CHINA EDITION The Australian Chamber of Commerce Hong Kong and Macau 香港及澳門澳洲商會
ISSUE 178, 2015
Political Change and Trade Agreements Encourage China-Australian Business Opportunities P.10
Coverage ACCESS China Forum 2015
P.12
Feature Interview Veteran Statesman Sees Pragmatism as the New Normal in Australia-China Relations
Industry Insights The 5 main Reasons to Consider Hong Kong when Investing in China P.17
www.austcham.com.hk
Contents
austcham news issue 178
03 Chamber Chatter
05 Events Update 22 Jan - The AustCham National Australia Bank Australia Day Lunch
06 Cover Story
- Political Change and Trade Agreements Encourage China-Australian Business Opportunities - 2015 ACCESS China Forum: On the Scene
12 Feature Interview Veteran Statesman Sees Pragmatism as the New Normal in Australia-China Relations 15 Australia Focus Pragmatic China Policy a Wise Move for Australia
17 Industry Insights The 5 main Reasons to Consider Hong Kong when Investing in China
18 Commentary 19 AustCham Members in Macau
20 Chamber's Voice AustCham Advisory Council
21 Committees in Action
22 AustCham ANZ Mentor Program
A Chat with mentors and protégés
25 On The Scene Follow us on: Facebook Twitter LinkedIn
CONNEC T • ENGAGE • REPRESENT The Australian Chamber of Commerce in Hong Kong and Macau has more than 1,500 members from some 500 companies doing business here. It’s the largest Australian business grouping outside the country and the second largest of 28 International Chambers of Commerce in Hong Kong. The AustCham mission is: To promote & represent Australian business & values while enabling members to connect, engage & grow bilateral relationships. Disclaimer:
23 Membership eCard Benefit
24 New Members
Editorial Committee: Drew Waters Karen Wu Claire Reaburn Advertising: Karen Wu Email: karen.wu@austcham.com.hk
16 Spotlight
Published By: The Australian Chamber of Commerce in Hong Kong and Macau Room 301-302, 3/F, Lucky Building 39 Wellington Street, Central, Hong Kong Tel: +852 2522 5054 Email: austcham@austcham.com.hk
austcham news Online version
The views expressed in this publication are not necessarily those of the Australian Chamber of Commerce in Hong Kong and Macau, its members or officers. The Australian Chamber of Commerce in Hong Kong and Macau takes no responsibility for the contents of any article or advertisement, makes no representation as to its accuracy or completeness, and expressly disclaims and liability for any loss however arising from or in reliance upon the whole or any part of this publication. Copyright © 2015 The Australian Chamber of Commerce in Hong Kong and Macau
2 • austcham news | issue 178
Chamber Chatter
Chairman's Column China is the focus of this month’s AustCham News. On November 20, China was also in focus when AustCham’s fourth annual Access China Forum was held with leaders from the business, professional, and academic communities presenting on various China issues. Access China is designed to help participants to frame their thinking on the relationship between Australia and China in new and interesting ways, and to help stimulate new ideas on how to do business in China. The Chamber has, as in previous years, received positive feedback on the calibre of speakers and content following this year’s Forum. Professor, the Honourable, Bob Carr, Director of the Australia-China Relations Institute (ACRI) and Foreign Minister of Australia (2012-2013) delivered an interesting and entertaining lunchtime address. CLP was corporate sponsor of the Access China Forum, and KPMG and BDO Limited were key supporters. Speakers from organisations including King & Wood Mallesons, CITIC CLSA Securities, KPMG, Baker & McKenzie, CLP, NAB, Telstra, and the Australian Embassy, Beijing, made the event a great success. Without the generous support of these organisations the Forum would not be possible and we are grateful to them for supporting the Forum financially and for providing speakers and content. In other news, AustCham’s Advisory Council (AC) was officially launched on December 7. Chaired by Australia’s Consul-General to Hong Kong and Macau, Mr. Paul Tighe, the AC comprises a small number of senior individuals who have an interest in assisting AustCham, and in promoting closer business ties between Greater China and Australia. The AC will advise AustCham on strategy and give guidance to AustCham’s Board, Committee’s, and Management on various issues of strategic importance including on a deepening of the Chamber’s business engagement in Hong Kong, Macau, and Mainland China, particularly in the light of the China-Australia Free Trade Agreement. I hope that you will connect with the Chamber this month in some way, and that you will continue to share your views on how best the Chamber can serve you. Richard Petty chairman@austcham.com.hk
issue 178 | austcham news
•3
Chamber Chatter
Across My Desk Happy 2016 everyone! I hope the Christmas festivities lived up to all of your expectations and celebrations for the New Year were enthusiastic. I’m sure a lot of you were travelling over this period, so welcome back to another year in Hong Kong and I look forward to catching up with you all. We had a bit of a rush up to the Christmas break and our annual ACCESS China Forum at the end of November was a great success. We have been so fortunate to attract a terrific calibre of speaker to ACCESS over the years and this was no exception. I would like to thank our keynote speaker Professor the Honourable Bob Carr, and panellists David Woods from Australian Embassy in Beijing, Rueybin Kao from Telstra International China, Alan Oster from National Australia Bank, David Simmonds from CLP, Mini vandePol from Baker & McKenzie, Honson To from KPMG China, Stuart Fuller and Yi Zhang from King & Wood Mallesons, and Andrew Low from CITIC CLSA Securities.
underprivileged children of The Hub. Thank you to our sponsors Cheung Kong Infrastructure and The Pulse for their support, and for your overwhelming generosity in bringing these gifts. While still in the vein of the season, I would also like to thank the terrific staff at the Chamber for their dedication and hard work throughout 2015, the great support from our Board of Directors, Consul-General Paul Tighe and the teams from Austrade and DFAaT. It is with sadness, then, that I announce that Caness Chan will be moving on from the Chamber to seek more challenges elsewhere. Most of you will have dealt with Caness over the past few years, especially if you have been involved with our committees, and will agree with me that her dedication, creativity, and cheerful application have been the success of many initiatives. While sorry to see her go, I wish Caness all the very best in her future career. Welcome to a new year, everyone, (and a new web page, if you haven’t already noticed). Drew Waters, Chief Executive
I am most grateful to our event sponsors, CLP Group, and our supporters KPMG and BDO Limited. Thank you all. Just when we thought the dust had settled on the 2015 AustraliaChina Business Awards, nominations for next year have opened at the end of December. This year, the ACBA will be held in Shanghai to correspond with Australia week in China, with a large number of Australian and Chinese businesses represented in the delegation. Please consider nominating for these prestigious awards, whether you were successful last year, or if you have something great to say about your business this year. Our Christmas Mix at Six, at the Hong Kong Club again, was a very warm and sociable occasion with many of those attending bringing a small gift to place under the tree, to be distributed to the
Community Corner
T
o celebrate the seasons of giving, more than 80 Christmas gifts were collected at AustCham Christmas Mix. The gifts placed under The Pulse Christmas Tree are for underprivileged children from 6-12 years old at The Hub Hong Kong.
AustCham is a non-profit organisation and provides this space free of charge to other, selected non-profits or charities.
