LIVINGeast www.unigroupworldwide.com
The world moves with us
VOLUME ONE >> ISSUE ONE
The expat’s guide to Asia
Be a trailing spouse and have a career too Finding the right school for your child abroad Is there a silver lining to the Asian property decline? Plus
HR trends, making the most of your position as a “cultural outsider” and getting settled in Shanghai
Cover Living_Final.indd 1
9/19/08 11:38:43 AM
east
volume one: issue one
www.unigroupworldwide.com
LIVING
2
IFC_houseAd.indd 2
9/19/08 11:34:46 AM
LIVING east
Contents ist e region’s 2. Hilotok L at some of th
We augural issue. firsts in our in
InsidngeYarng talks to 4. HR cer’s Long Pe expats ing Mer issues affect us about HR gion. re e th living in
mpass o C l a r u lt u C 5. ng East contributor, Kathleenake nm Livi u how you ca Curran tells yo ur position as a the most of yo . er cultural outsid
cus spouses. 6. Jobr adFvio ce for trailing Caree
atterhesn 8. Livt doinyogu neM ed to know w ol for
Wha scho international choosing an your child?
s on 10. Cinitg yEastFshoinescu e th spotlight need you
t Liv tells you wha Shanghai and t settled in China’s most to know to ge . dynamic city
atch W y t r e p o r P . 14 arket is going a an property m there The Asi h patch but is through a rougthis gloomy period? silver lining in
Word 16. Theseick?LNaot sthte Choa family. Hom
1 volume one: issue one
3_Contents_V4Final.indd 1
east
UniGroup Worldwide UTS Singapore is located at 40 Kian Teck Road, Singapore 628783. Tel: 6266 5525. Fax: 6264 5525. Email: singapore@unigroupworldwide.com. Website: www.unigroupworldwide.com MICA (P) 195/09/2008
LIVING
Living East is published quarterly by UniGroup Worldwide UTS Singapore and produced by Splash Communications (S) Pte Ltd, 180 Cecil Street #13-00, Bangkok Bank Building, Singapore 069546. Tel: 6323 2512. Fax: 6323 2779. Printed by J-Connection Press. All rights reserved. No part of this publication may be produced in any form or by any means without the written permission of Splash Communications. The views and opinions expressed or implied in Living East are those of the authors or contributors and do not necessarily reflect those of UniGroup Worldwide UTS Singapore and Splash Communications.
www.unigroupworldwide.com
Publisher UniGroup Worldwide UTS Singapore: Timothy Ng, Executive Director (Asia Pacific), Kristin Lee, Regional Marketing and Communications Manager
Managing Editor Elaine Meyers Creative Director Johnny Tan Editor Lisa-Ann Lee Senior Designer Alexis Wong Contributors Kathleen Curran, Ng Wei Chian, Cindy Tong, Callison Neo Regional Managing Director Durreen Shahnaz Regional Executive Creative Director Greg Crandall Business Development Manager Fern Chua
9/19/08 11:03:59 AM
hit list
First In Class
From inaugural exhibitions to first-of-their-kind services, here are some of the region’s headliners.
Leisure
Cirque du Soleil Finds a Permanent Home in Asia The future of entertainment is in Asia and that’s the belief that has led renowned Canadian circus group Cirque du Soleil to bring its first permanent show to Macau’s Venetian Sands resort. Called ZAIA, the show is about a young girl’s journey through space and features such aerial
acrobatics as performers cycling in mid-air. ZAIA officially opened to the public on August 28 to coincide with the resort’s first anniversary. Shows are performed in a “custom-built” 1,800-seat theater at the Venetian. There are already plans to add a second permanent show at the Four Seasons Macau
next year and it is hoped that this list will grow to include Shanghai and Beijing in the future. For Las Vegas Sands Corp, this is an attempt to attract a broader clientele and to position Macau as an entertainment, and not just a gambling, hub. For more information, visit www.cirquedusoleil. com/zaia.
Zagat comes to Beijing
LIVING
east
volume one: issue one
www.unigroupworldwide.com
2
Earlier this year, Zagat launched its first-ever Beijing guide. Targeted at Westerners, the guide features ratings and reviews for 432 restaurants, hotels, nightspots, shops and tourist attractions based on the opinions of 1,244 surveyors. The guide also measures diners’ behavior and according to it, 73 percent of those surveyed are spending more per meal than two years ago. As for diners’ pet peeves, service and smoking took the top spot. Like the Michelin guide, this Zagat edition is
2-3_HItList_Final.indd 2
Business & Trade
SIGGRAPH makes its Asian debut in Singapore
guaranteed to get many passionate foodies talking. Does Made in China at the Grand Hyatt really serve “the best Peking
duck in the whole wide world?” Well, the next time you’re in the capital, be sure to make your way there to find out.
Digital technology is taking off in a big way in Asia. Apart from the emergence of new production companies, countries like Singapore and South Korea are pumping money into the digital media industry to promote industry growth. In the case of the former, the government is investing S$500 million to turn the country into a digital media hub while in the latter, construction has
already begun on a media and entertainment cluster, Digital Media City. In light of these developments in Asia, ACM Siggraph has decided to expand its reach. The world’s most prestigious trade exhibition on computer graphics and interactive techniques is set to make its appearance in Singapore from December 1013 at the Suntec Convention Center.
This is the first time the show is being held outside North America and it is expected to attract more than 6,000 visitors and 1,000 trade delegates from around the world. The show will feature courses, an art gallery, a computer animation festival, an educators’ program, a showcase on emerging technologies as well as a job fair. For more information, visit www.siggraph. org/asia2008.
9/19/08 11:04:48 AM
Events Calendar
Travel promotions
Rainbow Promotion
To make it worth while going to Phuket this rainy season, Indigo Pearl is offering a free night’s stay if it pours for more than three hours. To take advantage of this offer, all you have to do is book one of the six Rainbow packages, each of which offers activities designed to cater to different interests. So you could
find yourself quad biking, Muay Thai boxing, learning Thai or taking up a cooking class. The promotion is on till October 31 while the free night’s stay voucher can be used either by then or from April to October 2009. It can also be transferred to friends and family. For more information, visit www.indigo-pearl.com.
Wine on the rise in Hong Kong
throughout the day and scheduled voyages on board the resort’s exclusive yacht. Stay more than three nights and get a 60-minute in-villa “Couple Spa” Treatment. Offer valid till December 23 2008. For more details, visit www.banyantree.com.
11global Singapore Oct 18 Singapore Singapore’s first Olympic-distance night marathon. Course includes a 1.5km swim, 40km bike and 10km run. Starts at East Coast Park and ends at Singapore Recreation Club. Free to all. Contact peter.wong@fronterragroup.com for more information. gNovember CSR Asia Summit 2008 Nov 3-4 Asian Institute of Technology, Bangkok Find out how your company can reap the most out of its CSR strategies at this two-day event, which is slated to host over 250 delegates and 50 key speakers from major financial institutions, NGOs and MNCs. Asian Mountain Bike Championship 2008 Nov 6-10 Nepal More than 200 adrenaline junkies are expected to take part in the 14th edition of this championship, which is being held in Nepal for the first time. It will feature downhill and cross country events under elite men and women categories. gDecember Sail Melbourne – The Asia Pacific Regatta Dec 16-21 Sandringham Yacht Club, Melbourne The International Sailing Federation (ISAF) will be staging its first-ever Sailing World Cup series this year. The event kicks off in Melbourne and will incorporate other existing events such as the Rolex Miami OCR and the Delta Lloyd Regatta in the Netherlands. Visit www.sailmelbourne.com.au for more information.
