apartments Size Range of Marina Villas Price Range of Marina Villas Size Range of Serviced Apartments Price Range of Serviced Apartments Parking Facilities Leasing Agent Contact Tel Email Website
700 to 1,718 s.f. (M.F.A.) 535 to 1,245 s.f. (S.F.A.) HK$13,000 per month up 1,950 to 3,540 s.f. (M.F.A.) 1,559 to 2,833 s.f. (S.F.A.) 1,950 s.f., HK$43,800 per month up 2,940 s.f., HK$68,000 per month up 3,355 – 3,540 s.f., HK$87,000 per month up 735 to 1,138 s.f. (M.F.A.) 605 to 875 s.f. (S.F.A.) HK$26,000 per month up Covered car park with visitor parking Sino Real Estate Agency Ltd Mrs. Galy Cowen (852) 8108 0200 galycowen@sino.com www.goldcoast.com.hk
Special Features / Amenities
• Breathtaking panoramic views of the Gold Coast Yacht Club marina and Castle Peak Bay • One of the HK’s largest outdoor free-form pools, landscaped gardens, tennis courts and full range clubhouse facilities • Lavish green open space makes this one of Hong Kong’s most unique homes, including a 50,000 sq ft Gold Coast Lawn for colorful fun in the sun • Residents can book a private cruise on our 58 foot luxury yacht at special rate • Convenient and frequent Shuttle Buses to Tsuen Wan/Tsuen Wan West MTR Station (20 mins), Olympic MTR Station (25 mins) and the HK International Airport (35 mins); Just 30 mins drive to Central • Close to International schools • Enjoy resort living with one of the biggest expatriates community
AmChamHK 5-6 • 2017
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GUIDE TO RESIDENTIAL RENTALS
The Johnston Suites 74-80 Johnston Road, Wan Chai, Hong Kong Located on Johnston Road in Wan Chai, The Johnston Suites offers you premium serviced apartment in an ideal destination. Designed for corporate travellers, this modern serviced apartment offers premium comfort with easy access to business and pleasure facilities.
Special Features / Amenities
Size Range of Units
Monthly Rental Leasing Agent Contact Tel Email Website
1-bedroom 566 & 577 s.f. (M.F.A.) / 354 & 365 s.f. (S.F.A.) Terrace 234, 263 & 444 s.f. (M.F.A.) From HK$36,800 Sino Real Estate Agency Ltd Ms. Cynthia Lo (852) 3966 0000 thejohnstonsuites@sino.com www.thejohnstonsuites.com
The Johnston Suites offer five types of residences ranging from Deluxe residences to Executive Terrace. Each offers its own unique charm, coupled with the highest standards of room service. Facilities include a 24-hour gymnasium, garden terrace rooftop leisure area and business centre services. There is a separate living and dining areas and a well-equipped kitchen with electric hob, microwave oven and refrigerator in all rooms. Handy in-room amenities include washer cum dryer and ironing equipment. Comprehensive home entertainment comes with LCD TV with cable network, DVD player, plus iPod docking and free Wi-Fi.
Paloma Bay 18 Peng Lei Road, Peng Chau Nestling on the tranquil island of Peng Chau, Paloma Bay is a modern residence offering a rare combination of comforts of home and accessibility amid the beauty of nature.
Special Features / Amenities A mere 6-minute stroll from the Peng Chau Ferry Pier, a 30-minute ferry ride from Central, or a 10-minute ferry ride from Discovery Bay. Paloma Bay is a dream home for those looking for a retreat from the hustles and bustles of the city.
Size Range of Units
Monthly Rental Leasing Agent Contact Tel Email Website
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2-bedroom apartments with garden / roof terrace 785-815 s.f. (M.F.A.) / 628-652 s.f. (S.F.A.) 3-bedroom villas with garden & roof terrace 1,790-1,799 s.f. (M.F.A.) / 1,342-1,349 s.f. (S.F.A.) From HK$15,000 (Apartments) / From HK$42,000 (Villas) Sino Real Estate Agency Ltd Mr. Robert Leung / Ms. Steffie Kwok (852) 8207 7608 leasingcs@sino.com www.palomabay.com.hk
Paloma Bay comprises 2 villas plus 52 apartments across 26 low-rise blocks. All suites are complete with a full-equipped kitchen and quality amenities that enable a comfortable living.
AmChamHK 5-6 • 2017
Vega Suites Atop MTR Tseung Kwan O Station, 3 Tong Tak Street, Tseung Kwan O Size Range of Units Bedroom Parking Facilities Monthly Rental Contact Tel Email Website
Gross Area 372 - 1,560 sq. ft Studios to 3-bedroom Suites Monthly parking available at an additional fee HK$21,000 up Ms Marianne Leung (852) 3963 7888 enquiries@vegasuites.com.hk www.vegasuites.com.hk
Special Features / Amenities Vega Suites exudes a hassle-free cosmopolitan lifestyle for guests that merges home and comfort with stylish living. Atop MTR Tseung Kwan O station, Vega Suites offers seamless transportation to Kwun Tong, Kowloon Bay, Quarry Bay and North Point in 11-15 minutes; while Central, Admiralty and Tsim Sha Tsui are just 25-30 minutes away. Units range from studios and 1 to 3-bedroom suites, where guests can choose between open city view and stunning partial sea view. Vega Suites features 24-hour multilingual concierge, housekeeping services, Fitness Center, swimming pool, Green Terrace, BBQ corner and exclusive in-room amenities such as king-size pillow top Sealy mattress and fully equipped kitchenette.
