austcham news Issue 192

SME EDITION The Australian Chamber of Commerce Hong Kong and Macau 香港及澳門澳洲商會

ISSUE 192 | 2017

Then and Now: AustCham Celebrates 30th Anniversary

Entrepreneurship Drives Co-working Space Success for SMEs in Hong Kong P.8

Feature Making Waves to Foster Innovation, Creativity and SMEs in Hong Kong

P.14

Spotlight Bridging Australia and Hong Kong Free Trade Agreement

Hong Kong Focus How the workplace environment can help SME firms retain talent and increase productivity? P.10

www.austcham.com.hk

Contents

austcham news issue 192 03 Chamber Chatter

05 Events Update 25 July - Women’s Technology and Business Program.

06 Cover Story Entrepreneurship Drives Co-working Space Success for

SMEs in Hong Kong

08 Feature Making Waves to Foster Innovation, Creativity and SMEs in Hong Kong

10 Hong Kong Focus 12 Australia Focus A Year of records and the maturing Chinese investment in

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 Editorial Committee: Drew Waters Karen Wu Advertising: Karen Wu Email: karen.wu@austcham.com.hk

Australia in 2016

CONNEC T • ENGAGE • REPRESENT

14 Spotlight

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.

15 Membership eCard Benefit

16 Industry Insights

18 Then and Now: AustCham Turning 30

21 Committee Comment

23 Committees in Action

22 Corporate Profile The Murray, Hong Kong, a Niccolo Hotel

Disclaimer:

25 Book Review

26 ACBA 2017 Follow us on: Facebook Twitter LinkedIn

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 © 2017 The Australian Chamber of Commerce in Hong Kong and Macau

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Chamber Chatter

Chairman's Column Following on from my message last month on the prospective Australia-Hong Kong FTA, I am pleased to advise that on 16 May, AustCham co-hosted, with the Hong Kong General Chamber of Commerce, a breakfast in Hong Kong attended by The Honourable Steven Ciobo, Minister for Trade, Tourism and Investment, Australia, and The Honourable Gregory So, Secretary for Commerce and Economic Development, Hong Kong Special Administrative Region, to officially launch negotiations in support of the Australia-Hong Kong FTA. Australia and Hong Kong have an excellent existing trade, business, and economic relationship but there is more that might be done with an Australia-Hong Kong FTA in place. The challenge is to prove the business case for such an agreement. To achieve this: • Business and government on both sides must be very clear as to the bilateral nature of the Australia-Hong Kong relationship. In particular, the potential benefits of Hong Kong investment in Australia need to be better understood so that the benefits and costs of allowing greater investment from Hong Kong into Australia and vice-versa can be properly assessed.

• There needs to be a deep understanding of existing trade flows between Australia and Hong Kong and where the present connections are at an industry level so that existing trade between Australia and Hong Kong can be leveraged to best develop economic and business ties between Australia and Hong Kong.

• Australia and Australian business need to understand what complementarities exist between Australia and Hong Kong so that they can identify where the opportunities are, and they must understand how the existence of a FTA would help in taking advantage of those opportunities.

• Australia and Australian business need to understand what Hong Kong’s imperatives are and how they relate to what Australia can offer to Hong Kong and what Hong Kong can offer to Australia.

The business case for a FTA between Australia and Hong Kong is yet to be made. Doing that business case is an important next step. To this end, the Department of Foreign Affairs and Trade (DFAT) has called for written submissions on the potential opportunities and impacts of a Free Trade Agreement (FTA) with Hong Kong. The Chamber will make a submission to DFAT, and we encourage members to also consider making submissions. ..........................

On June 8, I attended the regular monthly Thursday luncheon with Hong Kong’s Chief Executive, The Honourable Leung Chun-ying (CY Leung). The CE spoke at length about his time in office and the various challenges, past and present, facing Hong Kong. It was an impressive speech that gave those in attendance great hope and encouragement regarding Hong Kong’s future. CY Leung has supported AustCham on many occasions during his 5-years in office. We thank him for his support and wish him all the best.

The Chamber is fortunate to also have an excellent relationship with the Chief Executive-­designate of Hong Kong, The Honourable Carrie Lam. We look forward to working closely with Mrs. Lam to ensure that Hong Kong remains a great place to do business. ..........................

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 192 | austcham news

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Chamber Chatter

Across My Desk

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lexibility in the workplace has long been a topic of discussion, whether it is simply work hours variation, or more robust solutions such as collaboration spaces within existing offices or wholly shared and open work environments. The availability, and competition, of co-working spaces has become the latest solution to mitigating high costs of commercial real estate while creating a flexible and engaging environment for creative endeavours, be it established organisations or start-ups. It also provides more established companies a welcome overflow capacity or the ability to house project teams without impacting existing floor space requirements and subsequent cost implications.

Following are some great accounts of Small to Medium sized Enterprises who have utilised the flexibility of co-working space in Hong Kong. As SME’s account for such a large portion of the Chamber membership this has become a topic of much discussion lately, and the success of commercial operations offering such solutions is testament to the demand for such places.

Happy Anniversary, AustCham! 30 years is a pretty significant milestone for any member based organisation, especially in such a transient location as Hong Kong. We remain the second largest of the international Chambers of Commerce in Hong Kong, and the largest Australian chamber outside of Australia, which grants us significant attention and opportunities. I believe we’ve been able to deliver high levels of access and collaboration with the Governments of both Australia and Hong Kong for our members over this

extended period, and have contributed to the continuing high regard both countries have for each other.

Kicking off the celebration was a Summer Drinks event at the Grand Hyatt Pool House, themed “Then and Now”. The event was sold out several weeks prior to the night with some of our oldest members and executive present alongside some of our most recent. We were able to add to the vast album of photo records the Chamber holds as well as gaining some great comments on some of the legacy images.

Thanks everyone for a great evening.

We are running towards the end of our first Women and Technology series, which has been so successful, the Women in Business Network are already planning the next cycle. Thank you to the thought leaders within the Chamber who have contributed their time and their exhaustive knowledge to the success of the initiative.

Thanks, also, to the University of Wollongong for taking up the sponsorship mantle for the AustCham UOW Mentor Programme for the 2017-18 season. This is the fifth cycle of this highly recognised programme which has attracted so much attention that we needed to restrict the numbers for this intake. The first event, as in previous years, was the “Speed Matching” evening kindly hosted by KPMG and attended by the majority of the Mentors and Mentees. It was loud. It was fun, and it attracted some unusual pairing requests. There will be many more reports on the success of the programme during the year and our facilitators, Tanya and Liz from Speak, will keep us all updated.

I look forward to seeing you all at anniversary celebrations throughout the year.

Drew Waters, Chief Executive

AustCham Announcement At the AustCham Board meeting on Wednesday 5th July 2017, new officers were elected to lead the Board of Directors of the Chamber.