4 • austcham news | issue 178
Seasons of Giving
O
nly a fraction of Australian businesswomen export, so I enjoyed the recent opportunity to open the ‘Women in Global Business’ forum and to encourage women to be brave and bold in venturing into international markets. The focus of the forum was on trade with India and China, and it could not have come at a better time, as just a week earlier the China Australia Free Trade Agreement passed the Australian Parliament. China is Australia’s number one trading partner. And as its economy and middle class continues to grow, the opportunities for Australia are limited only to our imagination. Opportunities in products and services like agriculture, education, tourism, healthcare, aged care and financial and professional advice, which will see stronger growth for our economy, better living standards for families and more and better jobs for Australian workers. The new China Australia Free Trade Agreement will open up these opportunities, which is why the Federal Opposition supported it through Parliament.
A Letter from Canberra And busy with events including the Prime Minister’s drinks, the Speaker’s dinner and carols in the Marble Foyer. It’s a time for collegiality and reflection on the achievements of the last 12 months. And it’s a time to thank our tireless teams and volunteers who go above and beyond to deliver for the people of our electorates. As you draw towards the end of your working year, I’m sure many of you are preparing to travel home for Christmas. I wish you and your family a happy and safe Christmas and New Year and a relaxing holiday season. I look forward to staying in touch next year. Gai Brodtmann MP, Federal Member for Canberra and Co-Convenor of Parliamentary Hong Kong Friendship Group
As I write, we are about to embark on the final two sitting weeks before Parliament rises for 2015. The last parliamentary fortnight is always busy. Busy with late night sittings and votes to get legislation through before the summer break.
EVENTS UPDATE JANUARY AT A GLANCE… Thur, 14 Jan, 6:30pm – 8:30pm AustCham ANZ 2015 Mentor Programme: Turn the Tables: Protégé Presentations Compass Office, 20/F, Infinitus Plaza 199 Des Voeux Road Central, Sheung Wan Tue, 19 Jan, 6:00pm – 9:00pm Mix at Six The Lounge, Upper Lobby, Renaissance Harbour View Hotel Hong Kong, 1 Harbour Road, Wan Chai
Wed, 27 Jan, 12:15pm – 2:00pm 2016 Joint Business Community Luncheon with The Honourable C Y Leung Grand Hall, Hong Kong Convention and Exhibition Centre Thur, 28 Jan, 12:30pm – 2:00pm The Year Ahead Lunch: Regulatory Trends and their impact in 2016 Boardroom 6, M/F, Renaissance Harbour View Hotel Hong Kong, 1 Harbour Road, Wanchai
MARCH AT A GLANCE… Fri, 22 Jan, 12:00nn – 2:30pm The AustCham National Australia Bank Australia Day Lunch Ballroom, 5/F, Island Shangri-La Hong Kong, Pacific Place Supreme Court Road
Wed, 16 Mar, 12:15pm – 2:00pm Joint Business Community Luncheon with Financial Secretary The Honourable John Tsang Convention Hall, Hong Kong Convention and Exhibition Centre
issue 178 | austcham news
•5
2015 Cover ACCESS Story China Forum
Political Change and Trade Agreements Encourage China-Australian Business Opportunities - Ingrid Piper
I
AustCham Hong Kong and Macau’s fourth prestigious thoughtleadership event was sponsored by CLP Holdings and moderated by renowned journalist Sarah Clarke assisted by AustCham Chairman, Professor Richard Petty.
While China’s 13th five year plan provides a road map for economic reform and growth, National Australia Bank’s Chief Economist Alan Oster was surprisingly positive about Australia’s own economic future given the downturn in the mining sector.
While last year’s forum focused on the Australia-China Free Trade Agreement (FTA), this event discussed China’s economic slowdown as the “new normal”; changes to foreign investment and national security laws; the environment; ethics and corruption; Belt and Road initiatives to FTA opportunities.
ndustry leaders at the 2015 ACCESS China Forum in Hong Kong held on November 20, were overwhelmingly optimistic about SinoAustralian business opportunities despite China’s slowing economy, reforms affecting foreign investment and national security laws and the ongoing maritime dispute in the South China Sea.
“There is no chance we (Australia) will go into recession,” he said, predicting future LNG production will add 2 per cent to the nation’s GDP. While the impact of China’s economic reforms were high on the agenda, in his keynote address to forum delegates, Professor the Honourable Bob Carr, Foreign Minister of Australia (2012-2013) and current director of the Australia-China Relations Institute in Sydney focused on international relations related to disputed borders in the South China Sea. Carr believes Australia and Australian business, like those of the UK, will continue to take a pragmatic approach to this issue, in recognition of China’s economic power.
6 • austcham news | issue 178
Breakfast dialogue: China’s new Foreign Investment Laws: the changes, and the opportunities that may stem from it
Facing New Challenges Guest speakers at the opening session included Yi Zhang, Co-Chief Executive (Hong Kong) King & Wood Mallesons and Andrew Low, Head of International Corporate Finance and Capital Markets, CITIC CLSA Securities. In response to Low’s question about how Australian companies looking to invest in China would be affected by new foreign investment laws, Zhang warned business to be wary of changes.
Our clients welcome the new draft laws because they give certainty and the Free Trade Agreement is also welcomed … Yi Zhang Co-Chief Executive (Hong Kong) King & Wood Mallesons “I guess you need to find a good lawyer! Under the new draft laws, finance for example, could be deemed a foreign investment. There are a lot of nuances and you need to watch out but our clients welcome the new draft laws because they give certainty and in general the FTA is also welcomed,” Zhang said.
Leading the panel discussion: The political climate in China and how it may be affecting business, Stuart Fuller, Global Managing Partner, King & Wood Mallesons reflected that while change and reform challenged western governments, reform Chinese style with 1.4 billion people, is a constant process of change. “The ‘China Dream’ sees China’s role on the world stage changing, as overseas travel by President Xi Jinping indicates. Next year, China will host the 11th G20 summit in Hangzhou. And the rest of the world is also travelling to China, with 170 national delegations in the past year. “China’s great challenges include economic reform, growth, environmental degradation, corruption, internal conflicts and quality, not quantity of life,” Fuller said. Honson To, Chairman, KPMG China, Mini vandePol, Global Head of Compliance & Investigations Practice, Baker & McKenzie and David Simmonds, Group General Counsel & Chief Administrative Officer, CLP Group led Panel session 1. Bright prospects Honson To is positive about political change in China. “The Chinese government and the CPC are very aware its legacy is to provide for the welfare of 1.4 billion citizens. What we’re seeing now is creating anxiety but I see it as a positive. The future is actually very bright,” To said. Environmentally as well as politically, David Simmonds says China is under pressure to clean up its environment. “There is a very strong political imperative for China to clean up air quality in its major cities. US statistics showed air quality in some cities was 12-13 times that recorded in a busy smoking room in an international airport.”
