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					                                    March / April 2011

                                   Volume 150

                 Property and Relocation
What Happens When You Leave Hong Kong            10

        Luxury Property Market in China          18
   Threats to the Chinese White Dolphins         28
   Colofon                                                                     Contents
   The magazine for members of the Dutch Chamber
   of Commerce in Hong Kong
                                                                               3        Chairman’s Note

                                                                               4        News and Views

   Suite 5702, 57th Floor, Cheung Kong Center,                                 10       Investment Focus
   2 Queen’s Road, Central, Hong Kong
                                                                                        What Happens When You Leave Hong Kong
   Tel.: (852) 2815 2801
   E-mail: info@dutchchamber.hk
   Website: www.dutchchamber.hk                                                12       Tax Focus
   Skype: Dutchchamberhk                                                                Singapore Budget and Property
   Editorial Committee
   Lodewijk Lamaison van den Berg (Chairman)                                   14       Leadstory
   Faith Fung                                                                           The Price We Pay to Live in Hong Kong
   Editor
   Brandi Goode                                                                18       China Focus
                                                                                        Luxury Property Market in China
   Desktop publisher
   Jean Michel Caille
                                                                               20       Go Green
   General Manager
   Jacqueline Baud                                                             21       Talking Point
   Cover photo
   iStock                                                                      22       Members Corner

   Advertisers
   ABN AMRO
                                                                               24       SME Corner
   HEINEKEN
   HONG KONG DELIVERY COMPANY                                                  26       Lifestyle
   ING Asia Pacific
   Airfrance KLM
   MARTINAIR                                                                   30       Events
   PHILIPS
   PROMOCLIP ASIA LTD.                                                         33       Enquiries and Information
   RABOBANK
   RANDSTAD
   VISTRA                                                                      36       Dutchcham Information


• The magazine is distributed free of charge to all members and             • Should you receive multiple mailings or should there be an error
  relations of the Dutch Chamber of Commerce in Hong Kong.                    in your company details, we do apologise. To enable us to
                                                                              improve our service please send us the incorrect envelope (with
• For an annual subscription, please mail your crossed cheque for             mailing label still attached), including the corrected
  the amount of HK$ 490 payable to the “The Dutch Chamber of                  information so that we can update our database.
  Commerce in Hong Kong” to the above mentioned address and
  attach your business card.                                                • We invite members to contribute to the next issue of the DutchCham
                                                                              Magazine Hong Kong, China. Kindly submit the
• The contents of this magazine are for a large part based on information     relevant articles to the Dutch Chamber of Commerce before the
  received from third parties. The editors do not necessarily agree with      14th of the month preceding the next issue.
  the views expressed therein. All rights are reserved by the Dutch
  Chamber of Commerce. However upon request, permission may be
  granted for reprints in any format.


                                                                                                                                                   1
                                                                                                              Chairman’s Note

DutchCham Board of Directors                                             Moving

                                                                         W
                                                                                    hile I'm writing this, I'm on
           Mr Alexander de Nerée tot Babberich
                                                                                    holiday. During holidays, every
           Chairman; Lawyer, De Nerée Advocates
                                                                                    now and then, a thought
                                                                         crosses my mind: could I move here?
           Mr Tom Voûte
           Chairman of the Membership Committee;                         It is entertaining to imagine yourself not as
           Chief Executive Officer of Algorithmic Trading Group Ltd.     a tourist on his way to a museum but as a
                                                                         local, just grabbing a cup of coffee on his way to a meeting and
           Mr Vincent Homrighausen                                       then off to meet some local friends for dinner. This is especially
           Chairman of the China Committee;                              entertaining to imagine if you are in Buenos Aires.
           Commercial Director Asia of TenCate Grass Asia
                                                                         Another reason for this thought to occur is no doubt that we
                                                                         have all done it before: moving away from one country to an-
           Mr René Theil
                                                                         other ending up fine. This may seem not like much, especially
           Chairman of the SME Committee;
                                                                         after a few times, but science disagrees.
           Managing Director, Promoclip Asia Ltd.

                                                                         On the list of stressful life events, moving house, taking a mort-
           Mr Lodewijk Lamaison van den Berg                             gage and losing a house are three factors that show in the top 40
           Public Relations & Publications Committee;
                                                                         factors adding stress to our lives. To give you an idea, the most
           Senior Vice President, EFG Bank
                                                                         stressful life event is the death of a spouse. The least stressful
                                                                         events are Christmas and a minor traffic violation. Even at the
           Mrs Marita Rouhof
           Chairman of the Business Activities Committee;                off-chance that you would find Christmas relaxing, it still is not
           Regional Head, Internal Communications                        exactly a good list to be in the middle of by anyone’s standards.
           AXA Asia Pacific Holdings Limited
                                                                         Why is it then, that we happily consider moving across the world
           Mr Richard Stoffelen                                          and after that, in the case of Hong Kong, again after every two
           Treasurer; Partner KPMG                                       years, while science tells us to stay put and enjoy the wallpaper?

