AUG 2012
China
Making Swedish Jewelery in China ScandAsia.dk
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Coming Events InterCham
50th Young Professional Cocktail Date: 21 August 2012, 6.30pm – 9.30pm Location: Hard Rock Café, LG/F LKF Tower, 55 D’Aguilar Street, LanKwai Fong, Central
Your FREE ScandAsia Magazine in China ScandAsia is the only magazine that covers all the Danish, Finnish, Norwegian, and Swedish residents in China. We also publish a ScandAsia magazine in Thailand, Singapore and the rest of South East Asia.
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The InterCham 50th Young Professional Cocktail provides an excellent opportunity for you to meet and mingle with like-minded business professionals from 27 International Chamber of Commerce in Hong Kong. Members – HK$ 180, Non-Members – HK$270(includes 2 drinks and canapés). This is a very popular event and tickets will sell out quickly. In order to participate, please contact your own Chamber.
FBCS Golf Open 2012 Date: Friday 7 September 2012 Location: Shanghai Binhai Golf Club, Binhai resort in PudongNanhui District, near Dongda Highway Finnish Business Council Golf Open Championship 2012 will take place at Binhai Golf Club in September. More information on the event will be provided later. http://www.fbcs.fi/
SwedCham Annual Crayfish Party Date: Friday 14th September 2012, 7:30pm – 12:30am Location: By the pool at Royal Hong Kong Yacht Club, Causeway Bay, Hong Kong
Editor-in-Chief : Gregers A.W. Møller gregers@scandmedia.com Assistant Editor: Wachiraporn Janrut wachiraporn@scandmedia.com Advertising : Finn Balslev finn@scandmedia.com Piyanan Kalikanon piyanan@scandmedia.com Nattapat Maesang nattapat@scandmedia.com Graphic Designer : Supphathada Numamnuay supphathada@scandmedia.com Distribution : Wanvisa Rattanaburi wanvisa@scandmedia.com Printing : Lake & Foundtain Printing Co., Ltd.
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It is once again time for the biggest party of the year – SwedCham’s Annual Crayfish Party! Don’t miss this traditional evening with delicious crayfish, dinner buffet, and open bar. The wonderful mix of tunes from a Swedish DJ is sponsored by Finnair. In addition to the open bar, Rekorderlig Cider will have their own bar serving ice-chilled Cider in various flavors directly imported from Sweden. Fee: HKD 695 for members, HKD 795 for non-members (including buffet, crayfish, open bar etcetera). Please confirm your attendance by e-mail, chamber@swedcham.com.hk, no later than Friday 7 September 2012. Reservations are required and payment has to be made in advance!
Luncheon Seminar Chinese Perceptions of Finnish Leadership Competence Date: Friday 14 September 2012, 11.30am - 13.30pm Location: TBA - http://www.fbcs.fi Finnish Business Council in Shanghai has invited Ms. Leena Luckas (Sinologist) to share some insights into the Finnish leadership behavior from the Chinese perspective. A Chinese leadership competence framework is introduced to point out potential strengths and weakness of the Finnish leadership behavior. The presentation will be based on Ph.D. research data collected from fourteen Finnish companies in China and on a subsequent application of the framework in Finnish-Chinese organizational context. Interested people can sign up at fbcs@fbcs.fi by noon 12.9.2012.
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Coming Events Crayfish Festival 2012 in Beijing & Shanghai
Young Professionals Celebrated Midsummer Junk
Date: Saturday 15 September 2012 Location: Beijing & Shanghai Mark your calendar on September 15 for the Swedish traditional crayfish Party 2012. In cooperation with the Swedish Club in Shanghaiand the Radisson Blu Hotel in Beijing,the party will be held in both places. For more information, please visit http://www.swedishchamber.com.cn/
Newcomers Gathering Date: Wednesday, September 19, 2012 – 6pm-8pm Location: Radisson Blu Hotel Shanghai New World (88 Nanjing Road (W) Shanghai/Hotel Tel: +86 21 6359 9999) The Swedish Chamber of Commerce and the Consulate General of Sweden invites all newcomers to Shanghai to come and meet new friends and gather information about Swedish organizations in Shanghai. A must visit event if you are new in Shanghai. Price: 150 RMB per person including wine and finger food. Please visit http://www. swedishchamber.com.cn/ to sign up for this event, if you did not get any auto-reply after on-line registration, please just email to shanghai@ swedishchamber.com.cn.