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ocal NGO Kids4Kids is hosting their Powered by Youth (PBY) Forum in September. The forum will focus on developing well-rounded, forward-thinking leaders who excel in being change-makers, taking action, and supporting the community.

In the annual 2-day forum, students aged 12-17 take part in 'Power Groups' focusing on personal strengths, and 'Passion Groups' targeting social issues. Groups then create Community Act!on Projects, go through 'Step Up' workshops on pitching, writing advocacy, articulating personal values, and creative messaging. Finally, they pitch to a judging panel for a chance to bring their ideas to life.

Successful projects join Act!on for a Cause and are allocated seed funding and a Kids4Kids mentor to help deliver the project and measure its impact.

Community Corner

For more information: http://kids4kids.org.hk/en/news/pby2017 AustCham is a non-profit organisation and provides this space free of charge to other, selected non-profits or charities.

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As part of the normal process, Professor Richard Petty made a planned transition, and Andrew Macintosh was elected as our new Chairman. Darren Bowdern and Fiona Nott were elected as Deputy Chairs, and Rob Quinlivan was elected Treasurer.

Thanks to all of our Directors for their continuing service in making this such a vibrant Chamber of Commerce, and a very special thank you to Professor Petty for his dedication, direction, and guidance during his time in the Chair. Richard will remain on the board for the following year as Immediate Past Chairman, and we look forward to his continuing active participation in the Chamber.

Congratulations to Andrew, Fiona, Darren, and Rob on their new roles.

A Letter from Canberra Thankfully, it appears only 18 Australians fell prey to the recent WannaCry Ransomware incident. That is 18 too many, but a far cry from the reported 200,000 in more than 100 countries.

Small business owners have no qualms investing in security systems, locks, safes and CCTV to protect the information and products in their physical premises.

But of those, 12 were small businesses.

Before entering politics, I had my own small business for ten years.

Then I had two advisors I employed to mitigate risks – my insurance broker and my tax agent. If I was in small business today, I would add an IT consultant to those trusted advisors.

There are 2.1 million small businesses in Australia today.

Eighty-four percent of them operate online.

And 60 percent have no staff.

No human resources department. No IT team. No marketing unit.

For most of them, it’s just the owner doing the business, drumming up the business and managing the administration after hours, usually from their kitchen table or home office with a mobile and a lap top.

And it’s just the owner trying to work out how to secure their online environment, usually last on a long to do list in any rare spare time.

A recent survey by the New South Wales Small Business Commissioner found nearly 30 percent of small businesses had been victims of cybercrime – yet only 10 percent saw cybercrime as their number one priority. And only 20 percent use cyber insurance to protect their business.

If small businesses are to take advantage of the boundless opportunities offered online, they need to be mindful of the risks and manage them.

But some seem reluctant to regularly patch and back up to guard the information and products in their online space.

Because I wouldn’t want to wake up one morning to find my years of hard work and personal sacrifice, my contacts and intellectual property and, most importantly, my reputation were being held to ransom by an anonymous cybercriminal.

And that it was going to cost me thousands of dollars to get that precious data back and save my business.

Gai Brodtmann MP, Federal Member for Canberra and Co-Convenor of Parliamentary Hong Kong Friendship Group

And they need to shift their thinking. They need to stop treating cybersecurity as a tech geek “nice to have” and start treating it as a risk mitigation “must have”.

EVENTS UPDATE JULY AT A GLANCE… Mon, 10 July, 12:00pm – 2:00pm Marketing & Media Network – Leadership Luncheon with Michelle Guthrie, Managing Director of ABC Harcourt Suite, 1/F, The Hong Kong Club, 1 Jackson Road, Central Tue, 25 July, 6:30pm – 8:30pm Women’s Technology and Business Program: Blockchain – What are the opportunities & impacts of distributed ledger technology? (Session 6) CBA Office, 13/F, One Exchange Square, 8 Connaught Place, Central

AUGUST AT A GLANCE… Wed, 2 August, 7:00pm – 9:00pm InterCham Small Business Network Summer Drinks Jamie's Italian, 2/F, Soundwill Plaza II- Midtown, 1 Tang Lung Street, Causeway Bay Thur, 24 August, 7:45am – 9:00am Have you set up your savings and investments in a tax efficient manner for your eventual return home to Australia?

Dot Cod Seafood Restaurant and Oyster Bar, Basement, The Landmark Prince, 10 Chater Road, Central Thur, 24 August, 6:30pm – 8:30pm Women in Business Network Summer Drinks TBC

issue 192 | austcham news

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Cover Story

Entrepreneurship Drives Co-working Space Success for SMEs in Hong Kong - Ingrid Piper

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he question is not whether co-working or flexible space works in Hong Kong but rather how much further it’s likely to

disrupt traditional concepts of work and office space for SMEs, local and multinational corporations.

According to the Hong Kong Trade Development Council (HKTDC) more than 40 operations1, representing more than 350,000 square feet of floor space, are actively vying for SMEs in Hong Kong’s

Like elsewhere in Asia, Hong Kong’s increasing appetite for flexible workspace is part of a worldwide trend. Growing entrepreneurship, new technology, Millennial dissatisfaction with the traditional work-life balance, a growing reliance on portfolio careers, the advantages of working in a community of like-minded individuals plus cost savings are all attractive reasons why more SMEs are establishing themselves in well designed co-working spaces.

Much of this demand is being created by new entrepreneurs.

Last year, more than 2000 startups (companies in their first stage of development)2 with an estimated value of around $U.S. 3.2 billion3 operated in Hong Kong, focused on information and technology, hardware, ecommerce, professional services, design, education, financial technology, healthcare and data analytics.

expensive commercial real estate market where startups traditionally face costly fit-outs, high rents

Space and creativity

and inflexible leases.

Co-working spaces provided by service operators vary greatly.

At the base level in this sharing economy are restaurants and cafes providing workspace out of dining hours 4 aimed at those who work from home or freelances.

Interview with: Joanna Keogh, Director, Commercial Strategy for LUXE City Guides and Founder & Director of Luxuosa Residences

However, most flexible working spaces are more sophisticated.

Entry level can be as low as $HKD 99 a day for open plan hot desk space, wifi and a coffee bar. Rates rise to between $HKD 4000-5000 a month for 24/7 access and dedicated desk space.

Free beer, snacks, mini bars, beanbags, barbeque space and social events can also be included in these offers.

For SMEs and startups, these cost effective spaces provide flexibility to grow or contract a businesses without risk. SMEs are welcome to additional workers to fit growing needs or

“Co-working spaces give me a great base regardless of where I am, and a consistent, reliable and fun office space to work from, or hold meetings ….”

Joanna Keogh, Director,

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Commercial Strategy for LUXE City Guides and Founder & Director of Luxuosa Residences

expand in to professional serviced office space while still remaining in a creative work environment.