3 east volume one: issue one
Forbes Asia Luxury Forum Dec 5 Starhill Gallery, Kuala Lumpur Forbes will co-host its inaugural Forbes Asia Luxury Forum with leading Malaysian conglomerate YTL Corporation Berhad at the end of the year. The half-day forum will feature discussions on horology, including tips on how to invest in high-end watches and how to build a luxury collection.
LIVING
2-3_HItList_Final.indd 3
Enjoy the beautiful white sands of Maldives at Banyan Tree Maldives Madivaru. The resort is currently having a package that includes full board meals, return seaplane transfers for two people, selected free flow beverages
gOctober Asia-Pacific Festival of Writing Oct 6-25 New Delhi and Shimla, India Organized by the Asia-Pacific Writing Partnership and Indian Institute of Technology, New Delhi, the inaugural festival will feature creative writing workshops, translation workshops, an academic conference on new writing from Asia as well as various literary events for the public. Visit www.apwriters.com for more information.
www.unigroupworldwide.com
Ever since Hong Kong abolished its 40 percent tax on wine, the Special Administrative Region has been enthusiastically touted as the next global wine hub. On May 31, a wine auction organized by US auction house Acker, Merrall and Condit exceeded pre-auction expectations by bringing in more than HKD64 million (USD8.2 million)—a record in Asia. In August, the Hong Kong Developmental Trade Council hosted its first International Wine Expo. Held from August 14-16, it played host to wine dealers, cellars, producers and suppliers from around the world. Already wine appreciation classes, clubs and exhibitions are springing up all over Hong Kong, and if it really becomes a regional wine hub, trade analysts believe it could bring more than HKD1 billion to the economy by 2012 and close to HKD3 billion by 2017, creating thousands of jobs in the process.
Sun, Sea, Sand
9/19/08 11:04:58 AM
hr insider
Talking Trends Mr. Long Peng Yang, Global Mobility Consultant for Mercer, talks to Living East about HR relocation trends and policies. Apart from helping them with administrative matters, how else do HR professionals help relocating assignees? First, HR is often the bridge between the assignee and management. As a strategic partner of the management, HR needs to understand the business needs and justification for the assignment and how current policies will apply. There should be a strong relationship between the assignee and HR department so that the former will be able to get all the support the corporate and local HR team can provide. In terms of relocation, HR can help the assignee and their families with the relevant documentation and paperwork such as visas. Most HR professionals will also provide housing options, contacts with relocation companies and information on the host country’s culture and take them on market visits. Given that 50 percent of assignments fail either because of a lack of support or the assignee’s family inability to adapt to the host location, it is important for HR professionals to provide adequate support to the assignee’s spouse and children so that they acclimatize to their new environment. These days, we see internal HR departments working with external experts such as HR consulting companies and relocation companies to better meet the needs and demands of assignees. Increasingly, companies are also helping the assignee’s spouse find employment in host locations by linking up with job agencies and facilitating employment pass applications. On another note, companies in Asia are now seeing the need to
LIVING
east
volume one: issue one
www.unigroupworldwide.com
4
04 HR insider_Final.indd 4
determine a cost of living basket that reflects the spending habits of the Asian assignee. With currency fluctuations and increasing inflationary pressures on Asian staples such as rice, this is even more critical when HR tries to ensure the assignee is compensated adequately to maintain purchasing power and a reasonable standard of living. Many companies are feeling the pinch of the rising costs of international assignments. Is it true that companies are cutting down on expat packages and/or reducing the number of international assignees they hire? While it is true that in Asia, cost continues to be the main hurdle for companies considering international assignments, according to our 2008 Mercer International Assignment report, we believe that this year and next, the number of international assignments will rise due to strong intra-region economic performance. We also see an increase in subsidiary to subsidiary transfers in overseas assignments. In addition, more companies are now applying multiple international assignment policies often segmented by length of assignments as compared to 2005. One common grouse is that while sending employees abroad on international assignments is crucial to a company’s growth, it is often difficult to evaluate the success of these assignments. What are the potential risks companies face when hiring expats? Do you see companies seeking alternatives to long-term assignments? While the average length of long term assignments is falling, the highest increase of 2007 assignments are those that fall in the long term category (over five years). Given the global war on talent, while costs of assignments are high, we don’t see companies opting out of the necessary long term assignments. On potential risks, expats may decide they want to anchor in their host country, which means that they’re not as open to traveling elsewhere. Other risks include poor repatriation, talent retention and succession planning
policies. These factors encourage assignees to seek opportunities in the host location or with competitors. Also, business disruption could be crippling for an overseas operations heavily reliant on a small pool of international assignees. That is why HR and management need to put in place sound repatriation policies and keep communication channels open and consistent throughout the assignee’s time in their host location. Ensuring the assignee is not relocated and forgotten is key to a successful assignment and also contributes to an integral part of talent retention policy as well. What should be done to ensure that expat programs bring in a quantifiable return on investment? To ensure a quantifiable ROI, HR can hold regular update meetings to see how things are progressing with the expats as well as conduct 360 degree reviews and performance rankings. Apart from this, HR should also work closely with business leaders to understand business plans and how talent and succession pipelines have to be put in place to ensure their successful execution. Keeping tabs on developments in the competitive landscape can help companies differentiate themselves as a preferred employer. It also puts them in a better position to update their talent attraction and retention strategies. Is there any area that companies in Asia need to address in particular? Asian companies tend to focus a lot on compensation and might, in the process, neglect other important components of a successful international assignment such as spousal support, repatriation, talent retention and succession planning of its key mobile talents. You could attribute this to the fact that in the past, expats were normally senior male executives with a family in tow. However today’s expats are younger and an increasing number of them are women. In each issue, we invite a member of a leading HR consultancy to give us their views on trends and policies affecting expatriates working in Asia. Long is currently based in Singapore and advises regional organizations on international policies and practices. He also works with regional clients on Compensation & Benefits projects and is the Project Manager for National Parks Board’s Parks and Greenery Benchmarking project. If you have any questions regarding international HR practices or expat management policies, you can send them to us at kristin_lee@unigroupworldwide.com
9/19/08 11:06:04 AM
cultural compass
Leveraging Your Role as a “Cultural Outsider” Being a “cultural outsider” does not always have to be a discomforting experience. Here’s how you can turn it to your advantage. As the plane touched down at Shanghai Pudong International Airport, Scott wondered what kinds of challenges and successes his first expatriate assignment might bring. He is quick to admit that he has limited knowledge about the culture and is, by definition, a “cultural outsider”. Scott’s concerns are well-founded. Each level of culture—national, organizational, business unit, or team—has its own implicit rules for communication, decision making and problem solving, as well as rules that determine how one is expected to carry them out. “Breaking the rules”, whether one is aware of doing so or not, can seriously damage trust, credibility, and subsequent business relations. Yet, if you can leverage your “cultural outsider” role mindfully, you will be able to achieve results that a member of the culture could not! This can be achieved through having a solid grounding in cultural nuances and being flexible enough to choose the right words, actions and communication styles to suit a particular situation. Before embarking on “business as usual” with a task and goal in mind, be aware of cultural differences in expectations and norms. There is no better or worse; just individuals with differing experiences, influences and priorities that determine the way they communicate, make decisions or share bad news, especially when under the pressure of a deadline.