Golf Event @ Huatang International Golf Club Date: 7 September 2012 Location: Huatang International Golf Club in Beijing The Radisson Blu Hotel and Scandinavian Airlines will host the 12th Golf Event at Huatang International Golf Club on 7 September in Beijing. Competitions and prizes will be awarded to winners in categories such as: 1st place, 2nd place and 3rd place in Best Net Score; Hole-inOne; Longest Drive; Closest to Pin, etc. Fee is RMB 1288 per player. To get a registration form, visit http://www.swedishchamber.com.cn Submission Deadline is on 31 August 2012 4 ScandAsia.China • August 2012
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wedish Young Professionals in Hong Kong celebrated their annual Midsummer Junk at Silvermine Bay Beach on Saturday 23rd June 2012. The participants enjoyed a midsummer smorgasbord with herring, meatballs, ‘jansonsfrestelse’ and other sumptuous foods while drinking copious amounts of alcohol and dancing around a big phalluspretending to be a frog. The Midsummer Junk was sponsored by Rekorderlig Cider, a drink that is very popular among young people in Scandinavia which is now available in Hong Kong.
Annual Summer Party at the Royal Danish Embassy in Beijing
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ome 400 Danes attended the annual summer party organised by the Royal Danish Embassy and the Danish Chamber of Commerce China on Saturday, 9 June 2012. According to a report, participants both adults and children arrived at the Danish Embassy in a festive mood, ready to kick off the summer. Various activities and entertainments were available for everyone to enjoy at the event. Among the most popular were rope, hula hoops and a bouncy castle that got the younger audience excited and hyped. While the children enjoyed themselves on the lawn, adults were entertained by live jazz music and cold Carlsberg beers. Sponsored by SAS, a return air ticket to Denmark was awarded to a Quiz winner. Later that evening, it was time to do something that Danes truly love, especially when there had been enough Carlsberg beers and good company, football! Denmark vs. Holland football match was screened with the audience cheering and jeering the opposing team. To top off the night’s fun, Denmark won the match 1-0, well deserved!
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August 2012 • ScandAsia.China 5
Danish Young Professionals Cheering for Denmark
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20 Danish Young Professionals in Shanghai gathered at Big Bamboo Bar on June 9, when Denmark football team played against Holland “the group of death”. The football junkies turned up in red and white clothes to support the team, jumping up and down with excitement in front of the screen whenever Denmark made a sneaky move or Holland almost scored. It was definitely a high anticipated match and who would have thought that the Danish Vikings would beat the “group of death” with 1-0.
What to Do After Closure of Royal Danish Consulate General in Hong Kong
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any Danes in Hong Kong gathered on Wednesday May 30 at the Mariners Club in TsimShaTsui to find out what they have to do after the Danish Consulate General closes its doors on July 31, reports the Danish Chamber of Commerce Hong Kong (DCC). Consul-General Mr. TorbenGettermann explained in great details how to take care of official documents and other issues that may arise. The good news is that Danes in Hong Kong will receive assistance from the Embassy in Beijing or the Consulate General in Guangzhou. A representative will visit Hong Kong regularly to help issuing passports. The most important thing to do, if you are Danish living in Hong Kong, is to sign up on “Danskerlisten” - https://danskerlisten.um.dk/ Afterthe presentation, the big crowd of Danes were treated to Danish sandwiches and hot dogs sponsored by DCC. 6 ScandAsia.China • August 2012
Nordic Mini Film Festival Held at Fudan University in Shanghai
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he Consulates General of Norway, Sweden, Finland and Denmark, in cooperation with Nordic Centre, the Foreign Languages and Literature department at Fudan University, recently hosted a Nordic Mini Film Festival featuring great movies from Scandinavia on June 11-12 at Fudan University in Shanghai. The first movie on screen at the opening night of the festival was a Norwegian film “The Snow Cave Man” (Snøhulemannan). Among those attending were 80 Chinese students and representatives from the Nordic Consulates General in Shanghai and Fudan’s Nordic Centre. The second film screened in the evening was the Swedish “Everlasting Memories” (EvigaÖgonblick). The evening of June 12 was opened by the Finnish contribution to the film festival, “Kohta 18”. The film festival ended with the most well-known film of the four “In a Better World” (Hævnen) by Susanne Bier, which won the 2011 Academy Award for Best Foreign Film. More film festivals have been planned, the next one is likely to take place at Shanghai Jiao Tong University in July.
Denmark-Chongqing Carlsberg Football Tournament in China B a g s væ r d k o s t s k o l e gymnasium tid til talent
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nspired by the EURO 2012, the Royal Danish Consulate in Chongqing organized the second Carlsberg sponsored football tournament ‘Denmark-Chongqing Carlsberg Football Festival 2012’on Saturday to Sunday 16th-17th June. Consisted of 32 teams with more than 250 football players, the tournament was divided into two leagues, one for top hotels and one for KTVs in Chongqing. There were 62 matches in total. After a sunny weekend with fun and great football, the team Crown Plaza Chongqing Riverside won the league for hotels, while Bin Fen KTV was the last team standing with the trophy and gold in the KTV league. Two international teams and a Danish team participated in the foot-
ball tournament. The two international teams were from the ‘Chongqing International Football Club’ while the Danish team was constituted by employees of the Royal Danish Consulate in Chongqing. Trophies, medals and footballs were flown in from Denmark while part of the main prize was jerseys from the Danish National Team and Carlsberg sports bags, etc. One lucky player from each of the two winning teams won a trip to Copenhagen to watch Denmark’s World Cup qualification match against the Czech Republic. The tournament was co-organized by Chongqing Foreign Affairs Office, Chongqing Tourism Bureau and Chongqing Football Association.