                                                                         This is probably partly because the actual work involved in mov-
DutchCham Advisory Board                                                 ing is not done by ourselves. You do get that sinking feeling
Mr Robert Schuddeboom                                                    when you even have to consider the idea of all those things hav-
Chairman, Consul-General of the Kingdom of the Netherlands               ing to go into boxes, on a truck and out of the boxes again. But,
Mr K. K. Yeung Chairman, KK Yeung Management Consultants Ltd.            honestly, we leave that mostly up to other people to arrange.
Mr Bart-Jan Kimman Director, Asia Yacht Services Limited
                                                                         However, I don't think that moving house ended up so high in
Mr Wiebo Vaartjes Chairman, Philips Electronics Hong Kong Limited
                                                                         the misery top 40 just because of mere logistics. We must some-
Mr Paul Zimmerman Founding member of Designing Hong Kong
                                                                         how feel attached to the space we live in, or the neighbourhood,
Mr Hans Diederen Country Executive Hong Kong,                            or the country.
CEO Private Banking Asia at ABN AMRO
Mr Dennis Ziengs CEO of Fortis Asia
                                                                         My guess is that it is not the fear of what is to come that causes
Mr Fer Amkreutz Director of APG Asset Management                         us grief, rather it is the stress of leaving what we know behind,
Mr Frank Koster CEO ING Insurance Asia Pacific                           even if the country is not in itself free of stressful elements such
Mr Marius van Huijstee President at Sonepar SA                           as Hong Kong.

DutchCham Office                                                         Yet we keep moving. Buenos Aires, anyone? •
                                                      Ms Faith Fung
           Mrs Jacqueline Baud                        Marketing &
           General Manager                            Communication
                                                      Manager



           Mrs Helen Yong                               Mr Michiel Vos         Alexander de Nerée tot Babberich
           Office Manager                               Trainee
                                                                                          DutchCham Chairman


                                                                                                                                           3
News and Views                                                                                                                                                                                                                                            News and Views

                               Interview with a Chief

                               Caroline Ergetie of
                               HOUSE HUNTERS Ltd.