This is the first in a series of articles by Kathleen Curran on effective leadership in a multicultural workplace. She is the principal and managing director of Intercultural Systems, a global intercultural
her clients include ExxonMobil, Credit Suisse, HP, Fedex, Johnson Space Ctr/NASA and the Singapore Public Relations Academy.
volume one: issue one
firm with offices in Singapore and Houston, Texas. She has been working in Asia since 1986, and
east
consulting, training and coaching
5 LIVING
5_cultural compass_Final.indd 5
Opening Higher Doors A “cultural outsider” may carry a higher-ranking status by nature of being new, foreign and unknown. He or she might also be assumed to have the ear of HQ and senior management. As such the ability to manage this perception can often open higher doors. In addition, in many cultures in the Asian region, business and social interaction are inextricably intertwined. Social events may be held in a new expatriate’s honor to provide an opportunity to learn “who you are, not just what you can do”. Sometimes, you might feel that your patience is being tested, especially when you find yourself sitting through a four-hour lunch talking about non-business matters. But this is just your local client’s way of establishing
Integrating Cultural Perspectives Nowadays, working with multicultural teams is the norm. To work effectively as a team, listen and seek feedback with your ears and eyes. Reflect on what is said as well as what is not. As a “cultural outsider”, confirm your messages by acknowledging your own culturally filtered perceptions and probe for greater understanding of another’s perspective and intention. For example, asking “what were you trying to achieve” gains more insight than “why did you do that?” By taking the time up front and on a regular basis to clarify and balance the varying perspectives, you can save valuable time and prevent misunderstandings later, especially when you have team members who are using English as a first, second or even third language! This is especially true of virtual teams, which must maximize valuable face time together given today’s limited travel budgets. Sharing experiences is critical for building the trust necessary for fostering and sustaining buy-in, commitment and alignment in virtual team goals and processes. Successful expatriates never relax in their efforts to be inter-culturally effective. Strategically and mindfully leveraging the role of “cultural outsider” provides an additional tactic for achieving results.
www.unigroupworldwide.com
Confronting the Issue Sometimes a sticky issue can get unstuck with an approach uncommon to the culture. For example, in many Asian cultures, a lot of people often find it difficult to confront a longtime business associate or client with negative feedback or difficult decisions as they have taken so much time to build the relationship. In contrast, individuals in cultures such as the US, the Netherlands, and Israel often emphasize task completion over rapport. So how does someone
with such a direct approach achieve results in a culture that values non-confrontation? Dave, CEO of an energy company, recognized consistently missed targets at a Japanese subsidiary. Questioning the Japanese representatives, he learned that their long relationship with the underperforming distributors made it difficult for them to sever this business partnership, despite the drag it was having on results. Using tact, sensitivity and importantly, a clear business case supporting the action, Dave fired the distributors in a day! While the Japanese could not easily do the same—cultural norms took precedence—they appreciated Dave’s intervention. The site’s numbers greatly improved and their respect for and relationship with Dave strengthened. As this example shows, a “cultural outsider” can come in to do “the dirty work”, confronting difficult issues that others who live within the boundaries of cultural norms cannot. However, it is important to note that one should choose the “cultural outsider” tactic knowingly, not out of ignorance or ethnocentrism.
the foundations of your business relationship. You may find a future problem being solved in five minutes after this. Similarly, being aware of world events and the historical relationships between countries not only shows your own knowledge and interest, but greatly helps in the positive impression formed by others. Mindful “cultural outsiders” leverage these opportunities to cultivate a system of alliances that can support future needs and enable access to influential leaders and decision makers.
9/19/08 11:13:29 AM
job focus
Career in Limbo? For many trailing spouses, the benefits of expat living are offset by the pain of putting a career on hold. We look at how to cope with and overcome this setback.
LIVING
east
volume one: issue one
www.unigroupworldwide.com
6
When Felicia Tam’s husband was posted to Shanghai on an overseas company assignment, the graphic designer stayed behind in Singapore for a year with their one-year-old son. “It was tough for me to leave as I had been working at my company for almost four years,” she explains. “I was in a comfort zone and had such wonderful colleagues. The prospect of moving to a different country, leaving my friends and family, and becoming a full-time stay at home mom was too much for me to accept at that time.” But this arrangement soon took its toll and Felicia left her job to rejoin her husband in Shanghai. These days, Tam is a full-time mother, though there are occasions when she gets freelance work from friends that she’s made in Shanghai. While she regards her new role as an important one, there are some aspects of her former life that she misses. “I felt more useful when I was earning my own money. I like the feeling of being able to spend the money that I’ve earned and contribute towards household expenses,” she says. Tam is not alone in thinking this. These days, given the changing roles of women and the fact that many accompanying spouses want to work, spousal relocation is a major issue for companies who want to send their employees on overseas assignments. According to HR experts, an
6-7_JobFocus_Final.indd 6
unhappy spouse can often jeopardize an international assignment. John Challenger, CEO of Chicago-based outplacement company Challenger, Gray & Christmas Inc., explains that a spouse who feels that he or she is the only one making the sacrifice and “getting the raw end of the deal… can put great pressure on a marriage.” This in turn causes companies to lose valuable talent. Little wonder then that more companies are now offering couples spousal support when they relocate. The Royal Dutch Shell Group, for instance, set up its Spouse Employment Center (now called the Global Outpost Network) in 1995 to provide employees and their families with information on employment and career opportunities, among other things. Meanwhile, academic institutions such as Britain’s Royal Society and the University of Illinois, Urbana-Champaign offer relocation scholarships or have in place dual career hiring policies. While there is an increasing awareness of this issue, obstacles still remain. Chief among them is the issue of visas and work permits. Even though countries such as Australia, Singapore, Hong Kong and Argentina have relaxed restrictions that bar accompanying spouses from working, there are many others where such regulations are still in place. And then there’s the issue of whether one’s licenses and certificates
9/19/08 11:20:45 AM
are recognized in the host country. Even if this is not an issue, a spouse who has managed to build up a sizeable business or client roster over the years is going to have to come to terms with the fact that he or she will have to leave everything behind to accompany their husband or wife to a country where there is no guarantee they will be able to enjoy the same degree of career satisfaction. So what’s a couple to do? Experts say it’s always helpful for a couple to be honest about what they want from their careers. Dr. Les Parrott, a Seattle-based clinical psychologist advises couples to make lists of what they value most in their careers and then evaluate the other person’s to see how well they understand their partners. According to Parrott, this helps them empathize with each other and paves the way for a more open discussion. Having said that, moving abroad with your spouse doesn’t always mean that you have to put your career on hold. There are a number of options that you can consider to increase your chances of finding work: Begin your search at home If your company has an office in the country you’re relocating to, ask your boss or HR manager if they have any openings. Also, if you work in a specialized field, you might find your company offering to expatriate you as well. For Ellen Sein Aye, a patent lawyer currently working from home in Shanghai, having a career in a very specialized field was also very helpful. “I work in patent law, which is a very narrow field. When I told my boss
that I was going to move to China, they decided to expatriate me along with my husband so I could continue working for them. I continue to work from home via Internet with my French company. Paris is six hours behind us. During the day, I do things with my kids and then I start working at around 4 pm and continue until midnight. I have a very flexible schedule; I don’t need to work with a team so that lends itself easily to working longdistance [although] I do go to Paris three to four times a year.” What if you don’t find any success with your company? Contact their competitors, advises JoAnn Hines, a veteran of the packaging industry. “They may have a branch or [may be] looking to open a satellite office in your new city and you may be the right choice to make the plan happen.” If you are really looking for work, don’t keep quiet. Make sure people know about it. Get a career counselor These days, with spousal relocation such a hot topic, companies that provide career placement services for trailing spouses are also on the rise. Among the best known of these is Net Expat, a Brussels-based company that provides career coaching services in 42 countries including South Korea, Taiwan and Thailand, and works with large-scale corporations and companies to help employees’ spouses find work. Then there is also Staffcentrix, a US-based company that has worked with clients such as the US Armed Forces and US Department of State and provides virtual job solutions and training programs for spouses looking to work from home or start an online business. Be an entrepreneur If you’ve ever thought about setting up your own business, now might be as good a time as any to do it. Look around and see if you can make use of your expertise and keep an eye out for potential business opportunities—the best ones are rarely advertised. Mae-Ling Tien, an American expat with previous entrepreneurial and marketing experience recalls how she became a silent partner at boutique spa, Diva Life. “A friend asked me to help plan a birthday party and I met the owner, Yvonne, at her spa. At that time, she was running the business all by herself, so I introduced her to a couple of other friends who were also interested in the spa business. We ended up partnering together and it has been a great opportunity for me to be an entrepreneur again.”