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August 2012 • ScandAsia.China 7
ScandAsia News Brief J Lindeberg Opening 50 Stores in China
Chinese Kung Fu Monks Perform at Førde Festival in Norway
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he Swedish clothing company, J Lindeberg, has plans to open 50 stores in China by the year 2012 and 2013. CEO of J Lindeberg Stefan Engstrom was quoted saying half of the company’s total turnover would come from China by 2014 or 2015. J Lindeberg reported a turnover of 300 million Swedish kronor (about USD 43 million) in 2011, up from 260 million Swedish kronor the previous year. According to Engstrom, the company is expecting to see a turnover of 400 million kronor in 2012 while maintaining profitability. J Lindeberg was founded in 1996 by fashion designer Johan Lindeberg and is popular among golfers. The brand is currently being distributed in over 20 countries and is available at flagship stores in New York, Los Angeles, Miami, Stockholm, Tokyo, Kyoto and Hong Kong.
Denmark and China in Social Security Negotiations
8 ScandAsia.China • August 2012
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eld every year in the beginning of July, the multicultural music arrangement “Førde Festival” was running on July 5-8 in the Norwegian city of Førde. This year’s highlight was a group of kung fu monks from China, who amazed the festival’s audience with their skills. The monks travelled all the way from the Wudang mountains in Hubei, China to perform at the festival together with the Norwegian dance company Frikar. Choreographer and dancer, Hallgrim Hansegaard went with three of his best halling dancers to the Wudang where he met with the kung fu master and his disciples. As the kung fu monks did not speak English and the Frikar dancers didn’t speak Chinese the two parts made a choreography communicated solely through body language. Organized for the first time in 1990, Førde festival offers an extensive program with concert, courses, exhibitions and children’s activities. Norwegian folk music is of course a large and important part of the festival. Many of folk music traditions have been presented for the first time in Norway at the Førde festival.
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he Danish Ministry of Social Affairs and Integration held technical negotiations with the Chinese Ministry of Human Resources and Social Security in Beijing on the possibility of entering a bilateral social security agreement between China and Denmark. China’s Law on Social Insurance came into effect 1 July 2011 and foreigners working in China have been included since 15 October 2011 with the obligation of registering and contributing to China’s social insurance system. A bilateral social security agreement would exempt Danish citizens working in China from having to contribute to China’s social insurance. A bilateral social security agreement with China is expected to make possible that Danish companies posting employees to China for up to three years can avoid paying social security taxes to the Chinese system in the posting period. Similarly, Chinese companies posting employees to Denmark can be exempt for paying for example supplementary pensions. The bilateral social security agreement between China and Denmark is expected to include the right to social pension (old age pension and public anticipatory pension (foertidspension) and supplementary pension (ATP) for posted personnel, and also include regulations stating that an employee can be posted to another country while at the same time maintain the right to social pension in the home country. Next round of negotiations are expected to take place in Copenhagen in autumn 2012.
Danish Foreign Minister Defends Closure of Danish Consulate in Hong Kong
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n April the Danish Chamber of Commerce sent a letter to the Danish Foreign Minister, addressing the fact that the Danish General Consulate in Hong Kong was to be closed. The Minister has now answered and is not changing his view. In the letter sent by Frank Jensen, Chairman of the Danish Chamber of Commerce in Hong Kong, he highlighted two arguments to why the Consulate should not be closed: “Danish diplomats stationed in China will not have diplomat status in Hong Kong, which will make things difficult as China and Hong Kong have different rules when it comes to visa and passports, Frank Jensen wrote in his first argument. In the second argument he wrote that Denmark won’t have diplomats represented in the most important place for trade in Asia, which he finds unacceptable. Now the Foreign minister in Denmark, Villy Sovndal has answered the Danish Chamber of Commerce, explaining the situation. In the letter from the Foreign minister he emphasizes that the closing of the General Consulate in Hong Kong is a necessary action, as the ministry has to adjust to the resources they have to its availability. “I realize that the closure of consulate will have an effect on the Danish citizens and businesses in Hong Kong. However, I can assure you that the necessary steps are being taken to assure that the work previously done by the consulate will continue to be taken care of,” writes Villy Sovndal in the letter to the Danish Chamber of Commerce. “When it comes to promoting Danish export and investments in Denmark we are now spending more resources in China and Hong Kong than the case was 2 – 3 years ago, and we will continue to do that, even after we close down the General Consulate,” adds Villy Sovndal.