Panel Session 1: The political climate in China and how it may be affecting businesses
He says much is already being done, citing the closure of older more polluting power stations, investment in electric vehicles and tightening pollution controls on thermal coal. “These issues take time to resolve but the fruits of these resolves will be seen in the years ahead,” he says.
issue 178 | austcham news
•7
2015 Cover ACCESS Story China Forum
Professor the Honourable Bob Carr, Foreign Minister of Australia (2012-2013), current Director of the AustraliaChina Relations Institute
David Simmonds, Group General Counsel & Chief Administrative Officer, CLP Group
Yi Zhang, Co-Chief Executive (Hong Kong), King & Wood Mallesons
Ethics and accountability Mini vandePol, Global Head of Compliance & Investigations Practice, Baker & McKenzie urged Australian companies to act responsibly in matters of ethics and accountability, praising CBA for recently highlighting the benefits of using ethics as a competitive advantage when doing business.
When you look at China this anti-corruption focus is the new ‘norm’, it’s not going to go away… Mini vandePol Global Head of Compliance & Investigations Practice, Baker & McKenzie, Hong Kong
Alan Oster, Chief Economist, National Australia Bank
Honson To, Chairman, KPMG China
suggests ethics and accountability are part of good international business practice. “We’ve seen Australian companies being encouraged to use third parties. That can be good if you use good advice but sometimes they use companies that engage in practices, that if Australian companies asked more questions about, they would be very uncomfortable and then they are surprised when they are found to have engaged in conduct that’s going to bring them under the scrutiny of regulators,” she said. Belt and Road opportunities Moving on to opportunities for Australian enterprises to be involved in China’s Belt and Road initiative, To says the Ministry of Commerce has never defined which countries are included. “At KPMG we’ve counted around 70. Basically this will be President Xi’s brand of foreign diplomacy for the next 10 years. If Australian companies
“When you look at China, this anti-corruption focus is the new norm, it’s not going to go away, it’s not just something that’s a flash in the pan,” vandePol said. “Companies need to adapt to the new norm and demonstrate they have a commitment to ethics which I think will stand them in good stead in terms of being able to do business, to enter into joint ventures in China and to create strategic alliances with state owned enterprises. It’s just as important as pricing, expertise and skills. Given many Australian companies find negotiating their way into the Chinese market too hard without the help of a third party, vandePol
8 • austcham news | issue 178
Panel Session 2: The state of the China economy and the opportunities that may arise to foreign businesses
Andrew Low, Head of International Corporate Finance and Capital Markets, CITIC CLSA Securities
Mini vandePol, Global Head of the Compliance & Investigations Practice, Baker & McKenzie
Rueybin Kao, CEO Greater China, Telstra International Group
have value to add, such as in finance and manufacturing then yes, there are many ways Australian companies can benefit from it.” The New ‘Norm’ – messy, manageable and stable Stuart Fuller defined the ongoing South China Sea dispute as “messy but manageable” a theme supported in Bob Carr’s keynote address. “China and Australian business to business is the most positive ever, so you need to disconnect from the South China Sea and focus on the positive. It won’t surprise you that I am incredibly bullish about the future!” Fuller sees opportunities for Australian business in pension care, tourism and finance sectors while Honson To believes innovative businesses that focus on food safety, healthcare and agriculture will give Australian entrepreneurs opportunities for growth in the next 5-10 years.
There is no chance we (Australia) will go into recession… Alan Oster Chief Economist National Australia Bank Opening the forum’s final session, Alan Oster, Chief Economist, National Australia Bank predicted China’s economy was headed for a slow landing. “I’m reasonably optimistic for growth of 6.5% for a couple of years. It will be a lot more challenging at the back end of five years to get 6.5%.
Stuart Fuller, Global Managing Partner, King & Wood Mallesons
David Woods, Minister-Counsellor (Treasury), Australian Embassy in Beijing
China will need to focus on productivity and doing things smarter. If things get bad in China then its going to have a big impact on Australia,” Oster said. Fellow panelist, Minister-Counsellor (Treasury), Australian Embassy, Beijing David Woods believes it will become increasingly hard for China to sustain growth at current levels but with such a large economy it will continue to grow. Fellow panelist Rueybin Kao, CEO Greater China, Telstra International Group said China’s size creates future commercial opportunities. “China is very large and the opportunities are still huge, so it’s a very good foundation for businesses in the telecom and IT areas,” Kao said. Taking advantage of opportunities According to Oster, Australia’s current economic transition is not dissimilar to what is occurring in China. He remains bullish about the national economy, a view also shared by Woods. “The opportunities are massive but you need to understand the rules. Everyone has low rates including Australia. China’s got not just monetary policy but they’ve got fiscal policy. Monetary policy has a history of long lags. I think what’s been lost in the global debate is fiscal policy,” Oster said. Further opportunities for both nations to do business will open after the FTA reaches its final stage towards the end of 2015. “So there’s a possibility of benefits early in 2016, in agriculture and services with companies based in Australia exporting to China and Chinese nationals coming to Australia, for health and treatments,” Woods said. issue 178 | austcham news
•9
2015 Cover ACCESS Story China Forum 1
3
2
6
7
10
8
11
14
15
12
16
Corporate Sponsor:
10 • austcham news | issue 178
4
5
9
This year marks the Chamber’s fourth ACCESS: CHINA FORUM. The event held on 20 November at JW Marriott Hotel attracted great turnout in sessions focused on building and strengthen Sino-Australian business connections. 1 Carmen So, Charlene Lam and Joyce Tsui of Fresenius Medical Care AP. 2 Bradley Peppinck and Craig Cowdrey of Australian Consulate-General.
13
3 Yvette Chan of KPMG and Steven Gibson. 4 AustCham Young Executives Chair Alex Oxford, Ryan Lawson of Sovereign Trust (HK) Ltd, AustCham Chairman Professor Richard Petty, Benjamin Wong of Wells Fargo Bank N.A. 5 Deirdre Lander of Tower Watson, Patrick Trainor of Comerstone Strategic Partners Ltd and AustCham Mentor Program Manager Mary Barbara Hanna. 6 Alfred Lee and Terry KT Lau of BDO Ltd. 7 Rong Fan of Addleshaw Goddard, Trish O’Niell of Australian Premium Wines and David Clynch of Aussie Property Invest. 8 Christopher Xing of KPMG and Adam Goern of TPA & Co. Ltd. 9 Jenni Kang of Austrade, Pinky Fung of The Fred Hollows Foundation and Teresa Tam of Primasia.
17
10 Brigitte Monchouguy, Jasper Dowding and Steven Gibson. 11 Robert Quinlivan of Macquarie Group, Professor The Hon. Bob Carr and Lie Ming Or of CA ANZ. 12 Sara Lynch of Minter Ellison and Michael Ling of CLP Holdings Ltd. 13 Ferdi Stolzenberg of Elegant Fortune Ltd, Tony Page of Mining Associates Ltd and Brett Stewien of Addleshaw Goddard. 14 Josephine Orgill of Barclays and AustCham Committee of Macau Members Chair Michael Usher. 15 Warren Liu of National Australia Bank and Windsor Cristobal of Wesfarmers Ltd. 16 Derek Ma and Amy Lo (right) of BDO Ltd with Catherine Dei of Austrade (middle). 17 David Simmonds of CLP Holdings with Moderator Sarah Clarke of Australia Plus.
issue 178 | austcham news
• 11
Feature Interview
Veteran Statesman Sees Pragmatism the New Normal in Australia-China Interview with Professor the Honourable Bob Carr, Foreign Minister of Australia (2012-2013), current Director of the Australia-China Relations Institute.