LIVING
east volume one: issue one
6-7_JobFocus_Final.indd 7
7 www.unigroupworldwide.com
Volunteer And then there is always volunteer work. While you won’t get paid, it will enable you to expand your network and meet new people. Find out if there are any professional business organizations for expatriates that you can join. Being able to talk with people, especially when nothing seems to be going well for you, is better than just fretting about your lack of job prospects alone. You can also make use of this time to take up a course, further your studies or take up a hobby you’ve always been interested in. Whatever it is, remember to make the best of your expatriate experience. It helps to keep an open mind, says Tam, who is currently preparing to relocate to Hong Kong with her husband. “Being in a new country helps to expand your [horizons] and help is always available. There are lots of useful websites that you can read for advice before you move. And don’t forget to make friends—their company will help you feel less lonely even if you are far from home.”
9/19/08 11:20:46 AM
living matters
Getting an Education Overseas
It’s the foremost concern of expat parents everywhere. How do you pick the right school?
It doesn’t matter if you and your family are relocating to Bangkok or Bahrain. Visit any expat forum and you’ll find anxious expat parents asking about schools or comparing notes on various institutions. No longer is it just a simple task of enrolling your child in a school with a similar curriculum as the schools in your own country. Increasing demand for places in international schools these days has led to new ones sprouting up in cities like Shanghai, Hong Kong and Singapore, all offering very attractive study programs. Budget and location aside, what else should you consider when picking the best school for your child?
LIVING
east
volume one: issue one
www.unigroupworldwide.com
8
Do your homework Lesley Lewis, a Hong Kong-based psychologist, coach and trainer for Culture3Counsel, a consultancy that conducts cross-cultural classes for expats says you should visit the schools for a basic idea of their history and management. Where are the teachers from and how well do they understand cross-cultural issues? How long has the principal been there? What is the staff turnover rate? What are the costs on top of school fees? If your child is a teenager who is in his or her senior year of high school, you should also check to see if the curriculum offered allows him or her to apply to college back home. check the curriculum Don’t assume that a school automatically suits the needs of your child just from its curriculum,
8-9_Living Matter_Final.indd 8
says Lewis. If your child’s first language isn’t English, you’ll need to check if the school offers learning support such as ESL (English as a Second Language) classes. You might want to ask whether the school offers gifted programs or IB programs. These increasingly popular programs are good options to consider as their coursework is recognized by institutes of higher learning worldwide. what are you looking for? Another point that Lewis makes is that not all schools are the same. Are you looking for a school that has a rigorous academic program or one that offers a wide range of extra-curricular activities? What kind of an environment do you want your child to be in? Some schools have an international mix of students while others
may have a high percentage of students from a particular country; for instance, the students at an Australian school will normally be mostly Australians. While the reputation of a school is important, parents should also take note of the fact that the more popular ones will probably have a higher student teacher ratio as well. On another note, sometimes Asian parents might send their child to an international school because they believe that he or she will be able to learn English. However, they also have to take into account other considerations such as cultural and language issues that might arise from their child choosing to speak another language instead of the one that is normally spoken at home. Given the fact that international schools are becoming increasingly multicultural these days, you should also check to see if teachers are trained to understand the needs of students and parents from different backgrounds. Alternative Options Just as you are looking for the right school for your child, so are many other expat parents. Partly because of this growing expat demand for schools, new alternatives that are compatible with expat needs are springing up in places like Hong Kong, Indonesia and Shanghai. One of these is the English Schools Foundation (ESF), which was established by the Hong Kong government in 1967 to provide a “modern liberal education”. While lessons are taught in English and students earn an International Baccalaureate at the end of the school curriculum, the academic program is also one adapted to suit Hong Kong and the Asia Pacific region. Indonesia’s National Plus system shares certain similarities with Hong Kong’s ESF schools and can be described as one that integrates the Indonesian curriculum with a Western curriculum. Sekolah Global Jaya, located in the Jakarta suburb of Bintaro, is one such example. Students in primary school are taught in a dual language setting, that is, half the curriculum is presented in Bahasa Indonesia and the other half in English. In the secondary
9/19/08 2:35:59 PM
school, from years 10-15, Bahasa Indonesia is used in only five lessons a week, with all other lessons taught in English. Executive Principal Richard Henry feels that such an academic curriculum “enables students to gain an appreciation of Indonesian culture and heritage but understand international contexts.” And since the school has an IB curriculum framework and WASC (Western Association of Schools and Colleges) accreditation, he believes that expatriate students will be able to integrate into their schools back home easily. In major Chinese cities like Beijing and Shanghai, parents also have the option of enrolling their children in local Chinese public schools (though you should check that your school of interest accepts foreign students) or Chinese schools with international streams. These are local schools with separate programs for foreign students although the lessons are conducted in Chinese. Parents with children who are just starting school might find this a viable option since they’re at an age where learning a new language is easier. One of the most popular local schools with expatriates is the Shanghai Ganquan Middle School, which became the first local middle school in China to recruit foreign students when it held an education exhibition in Tokyo in 2002.