Many spaces are harnessing this creativity, looking at add-on events introducing SMEs to like minded entrepreneurs, and acting as incubators encouraging innovative startups to take the next steps in their development with introductions to venture capital.

“More than 40 operations representing more than 350,000 square feet of floor space are actively vying for SMEs business in Hong Kong…”

Hong Kong Trade Development Council

Not just Millennials It’s tempting to think flexible working spaces are solely for young entrepreneurs, but that’s simply not the case.

Corporations are also taking advantage of this growing trend in a variety of ways.

of each other, and the work we are doing and doesn’t eavesdrop or disrupt you with loud talking. Sydney’s Work Club is a little more formal with rows of desks and smaller communal / social breakout areas.”

Learning from sharing

Although a recent report by Colliers International found that more than 60 per cent of co-working space users are aged 30-505 , Hong Kong’s new sharing entrepreneurs are much younger, in the 20-29 age group. Visit the bright and colourful co-working space The Wave in East Kowloon and it’s easy to see the creative environment local entrepreneurs are typically choosing for their first forays in business.

Some spaces support technology based SMEs, others encourage a club-like entrepreneurial community. Spaces like WeWork, with offices in Wan Chai and Causeway Bay, offer users access to a global network of offices and meeting spaces for its members.

Using both Metta in Hong Kong and Work Club in Australia is Joanna Keogh, Director, Commercial Strategy for LUXE City Guides and Founder & Director of Luxuosa Residences.

“These co-working spaces give me a great base regardless of where I am, and a consistent, reliable and fun office space to work from, or hold meetings. I really love the energy of a well designed co-working space, and I have been able to meet some valuable contacts just through talking to people sitting next to me at a desk, or getting a coffee,” Keogh says.

“Work Club and Metta both offer great concierge services which are actually hosted by LUXE City Guides so you can always lean on their staff to give you recommendations on where to eat, shop, drink or stay in a particular city.”

Keogh says she finds Hong Kong’s spaces to be more communal and social then those she uses in Australia.

“Metta has two perfectly sized meeting rooms when you want privacy for a conversation, but I find everyone is very respectful 1 2 3

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The growth of SMEs and startups taking up flexible office space has also attracted the attention of multinational corporations.

Rapidly developing technology, the possibility of losing talent and creativity, reduced costs and greater flexibility for shortterm projects are just some of the reasons why big business is also moving into the co-working space.

In September 2016, HSBC leased 300 hot desk spaces at WeWork’s Causeway Bay base for its digital and transformation teams6. In 2017, Australia Post moved into Melbourne’s CBD based Hub Southern Cross to get closer to growing small business7.

Connectivity and community networking within co-working spaces is the perfect incubator for innovation.

In Hong Kong, many established businesses now recognise the opportunities to monetise these new technologies and ideas and are keen to assist co-working SMEs and startups to incubate their ideas. Offers include everything from professional advice and business services, to incubation. With Hong Kong’s growing interest in flexible working space and growing recognition of these spaces as innovation hubs, SMEs and startups are likely to have even greater opportunities for incubation in the future.

In the short term, Hong Kong’s growing number of co-working spaces means the market is becoming increasingly competitive.

Mark Sims, Executive Vice President SG Ventures and Co-Chair, AustCham Hong Kong & Macau’s Small Business Network believes that over time this competition will result in closures and mergers. He believes this will ultimately be good news for Hong Kong’s SMEs and innovation.

Source: http://hkmb.hktdc.com/en/1X0AA14T/first-person/Workplace-of-the-Future Source: http://www.investopedia.com/ask/answers/12/what-is-a-startup.asp Source: http://www.go-globe.hk/blog/hong-kong-startup-ecosystem/ Source: http://www.abc.net.au/news/2017-06-12/restaurants-turning-into-co-working-spaces-for-entrepreneurs/8575272 Source: http://www.colliers.com/en-gb/asia/flexibleworkspaceoutlook2017/blog-coworking-what-is-it Source: https://e27.co/major-hong-kong-bank-just-moved-digital-transformation-team-coworking-space-20160923/ Source: http://www.smh.com.au/business/property/coworking-grows-35-in-year-20170209-gu95zx.html

issue 192 | austcham news

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Feature

Making Waves to Foster Innovation, Creativity and SMEs in Hong Kong - Ingrid Piper

- Ingrid Piper

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right yellow signs, a massive digital screen streaming videos and pumping music certainly advertises that The Wave co-working space in East Kowloon is unashamedly young, happening and open for business.

The complex in Hing Yip Street, Kwun Tong, began operating early in 2016. It includes an open plan co-working space available for rent from $HK 99 a day, to monthly 24/7 access and private workspaces. Individual offices are available for hire on another level and a third level includes a relaxed open plan meeting space and a large conference area. The building also contains food outlets and a 24-hour gym, should clients feel the need to take a break from creativity. Open space on the ground floor is used for Pop-Up events.

which is expanding into the new business of co-working. My role is multifaceted, part of it is venture capitalism and the other part is innovation and business development.

“At The Wave we work very hard to create an environment where young people are part of a creative community and not just a tenant. Often in Hong Kong, there is a tendency to just provide serviced offices with targeted events, and there’s a gap between purpose and passion,” Sims says.

“Anybody that wants to talk to a venture capitalist can come and see me. We get to coach people informally on their ideas and we get to tap into what’s happening out there. What we’re seeing is there are a lot of small ideas.”

Taking the next step Early this year, the company launched SG Ventures to find and nurture innovative ideas and incremental innovation that changes the way business works. Sims says the next stage, scheduled for 2018, will include an innovation hub in Prince Edward. The hub will be an incubator, taking businesses to the next level with coaching, mentoring, customer introductions and networking.

As well as driving The Wave’s take on creativity and innovation as Executive Vice President SG Ventures Mark Sims is also Co-Chair’s AustCham Hong Kong & Macau’s Small Business Network. Having been based in Hong Kong for the past 14 years, Sims is in a unique position to understand the entrepreneurial nature of local SMEs. “The Wave is part the Stan Group, a traditional Chinese company with a focus on property, finance, telecommunications, education, food and beverage and hotels

8 • austcham news | issue 192

“That’s the element we see that’s missing from co-working. We can’t do it for everyone but we’re hoping that by taking leadership, other local companies will follow. Our vision is to create a truly entrepreneurial environment in Hong Kong where corporates are working side by side with start ups – and that’s a bit of a challenge here because there’s a bit of silo thinking,” Sims says.

“Blueprint helps us provide an environment for our staff that would simply not be affordable to a small business...”

Peter Bennett, Sales Director (Asia/Australia), SnagR Ltd

From the SME perspective SMEs looking for co-working space need to clear about their requirements for an effective working space.

What is provided by each flexible space varies greatly, so do prices.