J
ust months after electoral change in Australia resulted in Labor losing office in 2013, former Foreign Minister of Australia, Professor the Honourable Bob Carr moved into another sphere of political debate – as Director of the AustraliaChina Relations Institute (ACRI) at the University of Technology, in Sydney. As the first think-tank devoted to Australia-China relations, ACRI focuses on fostering a positive relationship between the two nations, promotes informed policy development and encourages debate. This year marks 20 years since the veteran statesman, author and former journalist became Premier of New South Wales leading the State for a decade before retiring in 2005. In 2012, he returned to world stage as Australia’s Foreign Minister where he actively fostered stronger ties with Southeast Asia. As Foreign Minister, he was involved in negotiations resulting in the lifting of sanctions on Myanmar, campaigned for the passage of a global Arms Trade Treaty and contributed to Australia’s successful bid for a seat on the UN Security Council while assisting the then Prime Minister Julia Gillard in strengthening ties with China. Q: How important are forums such as the 2015 ACCESS China Forum? A: I think they are exceptionally good. The fact is, while I think I am reasonably familiar with the material, this morning I was learning a lot and I was seeing other Australians grapple with some of the issues in the Australia-China relationship. Q: Are the proposed new foreign investment rules likely to change the way we do business with China or is a positive move? A: China is continuing to open its economy and allow the market to play the biggest part, everything’s compatible with that. At the same time, they’ve retained the capacity to intervene, and one of the reasons that gives me confidence about China is the government’s capacity to make things happen. I think it would be a mistake to make too much out of the stock market. Yes, it did slump but that was after rising very steeply. The stock market is not the real economy in China and fewer
12 • austcham news | issue 178
people today believe China is headed for a hard landing than did a few months ago. I think that’s a significant shift. The assessment we’ve had today is China is going through an economic readjustment as it had always planned to do. Q: China has also flagged national security laws and we, in Australia, recently blocked this investment (Sydney Kidman) on the grounds of national security, is it a two way street normally? A: I think we are entitled to review foreign investment proposals in Australia. We’re entitled to say, from time to time, an investment won’t proceed and I think that’s good for foreign investment overall because the Australian public has confidence that foreigners aren’t having open slather. So the foreign investment review regime gives Australians confidence that these things do get looked at. Given that Australia has been very open to foreign investment, we are allowed from time to time to make a decision that says “no”. The previous Labor government took that decision about Singaporeans buying into the Australian Stock exchange.
as Relations - Ingrid Piper Q: Does the Australian Government need to be careful in the way it handles the transition away from the US towards China as the dominant economy in the world? A: I think you have got to be brave enough to say that our interests aren’t always the same as those of a great power. In other words, like other American allies, we can look at our own interests in China. Q: We’re about to negotiate with the AIIB, the FTA is moving towards actuality in the next 5-10 years, we’ve got Trans Pacific agreements, do we have too many trade agreements, are we in danger of playing too much politics? A: Bi-lateral free trade agreements are no substitute for a general agreement on tariffs and trade but the China one is defensible because that’s the direction our trade is going in. Other FTA’s could say, distort trading patterns, but this was a state of the art one. The advantages it confers won’t last forever but any advantages beyond what we’ve got, that other nations get, will flow on to us because of the most favoured nation provisions within that agreement. Q: Alan Oster, Chief Economist, National Australia Bank said today he doesn’t believe Australia will go into recession, how do you feel about that? A: Well that’s terrific news! We’ve had this run for 25 years without a recession. That puts us ahead of any other nation except Holland; it would be very nice for the Australian people to have this continue! And I hope he’s right on another front as well saying that just as the Chinese are in a transition so are we, that is, a transition away from a resourcebased economy is a good way of putting it. And I think there was a smile on every face (attending the forum) when he said that. issue 178 | austcham news
• 13
14 • austcham news | issue 178
Australia Focus
Pragmatic China Policy a Wise Move for Australia Australia is again leaning to pragmatism in China policy, even if it means disappointing the US. - Bob Carr
P
resident Barack Obama himself phoned Tony Abbott asking Australia to boycott the Asian Infrastructure Investment Bank. Last month in Beijing we became the fourth nation to ratify the bank’s articles. Now it looks as if we will not follow the US lead on the South China Sea. On October 27, the Americans sailed a guidedmissile destroyer within 12 nautical miles of Subi Reef in the Spratlys, supposedly to make a point about threats to freedom of navigation. The question hovered. Would Australia join the US, deputy sheriff’s badge glittering in tropical sunlight? Headlines suggested Australian patrols slicing through the disputed waters was just a matter of time. It emerged, however, that no other American friend, ally or partner was going to run ship transits in support of the US position. Not even Japan, which received a request from Obama during the Asia-Pacific Economic Co-operation summit. On November 22 Prime Minister Shinzo Abe ruled it out: “The Self-Defence Force does not engage in regular surveillance activities in the South China Sea at the moment and has no concrete plans to do so.” Hard to be more definitive. Britain and New Zealand are running pragmatic, national interest-based China policies; so are two other US allies, South Korea and Canada. Australian commentators, often seeing the world through a Washington lens, sometimes fantasise that India is in a trilateral or a quadrilateral (with the US and us, plus Japan). But there is no Indian interest. US and Australian ministers met in Boston in October. In John Kerry’s home town one can imagine the US charm and flattery being lavishly applied to ministers Julie Bishop and Marise Payne, with lofty invocation of freedom of navigation, summoning up Thomas Jefferson and the Barbary pirates, even Franklin Roosevelt’s destroyer deal. But on the ABC’s 7.30 on November 26, Malcolm Turnbull deliberately talked down
conflict in the South China Sea. This was a contrast with his first interview as Prime Minister on the same program on September 21 when he appeared to talk it up. In fact, he forced it into his dialogue with Leigh Sales. This time Turnbull downplayed the dispute. “It’s more newsworthy but it fails to capture the remarkable degree of unanimity and common purpose in the global community,” he said. Australian cold warriors had appeared excited at the image of a half-dozen navies, flags taut, weaving between reefs and islets of the Spratlys and the Paracels following the Stars and Stripes. It is not going to happen. Meanwhile, China hauling itself into middleincome status is the best news Australia’s got. In Hong Kong last month, one Australian investor said, “The hard landing scenario is probably a minority view now.” Growth of 6.5 to 7 per cent between now and 2021 looks a reasonable guess. In Beijing one of the country’s leading economists, Justin Lin of Peking University, told me he favours this projection. He has been consistently right about the Chinese economy for 25 years. It barely matters but the Shanghai Stock Exchange has bounced 20 per cent since August 26. The International Monetary Fund adheres to its view that by 2020 China will add 44 per cent to its economy. On the available evidence, then, China can be optimistic about elevating another 850 million into middle-class status by 2030. That is 70 per cent of its population with middle-class spending power compared with about 20 per cent now. The Australian Treasury recently confirmed Australia is suffering sub-trend growth, deficits as far as the eye can see, nothing to replace the resources boom. There is nothing on the horizon as promising for this country than China reaching middle-income status in 15 years. Like all other US allies, we’re entitled to run a China policy based on national interest.