KONE Moving Up in China NB. INTERNATIONAL EXAM CAMBRIDGE IGCSE, 8TH GRADE AND 9TH GRADE
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innish company KONE has been awarded an order to deliver 67 eco-efficient elevators and 82 escalators to THE HUB in Shanghai. THE HUB is designed to be a new landmark as well as a business and lifestyle hub, serving the entire Hongqiao commercial zone. HE HUB encompasses 380,000 square meters of floor space including an exhibition center, four office buildings, a five-star hotel and an entertainment village. THE HUB will have China’s first shopping center to be connected a transportation hub. ”We are proud to offer our expertise and in such a large-scale project with so many user groups,” says William B. Johnson, EVP and Area Director of KONE Greater China. Kone has also announced that it has won a contract to deliver 44 elevators and 34 escalators to the Riverside Century Plaza to another project in China, this time in the Anhui Province.
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August 2012 • ScandAsia.China 9
Making Swedish J Swedish jewelry brand Sno of Sweden is celebrating its tenth anniversary this year. Founder and owner Lena Jonsson Näslund and her husband Anders Jonsson, have received prestigious awards for their business in Sweden. Behind the scenes is Emma Pettersson, who has been the communication strategist for the company, from production assistant in China to product manager in Sweden. During her five years with the company she has developed a strong appreciation of how best to communicate between East and West. By Alexandra Leyton Espinoza
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ith a bachelor’s degree in Economics and International law, the 29 year- old Swede wasn’t inter-ested in becoming a lawyer. Instead, she wanted to build a career in manufacturing, import and the fashion industry. “I knew China was the manufacturing hub for clothes, electronics and most of our necessi-ties in the West. I was curious and wanted to find a job in that field, my back up plan was, at very least, to learn a new language. To have the Chinese language on my CV would of course always be good,” she says. “I didn’t have any preconceptions of China, but I must say that I was surprised by its mod-ern infrastructure. It was one year before the Olympic Games so I could feel the city embracing change. It was fascinating, from new roads to buildings. In Sweden they are constructing a new road in Stockholm that will be finished by 2020, by Chinese standards that’s a lifetime away, “she adds. Pettersson thought it would be easy to get a job in China. It wasn’t. The Swedish Young Professionals, a sub-group to the Swedish Chamber of Commerce hadn’t been fully established and she didn’t know where to start looking for a job. So after her first semester of studies, a decision had to be made. “I had heard from people that came to China ten years ago, that a Westerner that spoke good English and could speak Chinese would have endless opportunities in China. I believe it’s a differ-ent reality today. For a while I was considering moving to Shanghai, where I would find more inter-national businesses, fortunately through the Swedish Students in China Association I found out about Sno of Sweden and later secured a job as a production assistant and remained in Beijing,” she says Her jobs involved supporting
10 ScandAsia.China • August 2012
production and communications between the Swedish office and the jewelry production in China in both mandarin and Swedish, making sure that the product were produced and shipped to Sweden. A challenge for someone with only five months of Chinese studies in her pocket. “My Chinese was very basic; my office space consisted of post-it notes with trade jargon that I had to learn. I had to understand the Chinese work culture and of course also implement the Swedish mindset. I wanted people to be open about struggles at work and work as a team, where nobody was victimized if something went wrong. This was a big struggle from the beginning, “she says. “Very few Chinese employees would recognize if something went wrong. They would in-stead hide problems that occurred. It could be anything from badly recorded orders, quantities of products that had been miscounted or bad stock selection. This would of course be rectified last minute when there was no other solution,“ she adds. After just three months Pettersson became purchasing manager whilst continuing to support the production team. Taking stock of materials needed, as well as checking out that the materials were used efficiently. Dealing with Chinese suppliers was another challenge Pettersson faced. “In China you need to be specific in your communication, in every small detail. If I didn’t ask multiple times about the delivery process we would end up receiving just a quarter of the orders delivered by suppliers. The same happened with our employees, if I asked them to make a call they would only ask the question I asked them to ask, without following up with questions from the an-swers they got. It didn’t come naturally to them and initially it was very frustrating, but over time I adjusted to the local way of work-
ing. I quickly learned to explain all instruction in a clear and con-cise manner,” she says. “I could never stop repeating or being too explicit. And I learned a lot from this, how to work in China in a Chinese environment. The challenges faced were sometimes extreme however I gained an invaluable insight how an organization works and the opportunity to learn by doing,”she adds. Three years later Pettersson moved to Sweden, and got offered a job as a product manager, designing the jewelry in Sweden. Still, she has to visit the factories in China once a month. The ultimate opportunity according to Pettersson. “After working and living in China for almost three years, I felt very attached to the country and personally involved in the company. I wanted to continue with the projects I had been working on, and see my colleagues that I have so many memories with. We were looking through old cata-logues the other day and I was very touched by seeing how much the company has grown since I started five years ago. We have almost doubled our manufacturing team in China,”she says. Pettersson says there are still endless opportunities for Western youngsters wanting to work in China. This is dependent on one thing; not being afraid of hard work. “Work hard and don’t give up. Unfortunately I come across people that have the mentality that they were better than the Chinese. They almost looked down on them. That will never work. If you don’t treat your colleagues as a part of your team, they will never be,”she says. “From the beginning I didn’t know what to expect from working in China, and it had its dif-ficulties. But looking back I am glad I took the opportunity and I feel that I am achieving the goals I set up for myself,”she adds.