An expat mom’s story American expat mom Ellen Sein Aye has been living in Shanghai for the past four years with her French husband and three young children. She talks to Living East about school hunting in Shanghai:
9 east volume one: issue one
Although the real estate agent gave me a real comprehensive brochure of the schools, I think it’s really important that you go through the informal network of other moms. Networks like Shanghai Mamas and Moms in Pudong are really good because the members of those groups have been through everything already, and getting other moms’ information means that you don’t need to do all the research yourself. When I first came I didn’t know anyone so I ended up visiting all the schools on my own. In Shanghai that can be pretty daunting because there are so many of them. And then I made some Singaporean friends; most Asian parents don’t have the same kind of cushy packages that Western expats do and they’re very concerned and very good at finding the best value for their money, and finding local schools with international tracks. I made my choices based on my friends’ recommendations. Even though I didn’t have any budget restrictions, I thought that what they had found were much better than the international schools. I was looking for quality, not so much the “name” of the school, and because my daughter at the time was very young, I was very concerned about the student teacher ratio. Most of the famous international schools have a very high student teacher ratio—I think it’s around 15 to 20 students for every two teachers. In the end, I sent my eldest to a kindergarten called Danbe, which is a local kindergarten run by some Koreans and Americans with a maximum ratio of six kids per two teachers.
LIVING
8-9_Living Matter_Final.indd 9
a buddy system for students and an Old Parents’ Group where parents of former students take the parents of new entrants around. At International School Bangkok (ISB), graduating students returning to their home countries to attend college are given a transition booklet to help them cope with reentry shock, culture shock and other aspects of college life. Closure is an important factor for students making the transition to a new environment. As Lewis observes, “the way you leave is the way you enter a new place.”
www.unigroupworldwide.com
third culture kids Very often, parents forget that studying abroad isn’t just a matter of choosing the “right” school with the “right” curriculum. Another aspect to consider is the effect that studying in an international (or local) school and growing up in a foreign school might have on your child. Ever since the publication of David Pollock
and Ruth Van Reken’s book, Third Culture Kids: The Experience of Growing Up Among Worlds, educators and parents have become more aware of the impact of growing up in a completely different country and culture. When these children return to their home countries, they often feel disconnected from their peers simply because they no longer share similar interests nor understand their own home culture. But parents shouldn’t take this to mean that their children should remain behind and attend a boarding school instead of following the family abroad. Studying abroad in a multicultural environment can have many advantages for your children, not least the fact that their ability to empathize with other cultures puts them in good stead for an international career. However, whether they’re able to make the best of their time in their host country depends on the child’s personality and the attitude of the parents. As Mary Langford, Deputy Executive Director of the European Council of International Schools (ECIS) explains, “One of the hardest things for parents to really understand is that, by moving abroad with their children, they will undoubtedly be changed and they will probably become more ‘internationally-minded’, which brings attitudes and opinions which some traditional families may find challenging!” Having said that, the key to helping these third culture kids adjust to life at home and abroad, say educators and researchers, is to help them understand who they are. Over in Europe, the ECIS, in partnership with the University of Cambridge International Exams (CIE), recently launched an International Teacher Certificate (ITC) Program for international school teachers. One of the five standards is dedicated to “Transition and Mobility” and requires teachers to demonstrate a good understanding of this issues. Meanwhile, at international schools like West Island School in Hong Kong, teachers are trained to understand the needs of parents from different cultural backgrounds. There is also
9/19/08 2:36:00 PM
city focus
Shanghai: Bright Lights, Big City Moving to a new country to live can be an exciting as well as a daunting experience. Living East aims to help you settle down in your new country of residence. In each issue, we provide you with a guide to a different city in the region. In this issue, we tell you what you need to know for your move to China’s most dynamic city.
With China’s conversion to free market capitalism, Shanghai has been plowing full steam ahead, eager to re-establish itself as the Paris of the East. Yet, despite all its modern trappings, it can take some time for an expatriate to get used to living in Shanghai, especially if he or she is unfamiliar with the language and the way China works. However, there are ways to make your transition a smoother one. Here are some useful tips.
LIVING
east
volume one: issue one
www.unigroupworldwide.com
10
>>>Before you leave Essential Things to Bring These days, you can get just about anything you need in Shanghai. There are, however, a few exceptions for which you might have to make extra room in your suitcase: Western medicine: While you can get the basics like Panadol at Watsons, it’s difficult to find over-the-counter medicine that you can
10-13_City Focus_Final.indd 10
get in countries like the United States. So bring those and any allergy and children’s medicine because China has very strict rules about what pharmacies and clinics are allowed to import. Also, since everything is written in Chinese, you might find it difficult to find what you’re looking for if you don’t speak the language. Plus-sized clothes and shoes: As in other parts of Asia, you might find the clothes in Shanghai a little small for your liking if you’re big-boned. Bring enough to see you through the seasons. Personal hygiene products: Again, bring enough to last till you’re settled. There’s no shortage of bath, hair and feminine hygiene products here but they might not be what you’re used to. Things to consider Bringing English language computer software: While computer software is easily found in Shanghai, a lot of it is in Mandarin, which
might be a problem unless you’re familiar with the language. Another source told us that your company in Shanghai might be able to procure sofware in English for you so check with them first. English language books and magazines: There are stores in Shanghai that sell English language publications but they often tend to be a lot more expensive than what you pay back home. Infant formula: It’s one of those questions that get asked a lot: should you or shouldn’t you bring infant formula from home? With all the media reports on food scares in China, it’s understandable for parents to be slightly nervous. Having said that, you can get imported formulas like Enfamil, Friso 3, Pediasure, Gain Plus and Gain Advance from places like Carrefour, Lotus and City Supermarket. However, they tend to be more expensive over here. If your baby has special needs, then it
9/19/08 11:22:52 AM
would be advisable to bring over what you need. Bake ware: While Carrefour Gubei stocks a wide range of kitchen ware and equipment, you might find that it’s not like what you have back home. Pack a few of your favorite tins and sheets to be on the safe side.
>>>Getting around Public Transportation Taxis: Compared to most European countries and the United States, taxis in Shanghai are relatively cheap and a convenient way of getting around. Rates start from 11RMB. Most taxi drivers don’t speak English, so make sure you have the address of your destination written down in Chinese. Metro: Maps and signage are in Chinese and English, so once you figure out how to navigate your way around, you’ll find the
11 LIVING
east volume one: issue one
10-13_City Focus_Final.indd 11
beds are too short and the mattresses too hard. However this doesn’t mean that you have to import your own. IKEA (126 Caoxi Lu, 5425 6060) sells a huge variety of beds and mattresses, as do: Jisheng Wellborn 6/F75 Loushanguan Lu, near Xianxia Lu, 6236 9574); Yuexing Furniture Mall (168 Aumen Lu, 6266 5266); and Elm Workshop (500 Puxing Highway, Pudong, 5082 5339, www.elmworkshop.com) Domestic help: Getting domestic help or an ayi (which means ‘aunt’ in Chinese) is very affordable in Shanghai. Many do not speak English, however, and you can expect to pay a premium if you come across one who does. You can get one through an agency or ask around on forums such as ShanghaiExpat for recommendations. On estimate, hourly rates can be between 15-20RMB. Enter Shanghai (www.entershanghai.info) offers many good tips on what you should consider when hiring an ayi.
www.unigroupworldwide.com
Practical information Cost of living: As it is with many other things, this varies from individual to individual. While the cost of living has risen in Shanghai in recent years, it is not at all expensive to live comfortably here—it depends on what kind of a lifestyle you want to lead. Factors to consider would include where you live, how often you plan on eating out, what kind of food you eat, where you shop for groceries, and how much you spend on recreational activities. For instance, eating at Western restaurants (or even a fast food joint) will definitely cost more than eating at a local establishment. To give you an idea, a 9-inch pizza from Pizza Hut will set you back 51RMB while a bowl of noodles might cost around 12RMB (again, this depends on where you go.) Electrical voltage: Electricity in China is 220V. If you want to bring along your 110V appliances, make sure you pack a converter as well.