Will the landlord be able to accommodate your enterprise as it grows, is there much opportunity for networking? Does the space suit all your requirements and what support is likely to be provided if you want to go to the next level?

As a relatively new tenant of Swire Properties accelerator and co-working space Blueprint in Taikoo Place, Peter Bennett, Sales Director (Asia/Australia) for SnagR Ltd, believes co-working is an excellent model for SMEs. “Blueprint helps us provide an environment for our staff that would simply not be affordable to a small business. We are finding it very cost effective and I see this model growing as long as the costs stay reasonable,” Bennett says.

For Bennett, co-working has a double benefit, helping SMEs avoid Hong Kong’s cramped office spaces and attract employees.

“Blueprint is a cool place to work and this helps us employ and retain staff.

It also allows us to grow without constantly moving offices and of course it makes staff feel appreciated by being able to work in a pleasant environment. Co-working space gives us access to luxuries like a lounge area and a canteen.”

“You also need plenty of bookable meeting rooms so you can hold video conferences, meetings or phone calls without being disturbed or disturbing others. Make sure every open plan desk has a locker. Look for spaces with a reception service. Spaces needs to be close to the MTR or other good public transport systems and must look modern and be well maintained. Great wifi is a must. Access to on-site or off-site storage for computer boxes and archive files is often overlooked and of course, being close to lots of great lunch restaurants is important for Hong Kong,” Bennett says.

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Hong Kong Focus

How the workplace environment can retain talent and increase productivity?

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igh rents combined with an unstable economic and political environment have placed increasing pressure on office occupiers. With Hong Kong maintaining its position as the most expensive office market in the world, managing the cost and space efficiency of real estate is now top of mind for many businesses today.

Developing and implementing a flexible workplace strategy which allows the business to quickly and efficiently expand or contract space has become a priority for progressive companies, though in a competitive market such as Hong Kong is difficult to achieve. Now, more and more businesses are looking into non-traditional workplace strategies, such as Activity Based Working (ABW), to enhance space agility while increasing employee collaboration and connectivity.

- Edward Peters, Senior Director, Global Workplace Solutions, CBRE Hong Kong

1. What is workplace strategy about?

2. How can workplace strategy help attract talent?

Workplace strategy is fundamentally about alignment of environments with business strategy as a means to effect broader aims of cultural change. By identifying the business objective, culture and technology requirements of a company, a workplace strategy consultant devises different workplace formats that employees can choose from in a bid to help companies reduce costs, improve staff productivity and enhance the work experience.

A workplace well-known for facilities that promotes Wellness and productivity in the workplace means a lot to a company’s brand. According to a recent study

by CBRE Research on Asia Pacific millennials, 71% of respondents were willing to give up other benefits for a better office environment. The investment that a company puts into improving amenities speaks to the level of importance that the business places on staff satisfaction and performance.

A workplace strategy consultant is not an interior designer and their job is not just about making the workplace more stylish or chic. The goal of an effective workplace strategy is to increase the utilization rate of the office space, and hence its productivity.

Recommendations are based on a thorough analyses of how the space is being used and how it can be improved.

This involves a study on how long people are spending at their desks or in meeting rooms, surveying employees, and interviewing the leadership team. A workplace strategy consultant may then advise on an open desk plan or suggest the addition of private phone booths for staff to make confidential calls.

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With social media, a company’s reputation and appearance to the public is more important now than ever. If a staff member shares a photo of a cool office amenity with their social media, the company’s status as a modern, forwardthinking business is automatically elevated.

help SME firms

3. How can workplace strategy help a corporation increase productivity?

5. How prevalent are workplace strategies used across Asia Pacific businesses?

I will use CBRE’s Hong Kong offices as an example of the benefits adopting an activity-based workplace strategy. With more than 500 office based employees, CBRE introduced Workplace 360 in 2014. This means that staff are no longer assigned desks. Instead, they are given laptops, lockers and different work space choices.

CBRE’s Asia Pacific 2017 Occupier Survey found that 52% of respondents set workplace strategy evolution as a priority and perceive it as an effective way to enhance collaboration.

Two-thirds of the companies stated that they will require shared desks within the next three years in a bid to embrace new work cultures and to increase the utilization of office space. Companies adopting ABW strategies plan to introduce more workplace formats for staff to choose from: focused space (+53%), collaborative space (+49%) and relaxation space (+44%).

We operate at a 1 desk to 1.1 person ratio across the two and a half floors we occupy in Three Exchange Square.

We reshuffled the space to provide 8 different work space formats versus 4, and now we have 42 meeting spaces versus 20 in the past. Our space utilization increased by 17% and amount of empty, unused space was halved. The use of temporarily occupied space, such as meeting rooms and shared collaboration areas, increased by 13% points, which reflects a higher level of internal mobility.

4. Is workplace strategy relevant to SMEs? Yes, workplace strategies are not just relevant to large businesses. For instance, CBRE’s Sendai office, which is a mere 32 tsubo in GFA (approximately 1,130 sq. ft.) and houses 7 members, has recently adopted Workplace 360. The Sendai office has two meeting rooms, three desks with monitors, six open desks and one phone booth. The new workplace format has cut down storage space and paper usage by 80% as well as reduced office space by 50%.

6. How prevalent are workplace strategies used across Asia Pacific businesses?

CBRE’s Asia Pacific 2017 Occupier Survey found that 52% of respondents set workplace strategy evolution as a priority and perceive it as an effective way to enhance collaboration.

Two-thirds of the companies stated that they will require shared desks within the next three years in a bid to increase the utilization of office space. Companies adopting AWB strategies plan to introduce more workplace formats for staff to choose from: focused space (+53%), collaborative space (+49%) and relaxation space (+44%).

Source: CBRE

With office rent in Hong Kong topping the world, even a slight increase in space utilization rate means a lot to the occupier. issue 192 | austcham news

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Australia Focus

A Year of records and the maturing Chinese investment in Australia in 2016 - Doug Ferguson, Partner in Charge, Asia and International Markets, KPMG Australia

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016 was a breakthrough year for Chinese direct investment in Australia, attracting more than US$11.49 billion (AU$15.36 billion) - the highest level since the 2008 mining boom peak. And this result occurred in spite of uncertainties surrounding Australia’s foreign investment review regime, according to Demystifying Chinese Investment in Australia (May 2017), a report jointly published by KPMG Australia and The University of Sydney.

Chinese investors signed a record number of deals (103) with private Chinese investors accounting for nearly 80% of all deals and strong evidence of repeat investments from established Chinese companies.

The diversification of investments across different industries and geographies saw a growing focus on infrastructure, health, renewable energy and agribusiness. Chinese investment in very scale commercial real estate projects was again the largest sector, with 36% of the total and accounting for AUS$ 5.5 billion according to KPMG’s report partner, Knight Frank. This was followed by two very sizeable minority investments totalling AU$ 4.4 billion by CIC in Asciano and Port of Melbourne.