Americans are realists; they would expect no less. I quoted Kurt Campbell in my diaries, saying in 2013 when it came to the America and China relationships, Australia could simply be “the most desired girl on the block”. Coolheaded, and correct. We bring our own weight to the alliance. We are the largest investment destination for US capital in the entire Asia-Pacific. We host two indispensable American communication bases that we flatter ourselves by calling “joint facilities”. We line up with a military commitment against Islamic State, and rightly so. We are expanding our submarine fleet, which adds, in anyone’s calculations, to the net Western or Allied presence in the Asia-Pacific. But, on the other side of the ledger, we run a pragmatic China policy based on our national interest. Washington will reserve its right to occasionally grumble. Meanwhile, it’s up to America to decide whether to turn the challenge of China into a battle for primacy, leadership and dominance; or whether it relaxes into dealing with what looks like an inevitable re-emergence of China as a great power. If the US attempts to persuade allies and partners to isolate China — and, to be fair, there’s no evidence that this is the settled American strategy — then they are likely to be rebuffed, as on the AIIB, as on naval patrols. US allies as diverse as South Korea, Britain and Canada, a partner like India, may come to view US lobbying against China as a bit eccentric. US allies may say, as did New Zealand Prime Minister John Key, there is room for more than one great power in Asia. Ouch. .
Former foreign minister and NSW premier Bob Carr is director of the Australia-China Relations Institute at the University of Technology Sydney. The article was first published in The Australian on 12 December 2015. issue 178 | austcham news
• 15
Cover Story Spotlight
P
ort Adelaide’s SAASTA Aboriginal AFL Academy team recently visited the Australian International School when they stopped by Hong Kong for their ten-day cultural exchange trip to China in late November. The visit to Australian International School was very well received by the Academy Team. The students were most polite and respectful and most importantly, were very engaged in each presentation. School visits are a key part of their trip, this also provides opportunities for the Academy team members to speak passionately about their background, to promote their culture and share their varying experiences. Similarly, in return, the Academy team members thoroughly enjoyed hearing stories from the school students about their own experiences growing up in a different country, or, for some of them, different countries. During their visit to China, the team also took part in a series of cultural initiatives including an exhibition game against Team China, the Chinese national AFL team, in Guangzhou, cultural exchange sessions at local schools, football coaching clinics, an official reception at the Australian Embassy and a visit to the Great Wall of China. Academy players spoke to primary school classes about their Aboriginal origins, i.e. what “country” or part of Australia their tribe originated from. As an extension to this each member spoke about their tribe’s native language and each chose a word to translate for the students
Port Adelaide chief executive Keith Thomas said the trip to China was a great reward for the Academy team members and works perfectly within Port Adelaide’s two key off-field strategic objectives – Aboriginal community programs and the continual engagement of the Chinese community.
Academy players then showed students traditional hunting weapons such as the Boomerang and spears that have been handed down from generation to generation.
Academy players performed their traditional “War Cry” for students. This War Cry or War Dance was originally developed by the Australian Boomerangs – the National underage Aboriginal team – and has now been adopted by this Academy team. They now perform this prior to every match they play.
The visit was completed with a lunch on the roof and the Academy team members and school students each placed painted handprints on a canvas as a symbolic sign of unity and respect
16 • austcham news | issue 178
Academy players held an Auskick training session showing the student s basic football skills such as kicking, handballing and marking.
Industry Insights
The 5 main Reasons to Consider Hong Kong when Investing in China As the top recipient of foreign direct investment (FDI) in 2014 (source: UNCTAD), China is unarguably an important destination for investment. Given the complexity of China’s regulatory environment and implementation procedures, Hong Kong has always been and continues to be the preferred jurisdiction for structuring both China inbound and outbound investments. In 2014, close to 72% of investments into China were through Hong Kong, while its second largest investor, Singapore, accounted for less than 5% of China’s inbound FDI (source: Investment Promotion Agency of MOFCOM). - Keri Wong, Vistra
B
elow are the main reasons why Hong Kong is favoured over any alternative.
1. Protection for the foreign parent company The private limited company is the most common type of entity to be registered in Hong Kong. It is governed by the Hong Kong Companies Ordinance, has its own independent legal personality and liability is limited to a shareholder’s subscribed capital. As a holding company for foreign investment into China (whether it is a wholly foreign-owned enterprise, joint venture (JV) or representative office), this structure may offer foreign investors more protection than a direct shareholding in a Chinese company and significantly more protection than creating a JV in China, where ownership is shared with a local Chinese partner. If a JV is used, structuring it at the Hong Kong level may offer greater flexibility and less risk for investors than setting up the JV in China. 2. Legal benefits Many investors in the region prefer their contracts and disputes to be governed by Hong Kong law and subject to the jurisdiction of the Hong Kong courts. This is because Hong Kong has a stable, mature and accessible legal system, based on the familiar concept of English Common law and supported by a fully independent judiciary. As a leading international arbitration centre, Hong Kong’s courts are renowned for upholding arbitral decisions that are consistently recognised in jurisdictions around the world. In addition, since 2006: an arrangement between Hong Kong and China has enabled the reciprocal enforcement of court judgments. This applies to final and conclusive financial judgments and to arbitral awards. Consequently, businesses that choose to use the Hong Kong courts may have more confidence that judgments will be upheld in China. Another attractive feature of Hong Kong’s legal system is the protection offered to intellectual property (IP). This is more extensive and enforceable in Hong Kong than in China, and many businesses operating in China may wish to register their IP rights through a Hong Kong holding company to ensure infringements are dealt with appropriately. 3. Additional flexibility Transferring or restructuring shareholdings in a Chinese vehicle is a lengthy process that requires compliance with Chinese regulations and cooperation of government authorities as well as extensive documentary approvals. Corporate restructuring at the level of a Hong Kong holding company, however, is a straightforward process of registration and filing. Although some reporting may be required in China for the change of shareholding of a Hong Kong holding company, it is easier and more efficient than restructuring a Chinese vehicle directly.
Hence, for businesses that operate in Mainland China or across the region, a Hong Kong company is an effective regional holding platform, streamlining the investment and disposal process of entities in North and South East Asia. 4. Potential tax benefits When investing in China through a Hong Kong company, certain advantages may be granted by the double tax agreement (DTA) between Hong Kong and China, which is one of the most well-established and familiar tax agreements to Chinese authorities: a) Dividends: under the DTA between Hong Kong and China, dividends paid by a Chinese company to a Hong Kong parent are subject to withholding tax at the reduced rate of 5%, provided the DTA conditions are met. Dividends paid by a Chinese company to a foreign investor are subject to withholding tax at the rate of 10% unless reduced under a DTA. b) Interest and royalties: received by a Hong Kong parent company from a Chinese subsidiary also benefit from the DTA – the maximum rate of withholding tax on both is reduced to 7%. This compares favourably with direct payment from China to other jurisdictions where the current withholding tax rate is 10%, unless otherwise reduced under a DTA. It must be noted that to take advantage of the DTA, the Hong Kong company must be able to demonstrate business substance in Hong Kong. In addition, Hong Kong adopts a territorial system of taxation where a tax exemption may be granted for profits that are not of a Hong Kong source. Profits derived in Hong Kong are only subject to a corporate tax rate of 16.5%. Hong Kong does not charge tax on dividends received by a Hong Kong company or withholding tax on dividends paid to shareholders (local or overseas). 5. Simple, efficient and cost-effective administration From an administrative perspective, incorporating a company in Hong Kong is quick, easy and cost-effective. It can be completed within 24 hours and requires only a minimum of one individual director. Company filings are limited and annual reports, accounting and tax filings are straightforward. Although the company must have a local secretary and a local registered office, directors do not need to be resident in Hong Kong. Conclusion With the modernisation of foreign investment policies in China and countries in the region, investing directly has become significantly easier in recent years. Nevertheless, many foreign investors still opt to invest via an investment holding vehicle based in a jurisdiction, such as Hong Kong, that offers better protection, familiarity and flexibility as well as accessibility when entering new markets.