Generally, we’d advise you to leave common household appliances like irons and ovens at home as you’ll be able to get them easily in Shanghai. Also, your rental apartment or house will come with all of them if it is fully furnished. However, if you can’t bear to leave your stereo or entertainment system behind, keep in mind that you will have to pay an import duty when you ship them over. House hunting: Basic factors to consider include where you or your spouse will be working, where your child’s school is located, whether there’s a metro station located in the area and what kind of an environment you’re looking for. Generally speaking, if you’re single and want plenty of nightlife options, then it might make more sense to live in Puxi; otherwise, Pudong offers plenty of green spaces and according to expats who live there, cleaner air. Having said that, Malaysian expat Alison Tan offers the following advice when looking for accommodation: • Make sure that there isn’t any construction going on around the neighborhood and that the house or condo unit next to or above yours isn’t under renovation. Otherwise, you’ll have to put up with a lot of noise. • Make sure that the windows are properly sealed. It can get very cold in the winter. Those coming from tropical countries might overlook this. Bedding and mattresses: Your rental apartment or house should come fully furnished but one common complaint that often comes up in the Western expat community is that the
9/19/08 11:22:54 AM
city focus metro a very cheap and convenient way to get around Shanghai. Get yourself a Shanghai Transportation Card if you find yourself taking public transport on a regular basis. It can be used on buses, metros, ferries and taxis and on public transportation in Suzhou and Hangzhou. Each card costs 100RMB, (this includes a 30RMB refundable deposit) and you can top up credit at metro stations and selected convenience stores. Buses: Very, very cheap. It costs 2RMB for air-conditioned buses and 1RMB for non-air conditioned ones. However, routes and signage are in Chinese and most, if not all, bus drivers don’t speak English. Driving a car: Most expats liken driving to an extreme sport here and don’t recommend that you buy a car. But if you need to get one, keep in mind that you will have to buy a pre-registration plate, which can cost as much as 40,000RMB, first. The China Internet Information Center (www.china.org.cn) offers information on what you need to apply for a driver’s license. >>>Recreation Shopping In the words of one expat, “There is nothing you can’t get in Shanghai. It just depends on who your contacts are.” Groceries: There are many local supermarket chains in Shanghai but if you’re looking for imported food products like cheese, you’ll need to go to the following: • Carrefour (www.carrefour.com.cn): Ubiquitous French chain with 13 branches in the city. The Gubei outlet has a very good selection of imported food products, some of which are not found in the other outlets. • City Supermarket (www.cityshop.com.cn): There are eight outlets, including one in Pudong and it offers home delivery service for orders that cost more than 200RMB. You might also be able to find Southeast Asian spices and ingredients here.
LIVING
east
volume one: issue one
www.unigroupworldwide.com
12
10-13_City Focus_Final.indd 12
• Metro (www.metro.com.cn): German-owned cash and carry supermarket with a nice selection of fruit and vegetables, fish and meat. Stores also carry electronic appliances like Hi-Fis, TVs and household appliances. Bring your own bag. • Auchan Hypermarket (www.auchan.com.cn): French hypermarket with four branches in Shanghai. The one at Changyang lets you place your orders online and collect them later. Department stores: It used to be that you couldn’t get any international cosmetics brands or clothing labels in China but all that has changed. Of course, whether it is cheaper than what you pay back home is another matter altogether. Shopping hours are from 10am10pm. In Puxi, Huaihai lu and Nanjing lu are the city’s undisputed shopping streets and you’ll find plenty of designer labels and international brands here. Pudong also boasts a number of mega malls like Thumb Plaza, Superbrand Mall and Nextage. The bottom line is: if it’s retail therapy you’re after, you’ll find that Shanghai has no shortage of options. Tech gadgets: If you’re in the market for a new computer, hard drive or anything computer-related, and you’re game enough to haggle with the locals, then head down to Bao Shan Lu Electronics District. 500 Qiujiang Lu, in particular, comes highly recommended. Things may look chaotic and the vendors less than friendly, but there are four stories of electronic goods at bargain prices (“bargain” being the operative word) so who cares? Antiques: Cangbao Antiques market (457 Fangbang Lu, near Henan lu, nearest metro Henan Zhonglu, line 2) is worth visiting. Located just south of the famed Yu Yuan gardens, it’s one of the less touristy markets and offers many unique finds for the seasoned and amateur treasure hunter. Leisure, Dining & Entertainment Being the most cosmopolitan city in China has its advantages and one of them is the fact that Shanghai has no shortage of things to do. Restaurants and nightlife spots, local or otherwise, are well-represented in Shanghai. On account of its being close to the sea, seafood tends to feature prominently in the local cuisine. Hairy crabs are one of the city’s best-loved favourites and you’ll find them on menus everywhere come fall. Western cuisine is also well-represented and the restaurant scene has been
attracting some of the biggest names in the restaurant business of late. Likewise, if it’s a night on the town you’re after, Shanghai is unlikely to disappoint. For a comprehensive take on the dining and entertainment scene here, be sure to pick up a copy of SHmagazine, a free English language weekly that’s distributed at selected venues across the city. Or you could just check out their website: www.shmag.cn >>>Resources Websites • Wang Jianshuo’s blog (www.wangjianshuo.com) Get a local’s take on life in the big city. Extremely informative blog that gives an insider’s account of everything you need to know about living in Shanghai. • Shanghai Expat Forum (www.shanghaiexpat.com) Don’t relocate without reading this first. If you have a nagging question that needs to be asked, this is the place to do it. • Shanghai Daily (www.shanghaidaily.com) English-language municipal daily with the latest news on what’s happening around the world and in Shanghai. • Shanghai Government (www.shanghai.gov.cn) Official website of the Shanghai Municipality Government. Very useful for important information like visas and residence permits.