Growing Chinese investment in Australia’s agribusiness sector is being driven by the rapidly rising demand for premium quality food as China’s middle class population continues to expand. Latest figures show record investment in Australian agribusiness by Chinese companies in 2016, with 12 deals worth AU$1.2 billion - a three-fold increase.

This is a clear sign of flow-on effects from the China Australia Free Trade Agreement (ChAFTA) and its positive impact on raising the competitiveness of Australian agricultural products in the Chinese market.

This investment concentrated in the dairy, meat, seafood and wine sectors, with major investment deals including S. Kidman & Co (a joint venture between Hancock Prospecting and Shanghai CRED Real Estate) and the 79 percent state in Burra Foods acquired by a consortium led by Inner Mongolia Fuyuan Farming.

The controversy surrounding Chinese investment in 2016 resulted in some deals, including an initial bid for S. Kidman & Co being rejected by the Treasurer rejected on the grounds of national interest and specifically, national security. The shareholding structure of the Kidman deal was later modified and approved as an Australia-China joint venture.

These investments foreshadow changes in the approval processes under the Government’s Foreign Policy White Paper, with stronger consideration of security interests to be given to large infrastructure projects in sectors where China is building up regional and global capacities.

For China, the 13th Five Year Plan (FYP) provides a framework for the design and implementation of policies to guide and facilitate their transition from an investment-intensive, export-led growth model to one driven by consumption and innovation. This will help drive ongoing investment by Chinese companies in Australia, while presenting partnership and development opportunities for Australian businesses across multiple industries.

Australia has proven itself to be a preferred destination for Chinese capital. On the international stage, Australia maintains its position as the second largest recipient of aggregated Chinese direct investment, attracting around US$90 billion since 2007 behind the United States, which has received more than $100 billion of investment in the same period.

But the growth in investment is slowing compared to other parts of the world such as the United States and the EU. Going forward, efforts by the Chinese Government to increase oversight and accountability for overseas investments as well as geopolitical factors are expected to have an impact on investment flows globally.

Meanwhile the Australian public remains concerned about the approaches to investment in Australia by Chinese parties.

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on “social license” – the acceptance of the local community and industry where an investment is made. This year, KPMG teamed up with Powell Tate to look at to look into this key success factor issue.

Chinese investors need to demonstrate that they are bringing more to the table than just money. Successful investors will have a plan and mechanisms in place to monitor changing circumstances and perceptions to ensure they make appropriate adjustments to actions. They also need continuously to communicate changes in strategies and plans that affect stakeholder groups.

Australia has a strategic opportunity to grow and diversify an already strong economic partnership through deeper cooperation with China. Clarity will be key for any new investment regulation that emerges from Australia’s upcoming Foreign Policy White Paper.

Specific and transparent policy guidance will encourage investment and ensure partnerships between foreign and local companies continue to drive co-operation with Chinese investors.

Full report of Demystifying Chinese Investment in Australia (May 2017): https://home.kpmg.com/au/en/home/insights/2017/05/ demystifying-chinese-investment-in-australia-may-2017.html

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Spotlight

Bridging Australia and Hong Kong Free Trade Agreement - Steven Ciobo, Minister for Trade, Tourism and Investment

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hree weeks after launch (16 May), the Australia-Hong Kong Free Trade Agreement (FTA) negotiations have now begun. This negotiation is the latest component of the Turnbull Government’s strategy and commitment to delivering more and better paying jobs for Australians.

My Hong Kong counterpart, Gregory So Kamleung, and I announced the FTA negotiations in Hong Kong on 16 May, promising an ambitious FTA concluded swiftly. This agreement has significant potential – it is an opportunity to build a true 21st-century agreement that recognizes the strengths and complementarities of our two sophisticated, services-based economies.

Australia and Hong Kong are natural partners, with shared interest in promoting greater economic ties in our region, the fastest growing in the world. Australian business is already capitalising on Hong Kong’s position as a gateway between China and the world. The city is Australia’s leading business base in East Asia, with over 600 Australian businesses operating in-market, with our second largest chamber of commerce overseas, AustCham Hong Kong, helping build business connections between our economies. This new trade agreement will allow even more Australian exporters and investors to take advantage of the opportunities in Hong Kong.

In our FTA with Hong Kong we will be seeking guaranteed access and improved business conditions for Australian exporters, putting them on a level playing field with local businesses. Hong Kong is our eighth largest export market, with Australia’s total goods and services exports valued

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at $11.3 billion last financial year. We will build on our strong bilateral investment relationship, which has grown by almost 10 per cent to over $136 billion Australian in the past decade.

This agreement will also be an opportunity to build on our strengths as world leaders in the digital economy.

Trade in digital services demands trading conditions that provide businesses with certainty about how they manage information and about how their digital products will be treated. This certainty can only be delivered by an agreement that understands the new frontiers of the trading world and addresses them head-on.

As a wealthy consumer market and a gateway to Asia, Hong Kong showcases quality Australian products to the world.

Australia will seek to lock in Hong Kong’s zero tariff regime, providing certainty for Australian business that Hong Kong’s open market will remain that way.

I am particularly excited about what this FTA can do to maximise services exports and support Australia’s continued transition to a broader-based economy. Hong Kong is already our seventh largest services export market, and our services exports grew at over 13 per cent between 2014-15 and 201516. With Asia’s emerging middle class projected to grow from 600 million today to 3 billion by 2035, the potential for services exports is significant. This FTA presents an opportunity to capitalise on this growth and increase our services exports to Hong Kong, including in architecture and design, education, finance, legal and health services, creating more export

opportunities for Australian businesses, which means more and higher-paying jobs.

An Australia-Hong Kong FTA could also improve conditions for two-way investment. Australia is already an important destination for Hong Kong investment in a broad range of sectors, including infrastructure, agribusiness, resources and energy, healthcare, and tourism. As our fifth largest source of total foreign investment, worth $100.9 billion in 2016, Hong Kong’s investment in Australia provides capital to finance exciting initiatives, and has the potential to generate skilled employment in regional Australia. As a hub for investment outflows, Hong Kong will remain a priority market for attracting foreign investment to Australia. An FTA could provide more certainty for the Australian investments in Hong Kong, worth $52.9 billion in 2016.

Now is the time to pursue a high-quality FTA in our mutual best interests that enables business to maximise potential.

Concluding this FTA will strengthen our relationship with one of our most significant trading partners and complement the China-Australia Free Trade Agreement, further integrating our

economy with Asia. Building on our strong trading relationship, our complementary economic strengths and our shared commitment to open trade, this FTA has the potential to increase prosperity by creating new Australian jobs and driving economic growth. We look forward to progressing this exciting new initiative.

ard Membership eC

1 July,

From Marco Polo Hotel is offering special dining privileges to AustCham members. Members can enjoy 15% discount on food and beverages at Cucina, Cafe Marco, Three on Canton and add@Prince until 31 December 2017*. *Terms and conditions apply.

k Than !