Jewelery in China I could never stop repeating or being too explicit. And I learned a lot from this, how to work in China in a Chinese environment. The challenges faced were sometimes extreme however I gained an invaluable insight how an organization works and the opportunity to learn by doing.
August 2012 • ScandAsia.China 11
Peter Trampe at H Peter Trampe fell in love with China when he first came to the country at the age of 22. After being parted from his young love for 16 years he came back, working for ISS in Shanghai – and this time he is not leaving. By Dennis Krog
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he Dane Peter Trampe first set his feet on Chinese soil back in 1980 when he was only 22 years old. Right from the start he felt at home in this far away country and after being away for several years the now 54 year old Trampe has been back in Shanghai since 2005. And this time has no plan of leaving what he calls his second home. When Peter Trampe first came to China in 1980 he was a trainee at the Danish shipping company ØK, and while many foreigners struggle with the Chinese language the situation was different for the young Dane. “I was one of the first employees at ØK, who studied Chinese before coming here. Many foreigners try to learn it when they arrive, but that is difficult. I had a good basic knowledge of the Chinese language, and that was easy to build on after my arrival,” says Peter Trampe. Back when Peter Trampe was working for ØK it was a much different China than the China he came back to in 2005. In 1980 the Chinese were afraid to talk with foreigners as that could get them in trouble. “So many things have changed here. Just look at the way the Chinese dress now. Back in 1980 they all wore grey Mao-suits which only came in two sizes; too big or way too big,” Peter Trampe laughs.
The years away from China In 1988, after eight years in China, Peter Trampe and his British wife Diana left. The Dane went to study his MBA in England and in the many years to follow Peter Trampe made it to the executive rooms of different businesses in Denmark and later the United States. At the same time the family grew with the birth of a daughter Helena and a couple of years later a son Phillip. The life of Peter Trampe was going well, but there was one thing missing. China. “We lived a fantastic life in Florida. We had a big house, a swimming pool and three cars in the driveway, but it was a typically American superficial life. I just knew I had to go 12 ScandAsia.China • August 2012
back to China someday. It was actually a promise I made to myself. The opportunity of a return to China came in 2005 when the Danish company ISS offered Peter Trampe a job as Business Development director for the Asian region based in Shanghai. Peter Trampe was never in doubt that this was the job he wanted, but of course the family had to agree as well. “It was really bad timing, my daughter was in the second last year of high school, my son between middle school and high school, so they had to leave a lot of friends, but at the end everyone was keen on a new adventure and despite the far from ideal timing we all moved to Shanghai in 2005,” says Trampe.
Enjoying life in Shanghai The family had been accustomed to moving around, so the family quickly enjoyed their new life in Shanghai. Although Peter Trampe and Diana are now divorced Peter Trampe does not see the move to Shanghai as a reason for the breakup, it was simple a mutual understanding between two grown-ups. The daughter Helena still lives in Shanghai and holds an executive position with the Danish company Jebsen. Her younger brother is back in the States - studying in Boston the young man has no plans of staying there. “Some would probably say that my kids lack the skill of growing roots, but I don’t see it like that at all. In my view my kids are global citizens, who has adapted to the way the world works nowadays,” says Peter Trampe, who himself has started growing roots in Shanghai where he has re-married with a Chinese woman. “I have worked ten years in Europe, six years in the US and a combined 15 years here in China. I feel at home here, both when it comes to the mentality of the Chinese but also in my professional life,” says Trampe.