9/19/08 11:22:57 AM
Important telephone numbers China’s country code is 86 and Shanghai’s area code is 21 • Police: 110 • Fire: 119 • Hospital: 120 • Internet service: 16300 • Yellow pages: 114 Taxis • Da Zhong Taxi: 96822 • Jinjiang Taxi: 96961, 6464 8888 • Qiang Sheng Taxi: 6258 0000 • Ba Shi Taxi: 96840 Clinics and Hospitals Those listed below have English-speaking staff and Western-trained doctors on hand: • Parkway Health (www.worldlink-shanghai. com): 6445 5999 (24 hours) • Shanghai United Family Hospital and Clinics: 5133 1900/5133 1999 (for emergencies) • Shanghai United Family Clinics—Minhang: 2201 0995 • American Sino Ob/Gyn Service: 6210 2299 (outpatient)/6249 3246 (24 hours inpatient) Dentists • KOWA Dental 3NI-3N3, J-Life Center, 88 Century Boulevard, Jiamao Tower, 800 988 1120, 5108 2222 (if calling from outside Shanghai)
• DDS-Dental Care Puxi: B1-05 Evergo Tower, 1325 Huaihai Zhong Lu, 5465 2678. Pudong: B1-F POS Plaza Building, 1600 Century Avenue, Lujiazui, 6876 0409. In case of emergencies, call 135 0163 5171 or 131 6200 1688. www.ddsdentalcare.com Clubs and Associations • African Community in Shanghai and China www.afroshanghai.com • American Women’s Club of Shanghai www.awcshanghai.org • Australia Women’s Social Group www.awsg.org • Brits Abroad Shanghai www.britsabroadshanghai.com • Canuck Connection www.canuckconnection.cn • Caribbean Association in China cachina.org • Cercle Francophone de Shanghai www.cerclefrancophonedeshanghai.com • Dutch Society Shanghai www.nvshanghai.com • Finnish Society www.shanghainsuomalaiset.com • Flemish Society vlis.taxvista.com
• German Centre Shanghai www.germancentreshanghai.com • Indian Association Shanghai www.indianconsulate.org.cn/ia/ • Shanghai Jewish Center www.chinajewish.org • South African Community in Shanghai www.shosholozashanghai.com • The Shanghai Expatriate Association www.seashanghai.org • Overseas Chinese Network www.ocnetwork.org Women & Education Moms in Pudong—network of expatriate wives and mothers living in Pudong. www.momsinpudong.com Shanghai Mamas—another support group for expat mothers in Shanghai. http://groups.yahoo.com/group/shanghaimamas/ Expatriate Professional Women’s Society Shanghai—non-profit organization for expat women living and working in Shanghai. www.epws-shanghai.org The Expat Learning Center—Offers a wide range of adult education classes taught by qualified instructors and has served more than 350 expats since 2005. www.shanghai-classes.com
13 LIVING
east
www.unigroupworldwide.com
volume one: issue one
10-13_City Focus_Final.indd 13
9/19/08 11:22:59 AM
property watch
Eye on Asia
Has the Asian property market reached its peak? Living East explores the future of investments in Asia. By Cindy Tong with additional reporting by Ng Wei Chian
LIVING
east
www.unigroupworldwide.com
volume one: issue one
14
In the last few years, following the sub-prime crisis, global markets experienced relentless turmoil. Over in Asia, however, it was a different case. In fact, investors putting their bets on markets in this region had little reason to worry; the property sector in Asia was demonstrating great returns, and rising investor confidence saw a great influx of foreign funds to this part of the world. Last year alone, the property market in Asia saw total investments of US$121 (S$166) billion, up 27 percent from previous year. According to Asian Development Bank President Haruhiko Kuroda, the growth for Asia last year was a healthy 8.5 percent. Property analysts say it was steady growth amid strong economic fundamentals that made the Asian region increasingly attractive to global investors. These strong estimates seemed to demonstrate the strong potential of the Asian market; investors looking for alternatives to the flagging markets in the West were drawn to promising new opportunities offered in this region, said Ong Choon Fah, executive director and regional head of consulting and research at DTZ. End of an Era But is the property bubble about to go bust? Indeed, despite an optimistic Reuters report that appeared earlier in June, declaring Asia to be “the hot spot of the property market”, Asian property watchers are less sanguine. In May, the real estate arm of the Government of Singapore Investment Corporation (GIC) announced that the US sub-prime crisis could
14-15_PropertyWatch_Final.indd 14
“potentially accelerate the downward spin of the property cycle” and noted that “some market weakening is [already] being sensed in Asia, particularly in Japan and Australia.” Over in South Korea, the Hyundai Research Institute warned in its latest report that the country might be entering a slump similar to the United State’s if sluggish home sales continue. Escalating inflation and interest rates due to high food and fuel costs and a declining economy are just some of the major issues facing Asia at the moment, with markets like China and Indonesia facing inflation rates of up to eight percent. Prince Christian Cruz, a senior economist at the Global Property Guide notes, “Inflationary pressures are likely to cause Asia’s central banks to raise interest rates and slow their housing
9/19/08 11:25:05 AM
Buying Tips Given the uncertain economic climate, what should first-time foreign property buyers look out for when investing in property? Nicholas Mak, Director, Research & Consultancy Department at Knight Frank (Singapore) has the following advice:
1
Do Your Homework
Do your research, and avoid rushing in blindly. The Internet is a key tool for independent research and viewing others’ opinions on the market you have your eye on.
2
Be Familiar
Invest only in markets you know very well. If the market seems risky or if you have any misgivings about it, hold back. Your investment cannot be carried along in a suitcase.
3
Look for Stability
4
Rules Matter
5
Use Only Reliable Realtors
6
Seek Advice
7
Insist on Rentability
markets. The reduction in purchasing power among consumers because of rising inflation, coupled with rising interest rates introduced to combat this inflation are likely to have a cooling-off effect on the property market.” Rising costs of living Once the envy of the local salaried worker, Western expats living in Asia are also starting to feel the pinch. Rising food prices and rental costs as well as a weak US dollar are forcing them to relook the way they spend their money. In Singapore for instance, housing rentals increased by 33 percent for the year 2007 over 2006, the largest increment in the whole of Asia. Ervin Scully, Knight Frank’s head of corporate leasing, said the rising rents have prompted many multinational companies to increase expat remunerations by up to 30 percent. But not all expats are
It is best to invest in a country with a stable economy and political situation, which will lower the risk factors for your investment. Singapore’s healthy economy and constant political landscape ensures relatively safer bets. Put your money where the rule of law counts and laws are transparent. Recognition of foreign ownership of property and low or zero taxes for foreign investors are also important considerations. Look out for agencies and agents who have been accredited under the Singapore Accredited Estate Agencies (SAEA) Scheme, who bear the stamp “SAEA Agency” or “SAEA Agent”.
Do not hesitate to seek out independent advice. Considering the premium you are laying down for your investment, a small sum to secure a reliable view on your potential buy is money well-spent.
15 LIVING
east volume one: issue one
14-15_PropertyWatch_Final.indd 15
Sourcing Opportunities Despite the gloomy scenario, some speculators are refusing to take their bets off the region and are eagerly hunting for the next potential
destinations, especially since these cities have long been perceived as being more transparent in property rights and land registration systems. In addition, some analysts say that although investor confidence has taken a hit, this is not necessarily a bad thing. According to Ku, “The fact that the market is in a freezer allows it to recover from the frenzied buying and selling that took place last year. Hopefully the US market will find its bottom soon. The market should pick up next year when the two Integrated Resorts, Marina Bay Sands and Resorts World@Sentosa open, bringing with them a wave of new jobs and high rollers.” In other regions, experts also agree that Thailand is showing great promise. In fact, it is still making good returns for investors despite inflation, thank to tax breaks from the government that allow Thai investments to continue proving lucrative. Daniel Ross, vice president for business development at Pacific Star, a global property investment consultancy, estimates that investing in Thai properties could bring a rate of return of 15 percent. As is always the case in uncertain economic conditions, the results of investments are never cast in stone. Whether the Asian market can ride out the potential problems posed by rising inflation only remains to be seen.
www.unigroupworldwide.com
Ensure that your property is rentable. Do not rely solely on capital gains from your new home. Base your calculations on the rental you could still receive in an economically poor climate.
so fortunate. Indeed, property analysts say that rising rental costs have prompted several expats, notably those not on a cushy package, to purchase instead of rent properties. A study conducted by DTZ Debenham Tie Lung showed that 6,536 non-landed homes from the secondary market were snapped up by foreign buyers in 2007, the largest number since 1995. Observed Ku Swee Yong, director (Corporate Business and Residential) of Savills Singapore, “Rentals are still holding up at high levels, and many expats who are more price-sensitive may now be converting from leasing homes to buying them.”
goldmine. In Japan, for example, the credit crunch has made banks conservative in giving out loans for property deals, threatening to soften prices of smaller office buildings. Expectedly, investors are anticipating the prospect of office space at cheap discounts. In China, the situation is similar. The Chinese government’s attempts to cool the economy have seen them cutting back on loans to developers, who are now struggling with their finances due to a weak market for public share offerings. This has led investors to speculate the possibility of Chinese developers releasing land and unfinished projects cheap. In some property markets, some governments have also introduced protectionist measures to help curb the spiraling inflation. These restrictions make Singapore and Hong Kong even more attractive investment
9/19/08 11:25:05 AM
the last word
Q & A with the Choas New world, new life, new beginnings.