For more information about setting up a Hong Kong holding company, please visit www.vistra.com. issue 178 | austcham news
• 17
Commentary ALCOLM TURNBULL bounded into the job of Prime Minister with the enthusiasm and optimism of someone who’d been waiting a very long time for it – which he had.
M
Sydney University Emeritus Professor of Politics, Rod Tiffen, recently collated stats revealing that Australia had been eagerly nudging towards Italy-like political instability for more than four decades.
After his December 2009 loss of the Opposition leader’s job to Tony Abbott, Turnbull recognised he had a number of skills to acquire.
He found that between 1970 and 2014, 69 successful leadership challenges were mounted in political parties in the six states and federally (he didn’t include switches in political leaders in the Australian Capital Territory or the Northern Territory).
The list wasn’t long, but held the key to the door of The Lodge – but first he had to reclaim the Liberal leadership. His learn-to list included: how to avoid being headstrong, while continuing to be an authentic politician; how to develop a centrist policy vision for Australia without alienating the extreme elements of his party; and how to breathe deeply and cultivate the excruciating art of patience. The first two skills were essential for Turnbull to craft himself as a modern liberal leader, acceptable to the disparate churches within his own Party and, importantly, to the broad sweep of voting Australia. Learning patience was just as important. Within every leadership aspirant, no matter how noble his or her aspirations, lurks an overblown ego busting to assert itself. And impatience – to become Prime Minister, to develop a policy vision for the country, to be seen as the superior intellect in parliament – had been one of Turnbull’s near-fatal flaws. But when you want something desperately enough, you do what it takes. Turnbull ticked off everything on his must-do list, reclaiming the Liberal leadership and, simultaneously, a bed in The Lodge. Being the first conservative federal MP to achieve such a feat must have given Turnbull some satisfaction. His presentation to weary Australian voters as a Prime Minister offering respite from gladiatorial politics, who talks optimistically of Australia becoming a forward thinking, cando-everything nation, has been received as hungrily as rain on a drought-affected paddock. His vision to turn a negative, inward-looking Australia into an outward, savvy nation has – so far – struck a chord. Two months on, the fickle barometers of public sentiment, the published opinion polls, continue to improve for the new PM. After thirty years working in the media and politics, the last seven advising companies about how to engage in the volatile Australian political and media environment, my observation is that Australia has shifted gears after a few decades of savage personality politics. I hope it’s not just a blip on the radar, as Aussie politics over the last few decades has been as unstable as a banana republic, sapping business and investor confidence.
18 • austcham news | issue 178
Thirty-seven transitions occurred in the thirty years between 1970 and 2000. Then the pace accelerated: in the following 14 years up to 2014, there were a staggering 32. Turnbull looks like he could be the one to change this toxic dynamic. Personally, he has nothing to lose. He forfeited a sevenfigure income and divested the equivalent of an MP’s lifetime salary in investments when he first entered parliament - for a backbencher’s salary of around A$180,000. Even as PM, his A$500,000 salary, give or take a few dollars, is chump change compared to his pre-politics earnings. Can he restore credibility and dignity to Australian politics? The portents are good. He has created ministerial portfolios of cities, and of innovation – two big, modern challenges for Australia’s future; declared the vast region of northern Australia a future premier economic zone, particularly for Asian investors; boosted the number of women in his cabinet; and forcibly retired half a dozen oldtimers who’d passed their expiry date a decade ago. He’s opened up a long-overdue debate about tax reform, and has flagged he will be zealous in positioning Australia as a major contributor, and beneficiary, of the Asian commercial success story. As he said when announcing his new Government’s core approach: "We're not seeking to proof ourselves against the future: we are seeking to embrace it. And this is a Government and a ministry that has that as its focus." Amen to that.
~ Kerry-Anne Walsh About the author: Kerry-Anne Walsh is a former political journalist and awardwinning author who is Director of KA Communications, an Australian consultancy specialising in helping Asian companies engage with key political, media and industry stakeholders in Australia. Kerry-Anne is also a premier media coach who creates an authentic voice for Asian executives whose businesses rely on their strong presence in the combative Australian media. She recently addressed AustCham Hong Kong about the political environment in Australia – www.kacommunications.com.au
AustCham Members in Macau Consular Briefing and Macau Mingler
A
ustralian Consul-General, Mr Paul Tighe conducted a briefing for Australians living or working in Macau in late November. The briefing provided an overview of passport and consular services, immigration services, trade promotion and other activities undertaken by the Consulate. The briefing was then followed by AustCham year-end networking drinks in Macau.
Thank you to our sponsor Aristocrat and venue partner Banyan Tree.
Andrew Scott of World Gaming Group and Campbell McLean of Aomen TV.
AustCham Committee of Macau Members Chair Michael Usher, Craig Cowdrey of Australian ConsulateGeneral and Nathan Tuck of event sponsor Aristocrat.
Carolina Ung of Zonta and Tony Dick of Tea Concepts.
Liviano Lacchia of Galaxy, Stuart Kennedy of Dallmeier International, Geoffroy Thonon of Manetic and Colin Stass of Adeas.
Catherine White of Sands and Mary Antoniou of Australian Consulate-General.
Johnson Wong of eWater and Joshua Strehle of Australian Consulate-General.
Corporate News Design Set for Unique Mall Experience
A
warded global design and consulting firm Woods Bagot recently completed two major projects in China, Fantasia OMG Mall in Guilin and Hangyang Admiral City Mall in Nanning. The Woods Bagot-designed Fantasia Mall is situated in the new development district of Guilin and positioned to be a ‘young, colorful and playful’ mall, targeting the mid-range spending customers. The 18,000 sqm space features five floors and a basement; with a number of retail and F&B outlets. Significant effort was made in the overall design approach to ensure that each of the ‘Fantasia’ malls share a common language, at the same time be unique and responsive to the local market. “The Fantasia Mall project was a great opportunity to design a space that directly reflected the developer’s brand and at the same time create a unique mall experience for their customers,” says Woods Bagot Principal, Christopher Lye. Woods Bagot also took lead in the reposition project to renovate Guangxi East Hangyang Investment Group’s Nanning Hangyang Admiral City Mall with a new unique service offering. The Mall locates in the center of Nanning, Guangxi Zhuang, consists eight levels that includes cinema, supermarkets, food plaza and retail within a GFA of 150,000 sqm. The site is well connected to the adjacent metro station, hotels and a number of office towers.
issue 178 | austcham news
• 19
Chamber's Voice
AustCham Advisory Council AustCham announces the launch of The Australian Chamber of Commerce in Hong Kong and Macau's Advisory Council. The Chamber would like to thank the founding members of this council for their kind acceptance of this important role.