H.H Prince Henrik Awards ISS and Peter Trampe The success of ISS in China has been fantastic. The company started out in China in 2005 and the num-
ber of people employed has gone from around 7.000 to double that in just seven years. At the same time the company has done a lot of work with being socially responsible in a country with many poor people. That effort was recognised by the Danish Royal family as ISS received “The Diploma of the Danish Export Association and His Royal Highness Prince Henrik’s Medal of Honour”. The diploma was handed over by HRH Prince Henrik at a ceremony on the 2nd of March this year, and on that occasion Claus Madsen, CEO of ISS in Hong Kong and Greater China, knew who to thank. “Peter Trampe has been part of ISS China since the beginning of 2005. His unique and extensive knowledge of Chinese culture and proficiency in speaking fluent Mandarin has helped us immensely in bridging the gap between European and Chinese thinking and way of doing business,” said Claus Madsen. When being presented with the words of Claus Madsen, Peter Trampe has no hesitation when he forwards the praise, trying to downscale his own importance to the ISS success. “Very kind words, indeed, but everything we do here is a team work and to be quite honest I think our Chinese Country Manager deserves most of the credit. We bought his company back in 2005 and now he just works hard every day to make ISS the success it is today.
Learn the Language Peter Trampe expects China to be his home base for the rest of his working life, and even though there are difficulties with doing business in China, Trampe still sees a huge potential in the country. However there is one good advice, Trampe wishes to share with future foreign investors in China. “I wouldn’t be half as successful here if I didn’t speak Chinese. I wouldn’t have been able to know my employees and understand their culture,” he says. “The Chinese will always respect a foreigner’s business card, but when you speak their language they respect the person as well.”
Home in China I wouldn’t be half as successful here if I didn’t speak Chinese. I wouldn’t have been able to know my employees and understand their culture.
August 2012 • ScandAsia.China 13
SEB Appoints New The new General Manager of Skandinaviska Enskilda Banken’s Singapore branch for Private Banking is one of the bank’s foremost experts in ‘Wealth Structuring’, which is a wider term than wealth management - taking into account taxation factors for the clients when advising on how to manage their private funds. By Miklos Bolza Cover photo by Terrence Lim
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n an exciting move, the Swedish Private Banking executive Fredrik Lager has been appointed General Manager of Private Banking & Wealth Management at the Singaporean branch of Skandinaviska Enskilda Banken S.A. (SEB). Mr. Lager brings to his new position especially his expertise in wealth structuring. “Wealth structuring is a technical term for private and corporate tax structuring, emigration and repatriation, cross-border issues, succession planning, etc.,” Mr. Lager said. “Basically, it encompasses everything that has to do with tax planning.” Since 2006, Mr. Lager has helped SEB offer this service within Europe, and he is now keen to provide the same high level of service to clients in the Asia Pacific Region. “If you want to compete in the higher segments of international private banking today, it’s not just about portfolio management. It’s also about being positioned correctly when it comes to holding companies, strategic exits and cross-border planning.” In a recent interview, Mr. Lager shared with ScandAsia his career path so far and his goals for the new position.
Global Beginnings Mr. Lager is certainly no stranger to the international scene. Born in Gothenburg, Sweden, he and his family followed his father, a shipmaster, to Saudi Arabia and to the US when he was young. He returned to Sweden to further his studies, eventually graduating from the University of Stockholm with a Masters degree in shipping law. After this, he moved to London where he completed another Masters, this time in International Trade and Transportation after which he took a job as a lawyer for a City law firm. In 1999, he was approached by the senior partner of what is now McGuireWoods LLP, Mr. Anders Grundberg, who was interested in hiring a new lawyer to cater for the growing number of Nordic clients moving or setting up businesses in the UK. As a Swedish lawyer work-
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If you want to compete in the higher segments of international private banking today, it’s not just about portfolio management. It’s also about being positioned correctly when it comes to holding companies, strategic exits and cross-border planning.
ing in London, Mr. Lager was ideally suited for the role. From 1999 to 2006, he helped grow the law firm from six to fifty staff, was made Partner in 2003 and ended up as Head of the Nordic Desk. In this role and in addition to helping individuals and businesses relocate to the UK, he advised clients on various international tax related issues, such as the setting up of holding companies, trusts, insurance solutions and generation planning.
New Ground at SEB As a Swedish advokat in London, Mr. Lager was frequently instructed and retained by Nordic banks, including Skandinaviska Enskilda Banken. During this time, SEB was interested in expanding its private banking offering to also encompass wealth structuring. Mr. Lager joined SEB in Luxembourg in 2006, enticed by a new challenge in his career and eager to start a family with his wife in a more childfriendly city. At SEB Mr. Lager began to offer the same international wealth structuring services to the bank’s private banking clients as he had previously done at the law firm in London. At the time this type of service was quite unusual in the banking industry, but ultimately made the bank more attractive publicly. From 2006 to 2012, Mr. Lager worked as Head of Wealth Structuring at SEB in Luxembourg where he had direct contact with clients, many of which were in Singapore and other
parts of the Asia Pacific Region. He provided tailored and effective advice to clients of SEB’s private bankers. “Clients tend to open up a bit more to a lawyer rather than to a private banker. This is because, in order for me to properly advise them, I need to know the bigger picture,” he said. He also worked hard to raise the level of competence of SEB’s private bankers so that they could confidently discuss topics such as generation planning and tax structuring with clients.