What were some of the factors that prompted your move to Singapore? [Jeff] My wife is working in the Singapore office of Merrill Lynch and I got an offer to work here so that was one of the reasons. Also, in general, I think education in Singapore is very well regarded. People speak very well of the environment for kids, safety and education so that was a point in the right direction for us. Housing was a little on the high side but then compared to Hong Kong it’s still reasonable. It came down to considering the whole experience that we’d get out of [living in] Singapore so despite the increase in [the cost of] housing, domestic help and cars, we still felt it was a step in the right direction financially, for the kids and for our careers. How have you been settling in? Have you experienced any culture shock? [Jeff] From a Filipino point of view, I think it’s very easy to acclimatize in Singapore. The people here speak English; they’re multicultural—[Singapore’s very] similar to Manila except that it’s more advanced and cleaner. Apart from driving on the left side of the road instead of the right side, I think the lifestyle is very easy to get used to and what we like here [also] is the efficiency of things.
Some people get homesick when living abroad. Not Jeff Choa. The affable Filipino, who has lived in Canada and now works as a director at Credit Suisse in Singapore, attributes this to his love of new challenges and seeing his “kids grow up in a new environment.” Family for Jeff includes wife Yeye, who works as a financial advisor at Merrill Lynch, and daughters Jana, 4 and Jessica, 1. We caught up with Jeff and his wife at their home in Pebble Bay, a condominium in the East Coast.
You engaged UniGroup Worldwide UTS to help you relocate. How did the moving process go? [Jeff] The packing happened really quickly. We would just say that this thing has got to
go and the next time we looked at it, it’s gone. [Everything] was packed very well and we didn’t have to file any damage claims. And the guys who moved in for us were also very helpful. We were scheduled to have our furniture moved in over two days but Halim made sure he had enough people on Saturday to get everything done so that we didn’t have to do it on Monday anymore. Plus, we also had very good support from the broker who found this place for us and negotiated with the people who were contracted to do the improvements in our home. [Yeye] The magazines and guides included in the welcome bag by UniGroup Worldwide UTS Singapore were also very helpful especially since most of our friends are single and their needs aren’t the same as ours. Also, we’re not very familiar with Singapore—the only places we know are Orchard Road and the Marina area. So it helped, for instance, when we were looking for a school bus-shaped bed that I could save on time and just call up the numbers listed in The Finder without having to go down to the malls. And it was great that the guides also had information on international schools. Any advice for people moving abroad for the first time? [Jeff] I think the most important thing is to prepare ahead. The urgency of certain things like packing up doesn’t hit you until you’re faced with it. [In our case], we contacted UniGroup Worldwide UTS early enough (about a month and a half before we moved) to talk about what the plans were so that was very helpful. Also, you should bear in mind that some things, like getting visas processed, take time [ed: around 3-4 weeks].
What made you decide to live in the East Coast area?
[Jeff] Also even though the area is outside the city, it’s not that far away from it and the breeze here is just fantastic. And so it’s a mix of distance and environment, and of course the facilities here are very family friendly so that helped us make up our minds.
16_LastWord_Final.indd 16
Pretty lights in a row: Pebble Bay Condominium at night
photo Tan Kian Huat
LIVING
east
www.unigroupworldwide.com
volume one: issue one
16
[Yeye] We looked at 31 units in Holland Village, Newton, Bukit Timah, Balmoral and the East Coast. This was, I think, the 21st unit we looked at. When we saw this place, we really liked it because it’s like living in treetops!
9/19/08 11:26:14 AM
World Headquarters
THAILAND
SHANGHAI
One Worldwide Drive St. Louis, Missouri 63026 T: 1800 325 3924 T: 1636 305 6000 F: 1636 305 6097
444 Port Authority of Thailand Building B, 5th Floor, Room 5/7 Tharua Road, Klongtoey Bangkok 10110 T: +66 2 671 8355 F: +66 2 671 8352 Thailand@unigroupworldwide.com
Suite 1403 Vanke Plaza 37 Shui Cheng South Road Shanghai 201103 T: +86 21 6270 2420 F: +86 21 6270 2419 Shanghai@unigroupworldwide.com
UniGroup Worldwide UTS
REGIONAL Headquarters
Singapore
No. 40 Kian Teck Road Singapore 628783 T: +65 6266 5525 F: +65 6264 5525 Singapore@unigroupworldwide.com
MALAYSIA Suite 5.09 North Block The Ampwalk 218 Jalan Ampang Kuala Lumpur 50450 T: +60 3 2164 1866 F: +60 3 2164 7866 Malaysia@unigroupworldwide.com
HONG KONG Units 2612-2616 Level 26 Metroplaza Tower One 223 Hing Fong Road, Kwai Chung N.T Hong Kong T: +852 2418 4333 F: +852 2428 2881 HongKong@unigroupworldwide.com
Vietnam 440/26A Tran Hung Dao Street District 5 Ho Chi Minh City S.R. Vietnam T: +84 8 836 3002 F: +84 8 923 9452 Vietnam@unigroupworldwide.com
PHILIPPINES
BEIJING
Suite 316 National Life Insurance Building 6762 Ayala Avenue Makati City Philippines T: +63 2 810 7007 F: +63 2 810 4879 Philippines@unigroupworldwide.com
Room 7B8, Level 7, West Wing Han Wei Plaza No. 7 Guanghua Road Beijing 100004 China T: +86 10 6581 6950 F: +86 10 6581 6980 Beijing@unigroupworldwide.com
SHENZHEN Suite 18L, Xinbaohui Building 2061 Nanhai Road Nanshan District Shenzhen, P.R.C. 518054 T: +86 755 2645 2330 F: +86 755 2645 2360 Shenzhen@unigroupworldwide.com
GUANGZHOU 2201, Tower A Riverside Commercial Centre 298 Yanjiang Zhong Road Guangzhou, P.R. China 510110 T: +86 20 8328 4681 F: +86 20 8328 4680 Guangzhou@unigroupworldwide.com
CHENGDU Room 605 Hong Chuan Mansion New 17# Consulate Road Chengdu P.R. China 610041 T: +86 28 8528 7058 F: +86 28 8528 7078 Chengdu@unigroupworldwide.com
the world moves with us >> w w w. u n i g r o u p w o r l d w i d e . c o m
IBC addresses_Final.indd 20
9/19/08 11:33:52 AM
east
volume one: issue one
www.unigroupworldwide.com
LIVING
2
OBC_Ad.indd 2
9/19/08 11:36:05 AM