You issue 191 192 | austcham news

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Industry Insights

Workplace Solutions: The Employee Experience that Drives - Truddy Cheung, Associate Director at Colliers International specialising in workplace strategies and change management.

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anaging the most valuable asset within a company can be challenging. While most business leaders understand the benefits of employee engagement, most employees are not highly engaged in general. This presents a variety of missed opportunities and even business risks.

On average, happy employees have 31% higher productivity, 37% higher sales performance and a level of creativity three times higher than their unhappy counterparts.

Research also shows the direct impact that engagement and productivity can have on the bottom line: public companies with engaged workforces report higher earnings per share.

In the same way that businesses focus on delivering excellent customer experiences, companies must also focus on creating an engaging employee experience in order to realise the benefits of the physical workplace, from fostering cultural cohesion to inspiring innovation through personal interaction.

Employee experience is one of the core areas where we believe businesses around the world must make significant progress over the next five years.

Source: “The Impact of Employee Engagement on Performance,” Harvard Business Review

Curating employee experience to keep your staff engaged at work Creating an “Owner” of Employee Experience

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n the coming years, we expect a greater focus on designing an “owner” of employee experience: the “CXO” or Chief Experience Officer.

The role or team will function as the company “cruise director”, focused on engagement, productivity and curating experiences that make the workplace attractive. Think about the benefits to your employees to have access to interesting speakers, inspiring exhibits and fitness activities, let alone moments of spontaneity that create delight and drive innovation throughout the workday.

A heightened focus on employee experience also helps create a “bleisure” environment, blending business and leisure. As it becomes simpler to work anywhere, anytime, we must be more purposeful about where we build in time for fun, relaxation and socialisation.

There are many lessons to be learned from co-working companies like WeWork. One is the “community manager” role WeWork has created at every location — a person who coordinates everything from book clubs to technology seminars to Easter egg hunts.

These types of activities can encourage connection, relationshipbuilding and even help uncover new business opportunities. WeWork co-founder Adam Neumann calls it the creation of a “physical social network,” or a place where authentic interactions happen.

Source: “WeWork cultivating

‘physical social network’,” Financial Times

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Positive Staff Performance Bringing the Hospitality Mindset into the Workplace Another important focus on employee experience is to reduce “friction”: barriers or delays to work progress that can hamper employee morale and motivation. Removing these frictions will not only make work more efficient, but also more engaging.

One of the ways is to put the concierge model found in the hospitality arena into an office setting. With the setup of a workplace concierge service – a central place people can come with needs and questions – we found that 60% of typical workplace issues can be resolved on the spot.

Beyond helping employees with workplace issues, we expect that more companies will start providing services that reduce friction in employees’ personal lives as well. By addressing both internal and external friction, employees can better focus on high-priority business issues.

A few other ideas to curate the user experience of your organisations: - International design and consulting firm IDEO hosts a daily “Tea Time” in their offices. Employees drop their work and mingle with colleagues for 10 minutes over tea and cookies.

These “casual collisions” create connectivity between people and foster creativity.

Source: “How to Unlock the Creative Magic at

Your Company,” Inc. - One of Colliers’ clients is a global consulting firm whose employees spend the majority of their time traveling and visiting clients. To foster connectivity and engagement, the company created a “come home day” every Friday, when employees are encouraged to come into the office to work, but more importantly to meet, socialise, train, mentor and be mentored — all as an effective way to maintain the culture and drive business.

While the hospitality model has distinct benefits for employees, it also creates a meaningful feedback loop that allows for more proactive facilities management.

Think about what defines your employee experience today and where you have the greatest opportunities to meet the needs of tomorrow’s employees. If you can create a service-oriented mindset toward employee engagement and true ownership of the employee experience, you can create meaningful change within your organisation.

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Then and Now: AustCham Turning 30

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round the pool at the Grand Hyatt, AustCham celebrated its past and looked toward the future with a cocktail party on 21 June 2017.

Themed “Then and Now”, the party kicks off a series of celebrations for the Chamber’s 30th anniversary in 2017.

Over 150 guests attended the party, including officials from Australian Consulate-General, AustCham members, representatives from Australian and local business communities in Hong Kong and Macau. We were also delighted to have The Chief Executive of HKSAR, Mrs Carrie Lam, attended the party as guest of honour and delivered a speech to congratulate AustCham.

AustCham Platinum Patrons

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1. “It’s wonderful for me to come here to celebrate AustCham’s 30th anniversary…

I hope through the Australian Chamber of Commerce, we will see a stronger friendship between Hong Kong and Australia and we will have more fruitful exchanges” said Mrs Lam.

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2. Australia’s Consul-General to Hong Kong and Macau, Ms Michaela Browning emphasised the importance of AustCham’s role in promoting and representing Australian business and value and its contributions in growing the bilateral relationships.

3. AustCham Chairman, Professor Richard Petty welcomed the business executives in the region and shared his admiration for the achievements that AustCham has made over the past 30 years.

More photos on our online photo album: https://flic.kr/s/aHskXKi7BH

Special thanks to event sponsors and partners on the evening!

Gold sponsors:

Food and Beverage sponsors:

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Prize sponsors:

Committee Comment

Journey to CMO: Top Tips to Get Ahead in Marketing - Christopher Aukland, Managing Director, Hong Kong at Ambition

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e were absolutely delighted to act as the Talent Sponsor for the first in a professional development series presented by the AustCham Marketing and Media Committee on the topic ‘Journey to CMO: Accelerating Your Marketing Career’.

We were extremely lucky to have an absolutely fantastic panel including Garry Bissett, Director of Marketing, Dining Concepts, Kevin Clayton Chief Marketing Officer, Galaxy Entertainment Group, Stuart Woollford, Regional Head of Brand & Marketing Strategy, Asia Pacific, HSBC and finally Justin Leung, Director and Head of Practice (Marketing) at Ambition Asia, acting as the moderator.

‘6 top tips’ for marketing professionals aspiring to get ahead • Seek Mentorship – identify either inside or outside of your organisation key individuals that you respect and admire that can act as ‘mentors’ to you throughout career journey. If you are struggling to find a mentor then do approach AustCham who have a Mentor scheme you can sign up for.

• Get ‘Stuff’ Done! – Successful marketers who get ahead in their careers ‘make things happen’ and are highly pro-active, not reactive. They drive through projects, they manage change, they push concepts and ideas and actively seek involvement in new projects and initiatives outside of the day-to-day remit.