AustCham Advisory Council Mr Paul Tighe Consul-General, The Australian Consul-General Hong Kong and Macau
Ms Anita Fung, BBS, JP
Director, Hong Kong Exchanges and Clearing Limited
Mr Cliff Sun, BBS, JP
Executive Director, Kinox Enterprises Limited
Dr David K P Li, GBM, GBS, JP Chairman and Chief Executive, The Bank of East Asia
Mr Edward Kwok Wai Tak A cocktail reception was held at the Australian Residence earlier this month to welcome the Advisory Council members.
Chairman, ACMC Group (Australia) Limited
Mr Herman Hu Shao-ming BBS, JP Chairman, Ryoden Development Limited
Mr HL Kam
Group Managing Director, Cheung Kong Infrastructure Holdings Limited
Dr Joseph Lee, GBS, OStJ, JP
Chairman, Wofoo Plastics & Chemicals Group
Mr Kenny Zhang CEO/Chairman, Waratah Group
Mr Richard Lancaster
Chief Executive Officer, CLP Holdings Limited
Ms Sophia Kao
Member of the Central Policy Unit of the Government of the Hong Kong Special Administrative Region
20 • austcham news | issue 178
Committees in Action AustCham Young Executives: 12th CEO Forum
T
he AYE Committee held its last CEO Forum for 2015 at the Herbert Smith Freehills office on 3 December. It was a record number of attendances by the young executives and friends to listen to the topic of “Understanding the Role of Technology in Today’s Business Environment”. The three guest speakers were Sam Gellman, North Asia General Manager of Uber, Leonie Valentine, Director Customer Experience (APAC) of Google and Michael Tempany, Director of SMS Management and Technology Asia. The panel discussion was moderated by Damien Bailey, Partner of Herbert Smith Freehills. The theme of innovation was strong throughout the discussion where Sam alluded to the ‘best idea wins’ concept at Uber to foster innovation. Moreover by challenging the definition of luxury, Uber revolutionized the car industry. Leonie shared that a strong founder led company aids innovation as evidenced at Google through implementing the 20 percent time concept to allow employees the freedom to work on any innovative idea they choose for 20 percent of their time. Michael advised those of us working in larger corporate ‘stodgy’ companies to agitate change and innovation if it does not come fluidly. The speakers also discussed innovation in
China where in the absence of Facebook, WeChat provides various different offerings to Facebook to their millions of users. The speakers also provided some tips for those interested in making a career move into the tech industry. Whilst qualifications are necessary for certain jobs within the industry, cultural fit is extremely important. The drive and ability to execute is also imperative. The anecdotes and advice provided by the speakers resulted in a very engaging and insightful discussion. The AYE would like to thank Sam, Leonie, Michael and Damien for taking the time to share their experiences with us, and also Herbert Smith Freehills for their ongoing support to our CEO Series.
- Ruth Haller, Zurich Insurance Company Ltd
T
o enquire about advertising, submit an article, comment or respond to austcham news, please contact Karen Wu at karen.wu@austcham.com.hk or call +852 2522 5054.
issue 178 | austcham news
• 21
AustCham ANZ Mentor Program
A Chat with mentors and protégés Where to you work? I work as the Global Fundraising Director at global Not for Profit (NGO), Animals Asia. I consider myself blessed and lucky to do something I love every day. Animals Asia’s core focus is improving the lives of all animals across Asia. With offices across the world, Animals Asia spearheads three important programmes: Moon Bear Protection, Cat and Dog Welfare, and Captive Animal Welfare. All three programmes are conducted under our core culture and banner of “Respect Life, End Cruelty”. Why did you join the Mentor Program? I was looking expand my personal learning and development. Mentors have always played a crucial role in my career. I need some external advice and a good sounding board to talk through some critical business and career decisions.
er Bianca Fischising Director at Animal Asia dra - Global Fun f Class 2015 - Protégées o
How long have you been in Hong Kong? I have been in Hong Kong coming up a 3 years. I can’t believe how quickly the time has flown by, I have loved every minute of it. What has surprised you most about living in Hong Kong? The thing that surprised me the most was the outdoors. When you picture Hong Kong you always visualize skyscrapers, concrete jungle…but no one really talks about the actual jungle that’s right on our door step. There are so many things I truly love about this place, stumbling onto a hidden temples, popping for a coffee or drink at the very many cool bars and cafes that are tucked away. Not to mention, the ease of travel, it’s so easy to access the rest of Asia from Hong Kong.
Please share something you've learned thus far in the program. The program has been a life line to me this year. My mentor was a perfect fit and through her coaching and development I have managed to navigate through some very challenging business situations. My mentor had the ability to ask me questions which made re-access, stop and think. It also pushed by personal development by challenging me in areas that needed addressing. I will be forever grateful to my mentor, Amy, who came into my life to motivate, rebalance, focus, push and challenge me…right when I needed it.
Program sponsor:
T
he AustCham ANZ Mentor Program continued its’ innovative approach to mentoring by providing a “mini” round-table session for program participants and guests. Using an idea presented by a current protégé, the lunchtime event provided a platform to hear current program mentors speak on a topic of their expertise. David Thomas, Michael Madigan, Susanna Chan, and Amy Benger adeptly presented Managing Leadership Transitions, Managing Up, Education v. Experience in Leadership Positions, and Working Across Cultures, respectively. The small group discussions provided an excellent forum for asking questions, exchanging ideas and sharing insights. Thank you to Mitner Ellison for their hospitality in providing the comfortable meeting space. January’s event is Turn the Tables during which six protégés will speak on topics of their choosing. For more information on this event or the AustCham ANZ Mentor Program, please contact program manager, Mary Barbara Hanna at mentor@austcham.com.hk. ~ Mary Barbara Hanna, AustCham Mentor Program Manager For more information and details of AustCham Mentor Program, please contact AustCham Mentor Program Manager Mary Barbara Hanna at mentor@austcham.com.hk.
22 • austcham news | issue 178
Membership eCard Benefit AustCham
Membership eC
ard
In December, AustCham members can enjoy special discount on air fares and holiday packages offered by Qantas Holidays.
Special Air Fares Discount on return ticket from Hong Kong to Australia on Qantas Airways: - HK$200 per adult - HK$150 per child * Not applicable on group and special promotion. Qantas Holidays Discount on Qantas Holidays Packages to Australia: - HK$200 per adult - HK$150 per child * Australia Tours are also available.