The Ventris 20 Ventris Road, Happy Valley, Hong Kong Located in prestigious Happy Valley, The Ventris offers a fine balance between spacious relaxing luxury and urban excitement. One-apartment-per-floor design ensures privacy.
Special Features / Amenities
Size Range of Units
Monthly Rental Leasing Agent Contact Tel Email Website
1-bedroom 812 s.f. (M.F.A.) / 567 s.f. (S.F.A.) Terrace (2/F) 623 s.f. (M.F.A.) From HK$42,800 Sino Real Estate Agency Ltd Ms. Steffie Kwok (852) 8207 7608 leasingcs@sino.com www.the-ventris.com.hk
AmChamHK 5-6 • 2017
Each unit in The Ventris is furnished with high-quality, branded furniture. Few minutes’ walk to tram station. Close to Happy Valley Race Course, Causeway Bay and Central, providing convenient transport across HK Island. One-apartment-per-floor design ensures privacy, 24-hour security services and door phone for direct communication with visitors and lobby security. All apartments come with a fullyequipped kitchen with De Dietrich oven, refrigerator and freezer, Meyer kitchenware and in-room laundry facilities. The home entertainment comprises a 40” Samsung LED iDTV with over 50 NOW TV and local channel as well as complimentary Wi-Fi.
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MARK YOUR CALENDAR
Power Development Jun 19 inNuclear China During the Paris climate change conference in December 2015, China committed to reducing carbon dioxide emissions by 60% to 65% from 2005 levels by 2030. With the latest “Belt and Road” initiative, nuclear power in China should no longer be restricted to domestic use and has great potential for export. In this talk we will examine why China needs to adopt a vigorous nuclear power development program in order to meet its carbon emissions targets. We will also discuss nuclear power development in China after the Fukushima nuclear accident, focusing on the safety concerns as well as the adoption of Generation III reactor technologies. Dr. B.L. Luk is the current chairman of the Hong Kong Nuclear Society and a member of the Energy Advisory Committee of the Hong Kong Environment Bureau. He was the Past Chairman of the Nuclear Division of The Hong Kong Institution of Engineers. Dr. Luk has participated in large scale nuclear reactor inspection programmes in the U.K. before. He was also involved in several European and British robotic research projects for the nuclear industry. With his extensive knowledge, he was invited to become a member of the Expert Advisory Committee for the Hong Kong Government during the Fukushima nuclear accident and in reviewing the latest Daya Bay Contingency plan. Venue: The American Chamber of Commerce in HK 1904 Bank of America Tower 12 Harcourt Road, Central, HK
Jun 22
Time: 12:00pm - 01:45pm
Fees: Member: HK$290 Non-member: HK$410
Shipping -- Quo vadis
Steve Saxon will share insights on the outlook of the container, tanker and bulker shipping sectors, based on an analysis that transcends beyond short-term market volatility to focus on longer-term industry health and drivers. Specific issues addressed include: • Impact of over-supply on development of the container sector • Outlook for tanker operators taking into account widespread prediction of peak oil • Impact of China’s development on the long-term outlook for iron ore, coal and bulk products demand • Impact of low newbuilding prices on the industry and the outlook for demand of new buildings Steve Saxon is a Partner in McKinsey & Company’s Shanghai office. Steve joined McKinsey in London in 2000, and transferred to Asia in 2005. He is a core member of the transport, infrastructure and logistics practice, focusing on shipping, ports and logistics.
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For information, see website: www.amcham.org.hk Tel: (852) 2530 6926 Fax: (852) 2810 1289 Email: cchan@amcham.org.hk
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His work includes strategy development with container lines, performance improvement through revenue enhancement and cost reduction, and supporting private equity investors into shipping. He helps ports in their long-term plans and productivity improvement. Steve’s recent publications have included the priorities for a container line CEO, the view of shippers on the future container industry, and the cost potential of the new alliances.
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Venue: The American Chamber of Commerce in HK 1904 Bank of America Tower 12 Harcourt Road, Central, HK
Time: 08:00am - 09:30am
Fees: Member: HK$180 Non-member: HK$300
Digital Disruption: Jun 27 Fake News and its profound impact on our world The advance of technology, the impact of the internet, and a fragmented media landscape have given new tools to political leaders. Meanwhile how we read and watch the news shapes our view of the world and affects major business decisions. Is there any way to find truth, or even fact check, our intake of news? How are veteran journalists finding this new world? Kristie Lu Stout is an award-winning anchor and correspondent for CNN based in Hong Kong. With over 300,000 fans and followers on social media, Lu Stout believes in continually engaging with her viewers and makes social media an integral part of her reporting. Yumiko Ono is the Asia digital editor for The Wall Street Journal, overseeing the video and social media teams in the region and supporting the Journal’s efforts to expand its readership and presence across Asia. S.K. Witcher is Deputy Asia Editor of the International New York Times. She spent more than three decades with The Wall Street Journal as a foreign correspondent and senior editor and was nominated as part of a team for the Pulitzer Prize. She is chairwoman of the Society of Publishers Asia (SOPA.) Tara Joseph is the President of AmCham Hong Kong. Earlier in her career, Tara was the editor and main presenter of Reuters Financial Television based in London, and covered emerging markets and G7 economic issues. She has twice served as President of the Hong Kong Foreign Correspondents’ Club in Hong Kong, one of the world’s largest press clubs. Venue: KPMG 8/F Prince’s Building, 10 Chater Road, Central, HK
Time: 12:00pm - 01:45pm
Fees: Member: HK$290 Non-member: HK$410