In front of a full house of marketing professionals enjoying a glass of wine and some nibbles (thanks Frites Central!), the panel engaged in a wide-ranging and insightful discussion. Some of the topics covered included the key challenges they faced in their career journey, what they look for when they hire marketing professionals, the impact of technology in the role of marketing as well as their top tips to get ahead in your career and become a CMO. With a combined 70+ years of marketing experience between them, if I wrote all of their advice down it would be an incredibly long article!

Many thanks to our panellists and to all those who attended as well as the sponsors, St. Regis and The New York Times. If you are interested in attending our next professional development series discussion, please get in touch with AustCham secretariat.

• Marketing = Selling – In any marketing role, you are always selling yourself, your ideas, recommendations and strategy. In most cases, (unless you work in an agency) this will be to an ‘internal’ client but your ability to persuade and use other qualified data to back your recommendations up is critical.

• Continuous Improvement – Make sure you have a personal development plan and a strategy to learn new skills and pro-actively seek our training opportunities. In addition, push yourself out of your comfort zone on a regular basis!

Network Sponsors:

Talent Sponsor:

• Manage Upwards & Promote your personal brand – In any senior role in marketing strong communication, presentation and interpersonal skills are critical. If this is not your strength then upskill, (take courses and actively seek out presentation opportunities!).

• Embrace Technology & Innovation and stay up to date with latest technologies or otherwise, you will be left behind!

issue 192 | austcham news

• 21

Committee Comment

Unique workspace experience is critical when the traditional office market is under disruption AustCham’s Construction, Property and Infrastructure Committee together with Colliers International Hong Kong organised a breakfast session to discuss disruption forces creating paradigm shifts in business real estate requirements and new locational strategies. Below is an article that summaries the panel discussion on the day.

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orporates often talk about rising office rents, particularly in Central, which is ranked as the most expensive office district in the world. However, alternative office options do exist in Hong Kong within a short distance from Central. According to Colliers International research, rents in Wanchai and Causeway Bay are only 50% - 60% of Central’s. Further away, corporates can find more affordable space in decentralised locations, such as Quarry Bay, Wong Chuk Hang and Kowloon East, all within 30 mins MTR ride from the core-CBD area.

Looking ahead, there are factors that will definitely disrupt the traditional office market. With the emerging millennial generation, the adaptation of advanced technologies at work, and a changing work-life culture, we expect a new office paradigm will eventually emerge in Hong Kong.

Hence, is it not the time for us to adopt a new mindset when formulating the next office location strategy?

While unaffordable rent has been the main factor that pushes corporates to decentralise in the first instance, other factors are now driving occupiers to consider alternative locations.

One trend that we are seeing is a rising tendency for medium sized companies to retain a smaller presence in Central by moving the majority of mid to back office functions to decentralised locations. With decentralised locations emerging as major business hubs, companies will start to realise that there are actually more business opportunities in new business districts than in Central.

Technology has also played an important role in the planning of future offices. Cloud computing, secured WIFI access, and the popularisation of mobile devices have created an agile workforce. As more and more business can be done outside the workplace, office environments are undergoing profound changes in terms of function and utilization of the workspace.

Future offices have to create the ambiance to stimulate creativity and facilitate collaboration by providing more meeting rooms, event places, and flexibility with its layouts.

More and more managements have come to the realisation that the design of the workspace is becoming more important than the location of the workplace.

22 • austcham news | issue 192

AustCham’s CPI Committee Chair Paul Scott, Board Director Paul Scroggie, Chief Executive Drew Waters with moderator and panel speakers Nigel Smith, Fiona Waters, Guy Parsonage, Michelle Buultjens and Daniel Shih.

The human factor, especially rising health and wellness awareness among staff will therefore play a significant role in the future office. Instead of being a symbol of stress and highpressure at work, creative office planning allows people to relax, recreate, and celebrate success together with colleagues and clients. In doing so, the workspace will become an extension of your home, bringing life and enjoyment.

From Colliers International perspective, the new office paradigm is where the workspace is more important than location. Does this mean the demise of the traditional method of assessing a rental based on ‘location, location, location’? No, it will not. But the new version may be more akin to ‘technology, space, wellness’, denoting the importance of the environment we work, live and play within and how business solutions will be more creative rather than linear.

If Hong Kong-based companies and employees are to stay ahead of the game, we need to change our mindsets in terms of office locations, environments and facilities. A 35-minute commute becomes acceptable if people can work in a much improved office environment. If this happens, more districts will become accessible, making the overall supply side issue less of a challenge.

- Article provided by Colliers International Hong Kong.

Committees in Action

Women in Business Network: Women’s Technology and Business Program

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iming to help close the gender technology gap and empower women to create innovative solutions, AustCham's Women in Business Network has launched the Women’s Technology and Business Program earlier this year to increase knowledge of our members on the threats and opportunities posed by some disruptive technologies, as well as to upskill them in particular technology areas.

The Program runs from February to July 2017 with speakers from leading companies.

S e s s ion

Special thanks to our speakers, network sponsors and all supporting partners for the Program.

Network sponsors:

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w to the N e duc tion r u o g An Intro in g ie s s hap te c hnolo wor ld . an , iam Gillig L a b, Speaker: L novation In ng Kong o lia H f ra o st u d a He k of A ealth Ban C o mm o nw

Session 2

Artificial Intelligence: How it works and how it is being applied today Speaker: Leonie Valentine, Managing Director, Sales & Operations, Google Hong Kong

Session 3

Digital Transformation: What capabilities are required and what potential does it represent Speaker: Darrin Webb, Regional Managing Director NEA, Telstra

Session 4 What can connectivity unlock Speaker: Craig Price, Senior Vice President, International Projects – HKT Global Development Services

Session 5

What is big data and why should I care Speakers: James McKeogh, Partner, Management Consulting, KPMG Caroline Lacocque, Associate Director, KPM G Crys Wong, Manager, Customer & Operation s, KPMG Shashi Gowda, Senior Consultant, KPMG China

More sessions to come!

issue 192 | austcham news

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Corporate Profile

The Murray, Hong Kong, a Niccolo Hotel 22 Cotton Tree Drive, Central, Hong Kong www.niccolohotels.com The Murray, Hong Kong, opening in late 2017, is a high-profile preservation project led by British international studio for architecture and integrated design Foster+Partners. Part of Hong Kong’s Conserving Central Project, the Hotel which was the standalone Murray Building is one of the city's most iconic landmarks.

A member of Global Hotel Alliance’s Ultratravel Collection, the US$1 billion contemporary urban chic sanctuary will feature 336 oversized accommodation spanning 25 floors. Other facilities include the stunning rooftop bar with breath-taking views of Hong Kong Park, a series of signature restaurants and bars, as well as creative meeting and event spaces.

What are the main skills of your job?

Opening a hotel requires one to complete many projects concurrently, so having the ability to multi-task is essential as well as strong communication and the ability to build and lead a team and inspire your future customers.

What’s the most unusual thing you have had to do as part of your job?