For further information or reservation, please call 2737 6798 or email jetabout-hkg@holidaytours.net www.jetabout.com.hk - Terms and conditions apply. - Offers are subject to availability.
k Than ! you
Member Classifieds Australia Registered Tax Agent in Hong Kong
Holistic Business Consulting Pty Ltd. Chartered Accountant We specialise in tax planning for Australian Expatriates, tax returns preparations, private rulings for deductions. www.myoztax.com Call Tommy Ip on +852 69018136 or email: tommy@myoztax.com
issue 178 | austcham news
• 23
New Members Platinum Patron Addition Australia & New Zealand Banking Group Ltd Alfred Bae Head of Business Management, CEO Office, Hong Kong Carole Berndt Managing Director, Global Transaction Banking Chris Wai Ho Chan Investment Operation Manager Matthew Chan Associate Director, Client Insights & Solutions Charlotte Collins HRBP, International Banking, Global Banking, BPM, CCM, Global Markets and Global Loans Hong Kong Lisa Daniells Enterprise Services Delivery Lead, APEA Anthony De Rosa Senior Relationship Manager, Expatriate Business Cameron Dick CAO, GTB Karen Jing Feng Associate Director, HK Research & Analysis Melody Fu Editor, ANZ Research Jin Hur Manager, Research & Analysis Eric Ip Senior Finance Manager Daniel King General Manager of HR, International Banking Agnes Lai Business Development Manager, International Affluent Banking Mickael Le Gargasson Director, Client Insights & Solutions
Lositta Ka Pik Lee Resourcing Advisor Felicity McKinnon Director - Lending Services, ANZ Bank Ltd Francyn Stuckey Head of Capabilities, Client Solutions, GTB Karen Tsao Associate Director, Business Risk Strategy & Efficiency (BRSE) - Asia Zoe Wang Manager, Structured Asset and Export Finance Snowy Zheng Learning and Development Manager Commonwealth Bank Of Australia Jane Bryant Senior Adviser, Public Affairs and Communications Ernest Cheng Client Service Manager, Commonwealth Private Bank Lachlan Evans Associate Director David Hamilton Senior Private Banker Esme Hodson Head of Compliance Robert Jesudason Group Executive, International Financial Services Preema Kabir Talent Acquisition Partner Kenny Chi Hang Lau Sustainability and Quality Manager Christine Ma Client Service Manager, Commonwealth Private Bank Justin O'Donnell Executive Manager, Digital Banking Asia Jane Roberts Executive Manager, IFS ES
AustCham Platinum Patrons
24 • austcham news | issue 178
Suzanne Rouse Senior Assignment Manager, Group People Services, Human Resources Anita Shimazu Human Resources, International Financial Services Cassandra Teasdale Project Manager Chloe Quy Fong Vuong Private Banker, Commonwealth Private Bank Rebecca Walkey Talent Acquisition, IFS Alvin Wei Director, DCM Origination Rebecca Wiggins General Manager, Organisation Development & Capability Exchange Rufina Wong Finance Officer, Hong Kong Karen Yingxiu Yan Senior Associate Structuring CRS Global Markets Eric Ka Tsun Yeung Senior Associate - Transport Asia KPMG Cynthia Oi Chi Chui Manager Franessa Tsz Ying Lam Consultant Grace Lee Indirect Tax Manager Sebastian Leotta Director, Private Equity Tim Luong Assistant Manager, Global Mobility Services Yiu Tak Wan Management Consultant Ramsey Yu Manager, Debt Advisory
On The Scene
Our
company provides, audit and taxation services. Additionally, our affiliated company provides accounting and company secretary services for Hong Kong companies. W www.kkchoco.com.hk T (852) 3996 7398 E kkcho@kkchoco.com.hk
Peter Bennett with Ami Yu and Alfred Lau of Ovolo Hotels.
Tom Huckerby of Phoenix Executive Search and Patti hunt of Make Studios.
Warwick Pearmund of Bo Le Leaders Ltd and Elvin Wong of Intellect Principle Ltd.
Ian Thomson with Geraldine Johns-Putra of sponsor Minter Ellison and Trish O’Neill of Australian Premium Wines.
Anil Utamchandani of Crossings Executive Search, Angelo Iannazzo and David Clynch of Aussie Property Invest.
Paula King of sponsors Ambition and AustCham Chief Executive Drew Waters.
AustCham Business Development Manager Jason Quinn, Craig Stevenson, Scott Austin and Rebecca Lucas of Telstra.
Adler Ho of Adler Ho Property Consultants, Michael Madigan of OBE Organic and Charlotte Le Gargasson.
Tara Nangia of Gibson Innovations and Elisha Vincent of Macquarie Group.
Hosted by AustCham Women in Business Network, the November Mix at Six was held at W Hong Kong’s WET Deck. Special thanks to network sponsors:
issue 178 | austcham news
• 25
On The Scene
Over 70 guests attended the luncheon on the day.
AustCham Chief Executive Drew Waters, Minister The Hon. Andrew Robb and AustCham Chairman Professor Richard Petty.
A
ustCham hosted a luncheon for Australia Minister for Trade and Investment, The Hon. Andrew Robb AO MP during his visit to Hong Kong. The Minister addressed guests on different topics including China-Australia Free Trade Agreement, tourism development and his vision for infrastructure investment in the region.
Wendy Tong Barnes (left) and Joanna Chen (right) of Cheung Kong Infrastructure Holding with Yvonne Chan of Austrade (middle).
Congratulations to all the lucky dr aw win ners on th e night!
26 • austcham news | issue 178
Millie Edwards with Gavin Denton of Arbitration Chambers Hong Kong.
Linda Yan of National Australia Bank and Anthony Barry of Aurecon.
AustCham’s end-of-year party Christmas Mix was held at the beautiful garden lounge in Hong Kong Club on 11 December. Special thanks to event sponsor Cheung Kong Infrastructure, The Pulse and all the prize sponsors on the night!
AustCham Board Director Clement Chan with AustCham Advisory Council member Ms Sophia Kao.
Tamara Bond of Animals Asia and Ashley Miller of Hays Talent Solutions.
Ashley Alcock of Spring Property & Construction, Graham Ackroyd and Lee Hecht Harrison and Ian Robinson of Robinson Management Ltd.
Luca De Leonardis of Invest Hong Kong, Scott Steyn and Katie Wilkinson of Prime Time Training and AustCham Business Development Manager Jason Quinn.
Sarah Griffin and Matthew Antico of Emporio Antico.
John Barclay of Primasia and AustCham Deputy-Chair Tom Corkhill.
Edward Gumbley of Mann Made HK Ltd and Peter Keller of The Hub Hong Kong.
Mark Smith and Manuel Alvarez Muñoz of Leighton Asia.
Kevin O’Shaughness and David Boehm of The Hub Hong Kong.
Matt Clarke of SMS Management & Technology and Greg Penn of CBRE.
Christopher Dee and Trena McFarland of Cheung Kong Property Holdings Ltd.
Emily Trusler of Ernst & Young and Vivien Lau of Abacare.
Boyd Merrett of Leighton Asia, Michael Camerlengo of KPMG and Paul Hart of Knight Frank.
Winnie Janusz and Sebastian Cheung of Candid Properties Ltd.
More coverage can be found on our online photo album: www.flickr.com/photos/austchamhongkong
Mariam Fergusson of Prudential Corporate Asia, Maree Higgins with Eliza Wong of IRI-Aztec.
issue 178 | austcham news
• 27
CONNECT
ENGAGE
REPRESENT
The Australian Chamber of Commerce Hong Kong and Macau 香港及澳門澳洲商會
| www.austcham.com.hk