From Europe to Asia On May 1 2012, Mr. Lager moved to Singapore to take up the position of General Manager of Private Banking & Wealth Management. His predecessor, Mr. Ole Hamre, was asked to become Head of the Wealth Division in Norway, leaving this SE Asian position wide open. As Mr. Lager had done so much for the Luxembourg office, it was time to try something different. Furthermore, his legal expertise was seen as an asset which could complement SEB’s already strong banking reputation in the region. His family has moved over as well, finding that Singapore was a relatively easy country to settle down in. Locating an apartment, schools for their two children and Swedish supplementary tuition were all simple to accomplish. Even the family dog came along, although this proved to be the most difficult part of the transfer.
General Manager
Fredrik Lager in a busy city setting during a recent visit to Baangkok.
Building the Singapore Office Mr. Lager’s primary aim in his role as General Manager is to target the larger Nordic families in the region. Although SE Asia is seen as a low tax region, tax and corporate structuring is still highly important, especially since most clients are so mobile. Long-term planning, especially with regards to moving countries, is emphasised so as to protect and enhance client assets. Additionally, Mr. Lager has to combine his past legal experience with the new managerial role, raising awareness among the staff and consulting with clients. Wealth structuring in combination with the more traditional private banking services to build relationships is hoped to boost SEB’s Asian reputation even more.
There are currently ten staff members, including four bankers, within the private banking division at SEB’s Singaporean office. This will grow to twelve over the summer, with the addition of a new client assistant and a Senior Private Banker, Mr. Lars Arleback, joining from SEB Private Banking in Geneva. There are also hopes for further expansion in the future.
From Sydney to Tokyo Covering an area from Sydney to Tokyo, SEB’s bankers have to deal with clients in a range of jurisdictions. Given that the law differs from country to country, Mr. Lager believes in a general wealth structuring approach. If a more detailed strategy is required, however, the bank has several specialists on hand to deal with these issues.
SEB is already one of the most successful Scandinavian banks in Asia thanks in part to its highly competent Singapore office which was established in 1979. It also has offices in Hong Kong, Shanghai and Beijing; some of the largest business hubs in the region. As a bank, SEB has been around for more than 150 years and is well-known for its stability, honesty and dependability.
Brand Planning As for reaching out to new clients, the main attraction is the competence of the SEB staff. With Mr. Lager onboard, this level of skill and expertise increases even further. The fact that the bank can legally hold assets in Singapore provides a psychological benefit. “Although much of today’s
world is digital, there’s still that feeling that you want to keep your money close to you, which is why SEB, as the first Nordic private bank in Asia, started to offer fully fledged private banking services locally from Singapore in 2005,” Mr. Lager pointed out. As for plans for expansion, opening up additional branches can be time-consuming and legally difficult, due in part to the complex nature of international banking. Mr. Lager stated that taxation, regulatory and political stability are important from a private banking point of view, which is why SEB chose Singapore as their base. Thus for the time being, there are no plans to open up any new private banking offices in the region.
August 2012 • ScandAsia.China 15
Love Des L
ove Englund, General Manager at Muraya, Shanghai, had worked as General Manager for a Swedish real estate company for 10 years when he decided to enter the Chinese decoration and construction world. When Love moved from Sweden to Asia, his natural interest in Interior Design inspired him to open his mind for new opportunities in a developing country like China. ‘Swedish design is very popular in China right now. IKEA and their marketing are attracting the attention for Scandinavian style, more and more clients are asking for a Scandinavian touch in their Interior Design.’ Before Love moved to east Asia, he heard about the big construction boom taking place in China and that was one of the most important reasons why he decided to come over to the Asian Metropolis Shanghai, in 2006. Love was driven by the desire to discover new possibilities in China. He spent his first two years in Shanghai working for a local interior design and construction company as Design Director. ‘During my first period in Shanghai, I learned a lot about the market, I acquired a broad experience in interior design and about construction in China. One of the points that Love learned from his first job experience is that the market in China is totally different from his previous experience in Sweden. The key to success for local construction companies is to be able to offer a varied range of services, as in China it is more common to see turn key projects. This include HVAC, IT, Electrical and engineering services as well. Working for a local company made Love a little bit frustrated over how things were handled, he wished he could make things work in a smoother and more effective way. Love shared this frustration with his coworker Felix Jiang, and this pushed them to the start of a new company. In 2007, Muraya DCE (Design Construction and Engineering) opened and this was the beginning of a new phase. At the end of that same year, they already got a contract for the design concept for Staples headquarters in Jiangsu province, 100 000 sqm. 16 ScandAsia.China • August 2012