I have not had to do anything too unusual at this stage, however when I first joined The Murray (9 months ago) Duncan Palmer our Managing Director and myself had a hard hat visit to our hotel site and walked all the site – from the ground to the Rooftop – it was so exciting to visualize how this magnificent building will be remade from an office building.

What does your company do really well?

We are aiming to be a leading hotel management company in Asia and have been punching above our weight earning numerous prestigious accolades over the last two years. We take our name is from the Explorer Marco Polo and something people may not know is that our contemporary urban chic luxury brand Niccolo is named after Marco's father.

Ms. Maxine Howe Director of Sales and Marketing What is the vision of your company in 10 years?

We are looking over the next 10 years to extend our portfolio beyond Asians borders with our heritage as an Asian based company.

What’s something most people don’t know about your company?

We have recently changed our brand architecture to Wharf Hotels, representing two hotel brand, Marco Polo and Niccolo Hotels – our luxury brand.

The Murray building was an office building built in 1969 by a British architect Ron Phillips and back then it was the tallest building on Hong Kong Island, it is now being brought back to life and being given a new future through the architectural vision of Sir Norman Foster.

What’s your company’s connection to Australia?

Whilst we do not have a Niccolo based in Australia. Australia will be one of the key source markets for The Murray. Our President Jennifer Cronin, the Executive Assistant Manager of Restaurant, Bars and Events and myself all herald from Australia so have a close affection for it.

How would you describe your workplace and colleagues?

The Murray is building a dynamic team, so I would say that our workplace is filled with the finest pedigree of Hospitality Professionals from around the world, who bring together the expertise, creatively and energy to create a truly memorable Hotel.

What’s your favourite place to go on the week-end?

Each Sunday I love to walk from my apartment on Canton Road to the Flower Market and choose from the huge variety of gorgeous blooms from all around the world –and have a coffee along the way.

To 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.

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Book Review B

ook Review

A selection on ‘Business and Smart Thinking’ curated

by Bookazine team.

The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries Most startups fail. But many of those failures are preventable. The Lean Startup is a new approach being adopted across the globe, changing the way companies are built and new products are launched. Rather than wasting time creating elaborate business plans, The Lean Startup offers entrepreneurs – in companies of all sizes – a way to test their vision continuously, to adapt and adjust before it’s too late.

The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future by Chris Guillebeau Learn how to be your own boss and spend more time living your life. You no longer need to work nine-to-five in a big company to pay the mortgage, send your kids to school and afford that yearly holiday. You can quit the rat race and start up on your own - and you don't need an MBA or a huge investment to do it. The $100 Startup is your manual to a new way of living.

Originals: How Non-Conformists Move The World by Adam Grant The #1 New York Times bestseller that examines how people can champion new ideas— and how leaders can fight groupthink, from the author of Give and Take and co-author of Option B. Using surprising studies and stories spanning business, politics, sports, and entertainment, Grant explores how to recognize a good idea, speak up without getting silenced, build a coalition of allies, choose the right time to act, and manage fear and doubt; how parents and teachers can nurture originality in children; and how leaders can build cultures that welcome dissent.

Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and WorldClass Performers by Timothy Ferriss The latest groundbreaking tome from Tim Ferriss, the best-selling author of The 4-Hour Workweek. During two years, #1 New York Times best-selling author Tim Ferriss has collected the routines and tools of world-class performers around the globe. Now the distilled notebook of tips and tricks that helped him double his income, flexibility, happiness and more is available in Tools of Titans.

Smarter Faster Better: The Secrets of Being Productive by Charles Duhigg In his international bestseller The Power of Habit, Pulitzer Prize-winner Charles Duhigg explained why we do what we do. Now he applies the same relentless curiosity and masterful analysis to the question: how can each of us achieve more? Drawing on the very latest findings in neuroscience, psychology and behavioural economics, he demonstrates the eight simple principles that govern productivity.

Available from Bookazine, www.bookazine.com.hk

issue 192 | austcham news

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ACBA 2017

AustCham Westpac Australia-China Business Awards (ACBAs) 2017

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ne of the largest events on the Australia China business calendar - the annual Australia China Business Awards (ACBA) Gala Dinner, was held at JW Marriott Beijing earlier in May. With over 450 guests in attendance, the Gala Dinner brought together representatives from many key businesses from around Australia and China.

Congratulations to all the 36 finalist companies for making it through three judging rounds!

We would also like to acknowledge the sponsors who through their great generosity made the event possible: Westpac, Swisse, JW Marriott, Meat & Livestock Australia, Virgin Australia, Auswan, Australia Plus, Austrade and the host of 2017 ACBAs, AustCham Beijing.

2018 is the silver anniversary of ACBA and we look forward to see your company to get nominated for the 2018 awards, see you all in Hong Kong next year!

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About ACBA The AustCham Westpac Australia-China Business Awards (ACBAs) has for 24 years been a means of recognising Australian and Chinese companies working between the two countries in the Greater China region. The Awards recognise the success of Australian and Chinese businesses in Greater China across a broad spectrum, from small entrepreneurs through to large publicly listed companies. The awards operate through a rotation of cities: Hong Kong, Beijing and Shanghai.

Business Excellence Award for Cross-Border Investment: Goldwind

Business Excellence Award for Creative Industries: ASPECT Studios

‘Goldwind is a global leader in comprehensive wind power solutions. Goldwind’s global installed capacity in 2015 ranked the highest in the world. Current accumulated installed capacity exceeds 38GW.’

‘We design places people want to be.’

Winning Profiles of ACBA 2017 Business Excellence Award for Sustainability, Diversity and Social Responsibility: The George Institute ‘The George Institute for Global Health, celebrating its 10th anniversary in China, is a not-for-profit health medical research organization conducting world class research on chronic diseases and injury, producing high-quality evidence to improve the health of the Chinese people and performance of health systems in China and globally.’

Business Excellence Award for Professional Services: Minter Ellison ‘Our success has been driven by the vision of our partners, the in-depth industry expertise of our lawyers, and our commitment to work closely with clients to deliver seamless service wherever they need us.’

Business Excellence Award for Small-To-Medium Enterprises: Nihao Global ‘Nihao Global is a reliable professional service provider that supplies the best bilingual human resources and language support.’

Business Excellence Award for Agriculture, Food and Beverage: Evolution Health

Business Excellence Award for Consumer Services: Aveo China

‘Evolution Health is an Australian company, manufacturing and supplying a premium range of probiotic and health supplements to the global marketplace.’

‘Our "Live Well Philosophy" isn't a cliche. Each and every one of our communities provide an environment where our residents can flourish.’

Business Excellence Award for Business Innovation and the Digital Economy: Dimer Technologies ‘DIMER is developing and applying superior Australian gas technologies to solve various industrial and waste gas problems in China.’

issue 192 | austcham news

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