sign ‘At the beginning, we worked really hard, day, night and holidays, to compete with our International competitors. We have the opportunity to work with the local market together with Chinese coworkers, giving us a very compatible place in the market. After all that hard work in the beginning, Muraya has become a well-known interior design studio and construction company in China. “Total turnover is close to 100 million for 2012 and we expect to grow as we expand our practices to more cities in China. Our primary target is multinational companies that are on their way to set up or expand in China, companies looking for a Scandinavian touch. Our main focus is in corporate and commercial office spaces, but we also do retail and factories. We are now competing with multinational companies investing a lot in trying to establish their construction business in the Chinese market. We are now at the stage where we need a strong partner or start looking into possibilities for an IPO to support further growth.” In China it is not easy to run a construction project if you are a foreigner, there are many regulations and there is always a risk to be cheated. Muraya’s concept is to offer its clients western standard when it comes to quality and design with competitive prices. Safety and quality are major issues in China, that is why it is important for Muraya to keep the Swedish standard in construction. One of Muraya’s key services is custom made furniture that can be manufactured in their own 4000 Sm factory outside of Shanghai. Muraya noticed that many Swedish and foreign companies wanted their core values to be reflected in their office spaces. As the Chinese decoration style differs from the Scandinavian style, Muraya’s founders saw an opportunity to bring the Northern European style to Asia. ‘One of our strong points is our way of seeing the organization of the companies, we want our clients to have an as well as open environment and atmosphere in their office space.’ Research has shown that an open and pleasant environment decrease staff turnover and increases the em-
Contact information:
Muraya DCE, # 1000 Changping rd, Building B, 4th floor, Jing An District, Shanghai 200042 Shanghai. Love Englund: love@muraya.com Phone #: 0086 (21) 32267551 ployees willingness to work. I Sweden this way of thinking is allready common and that is why Muraya linked China and Sweden by employing local and Swedish staff. Muraya has today around 40 employees and 300 workers. The factory has around 20 workers. Environment is one of Muraya’s focuses too, they promote
themselves with a LEED gold certified office (Leadership in Energy and Environmental Design) with many LEED certified employees. Muraya is also a member of USGBC (Us Green Building Consul) which is quite unique among companies in china. Love sees himself in Shanghai these coming years, and he wants
Muraya to expand even more in China. By today they already have office in Shanghai and Beijing, another one is about to open in Chengdu. Among Muraya’s clients there are several Swedish companies including Sandvik, Atlas Copco, Hemtex, ICA, SSAB, Alfa Laval, Swedish Trade Council, etc.
August 2012 • ScandAsia.China 17
Medium
Swedish Pancakes S
wedish pancakes or “plättar” served with whipped cream and raspberry jam is one of those simple pleasures everyone should enjoy at least once...a week. To make them the right size, the best is definitely to use a castiron or cast-aluminum pan with shallow, round indentations. If you don’t have one, you can “cheat” by using the round shapes used for frying eggs that prevent the eggs from flattening out on the frying pan. The main difference that make the Swede prefer plättar from American pancakes is the texture of crepes - thin, flexible and eggy - rather than thick, fluffy and bready.
Evil
Are you done?
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hen you have completed the above puzzles, please send your solution by fax to +66 2 943 7169 or scan and email to puzzles@ scandasia.com. We will make a lucky draw among the correct answers. Five lucky winners will receive a ScandAsia polo shirt. Name:
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Deadline for submitting your solution is 15 September 2012 18 ScandAsia.China • August 2012
• 2 eggs • 2.5 cups whole milk • 1 cup wheat flour • 1 teaspoon salt • 1 tablespoon sugar • 1 teaspoon baking powder • 2 tablespoons butter, melted • whipped or sour cream • raspberry jam In a large bowl, mix together the eggs and half the milk. Add the flour and mix until a smooth batter is formed. Add the rest of the milk, the salt, sugar, baking powder and the melted butter. Grease the hot pan cups with butter. Spoon 2 rounded tablespoons batter into each greased cup. Remember... thin! Cook about 1 minute on each side or until golden brown. Serve immediately with jam or jelly and whipped cream or sour cream. Serves 2 hungry kids or 1 Swedish husband.
“If I had to eat one kind of food every day for the rest of my life, it’d be pancakes.”
Sometimes it is all about you. Applying for a place at UWC South East Asia is one of those times. UWCSEA in Singapore enrols students from Kindergarten to Grade 12, with boarding available in Grades 7 to 12. We are looking for families who are as committed to our mission and values as we are. For students who will embrace the opportunities provided by our learning programme. No never-ending wait list. No concerns about date of application. Apply online now for entry in August 2013. Or contact admissions at admissions@uwcsea.edu.sg or +65 6775 5344. www.uwcsea.edu.sg UWCSEA Dover is registered by the CPE CPE Registration No. 197000825H Registration Period 18 July 2011–17 July 2017 UWCSEA East is registered by the CPE CPE Registration No. 200801795N Registration Period 10 March 2010–9 March 2017
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