                               H
                                       ouse Hunters, estab-          Is it true that property             drawn to a balloon that sudden-
Mrs Caroline Ergetie                   lished in 1985, pro-          rates had gone up roughly            ly bursts at some stage or a bal-
HOUSE HUNTERS Ltd.                     vides    tailor-made          40% in the past year?                loon that gradually deflates and
caroline@HouseHunters.com.hk
                               services for their customers                                               stabilizes, is hard to predict. The
                               as well as specialized servic-        Yes, residential property prices     only certainty is that the market
                               es in connection with execu-          have indeed risen between 25-        is not sustainable the way it is
                                                                                                                                                House Hunters Hong Kong team
                               tive relocation, tenancy              40% in the past 18 months,           today. I do not think that HK
                               management, and housing               depending on location, age of        will see the magnitude of debt
                               services for multinational            building and other attributes.       that we witnessed in the US,          line west wards from Sheung      What are the important             months, depending on the
                               corporations aiming at tar-           HK has also now overtaken            because banks are very cautious       Wan, e.g. Sai Ying Poon,         factors to consider for            agreement between the parties.
                               geting and expanding their            London as being the most expen-      with their credit risk coupled        Kennedy Town, Pokfulam           first time buyers and/or
                               businesses in Hong Kong.              sive city for office buildings. On   with the down payment of 30 -         and particularly warehouses      renters in this market,            HK is notorious for being
                               Their professional, multi-            an annual basis, HK led the way      40% required by the HKMA in           in Aberdeen. The leasing mar-    particularly those who             much more favorable
                               lingual team is committed to          across the Asian region with a       order to purchase a property. In      ket on the other hand is         are coming from Europe             towards landlords, with
                               providing     comprehensive           33% rental growth.                   order to curb the property spec-      spread all over the island.      and abroad?                        very few tenant rights or
                               and high quality services at                                               ulations in HK, which is one of       Soho between Central and                                            guarantees as in other
                               all times, with Ms. Nanette           What have been the pric-             the price-hike factors, the gov-      Mid Levels is still popular      The very first thing to think of   countries. How can
                               Zwaan, a long term resident           ing trends over the past 10          ernment has imposed a 15%             with its easy accessibility to   is how long you are going to       renters best deal with
Mrs Nanette Zwaan              with many years’ experience           years?                               stamp duty if you resell the          Central, and the Star Street     stay in HK. If you are on an       this situation and what
HOUSE HUNTERS Ltd.             helping families settle in to                                              property within 6 months. The         area is the new Soho with its    expat contract, for no longer      are their basic rights or
nanette@HouseHunters.com.hk
                               the city, heading up the              Dips and peaks are common.           longer you hold on to your            quaint new restaurants and       than, say two years, you have      privileges?
                               Dutch and Benelux division            Once we recovered from the           property, the lower the percent-      shops.                           to decide whether you are buy-
                               of the firm.                          Asian Financial Crisis in 1998-      age of the stamp duty. This has                                        ing to live in the home yourself   Most tenancy agreements are
                                                                     2000, the whole property mar-        cooled down the market and the        Where, in your opinion,          or buying for an investment.       seemingly more in favour of
                               Caroline Ergetie, longstanding        ket plummeted with SARS hit-         volume of sales has dropped by        are the best areas in HK?        The next question is whether it    landlords (with an average of
                               Managing Director, entered the        ting the region and HK.              32% since this new implemen-          for investment for new           is the right time for you to buy   80% containing “Tenant’s
                               business in the mid-80’s and          Resilient as HK is, we recov-        tation took effect a couple of        home/apt. buyers?                the property; are you buying at    Obligations” and a tenant’s
                               thus has some valuable expert-        ered from the crisis at the end      months ago. With these meas-                                           a “high” or “low”? This is         rights against a landlord are
                               ise she shared with us for the        of 2004 and the market has           ures taken, coupled with an           If we are to go by House         something you have to look at      only stipulated on a couple of
                               “Property and Development”            gradually strengthened with          interest rate hike, I personally      Hunters’ clientele, we have a    historically, studying the         pages. The reason is that, in
                               theme this issue.                     prices doubling from 2004-           feel that HK will not share what      very high demand for 4 bed-      curves in the past 10 years and    the event of a dispute, most
                                                                     2010. There was a short lived        the US has experienced. I think       room rental homes on the         assessing where you are, on        courts look more favourably
                               How is the HK property                adjustment when prices came          the whole world has learnt a les-     South Side of HK Island, fol-    that curve. Always make an         towards a Tenant’s rights.
                               market different from other           down for a couple of months in       son from the US mortgage              lowed by buildings of high       informed choice. If you are        There are also clauses in a ten-
                               metropolitan locations?               early 2009, due to the global        lender’s frivolous lending and        standard on the Peak, Happy      new to town, make sure that        ancy agreement that seem
                                                                     financial crisis; again, HK was      some countries have managed           Valley and Mid Levels.           you have established a contact     unreasonable, but they will
                               HK is a city that never sleeps;       not affected too much, mainly        to come out of the crisis rela-       Buying a home for investment     with your bank (for a mort-        only be enforced in the event
                               it’s very vibrant and fast mov-       due to the heavy influx of           tively unscathed. HK is in a way      in these areas will most defi-   gage, bank valuation, inspec-      that there is trouble or com-
                               ing. Once a selling price is con-     mainland Chinese investors           protected by the Chinese econo-       nitely mean that you will find   tion of the property), your        plaints; for instance, most ten-
                               firmed by both vendor and             who contribute(d) to the             my which is taking a quantum          a tenant by the time your        lawyer (for checking the docu-     ancy agreements have a clause
                               purchaser, the exchange of            immense price hike that we           leap into the future from a           completion is finalized.         ments related to the Sales-&       saying that you are not
                               sales & purchase documents            have witnessed in recent years.      closed communist nation to                                             Purchase agreement, property       allowed to keep pets, i.e. no
                               and down payments will fol-                                                becoming a Super Power.               On a ‘budget’, the areas         ownership and mortgage),           dogs, cats, birds etc. Many
                               low immediately. There is no          What do you think about                                                    between      Central    and      your agent (for searching for      landlords will turn a blind eye
                               time to be wasted, as this            the “HK property bubble”             What are the current “hot             Aberdeen are still a good        appropriate properties and         to this clause (if it is not stipu-
                               would entail a risk of ‘losing        many people discuss in               spots” for people buying              investment, if you find the      starting negotiations between      lated in the DMC), even if they
                               the deal’ for both parties. New       relation to local property           and leasing properties,               right property. Again, the       vendor and purchaser or third      know that you have a small
                               York and London are equally           rates? Is there a chance of          both residential and com-             market is “Hot” today and        party) and either an architect     dog. However, if the dog
                               vibrant cities, albeit without        a market burst as hap-               mercial? How has this                 the conditions can change        and/or contractor. Be pre-         becomes a nuisance and neigh-
                               the Asian & eclectic flavor that      pened in the US?                     changed in the past 5                 rapidly if there are sudden      pared. Speak to the lawyers        bours complain about noise,
                               HK offers, but the shortage of                                             years or so?                          economic       uncertainties.    and set up a company (if you       menacing approaches, etc.,
                               supply in prime locations             Yes, prices are inflated and it is                                         During SARS, there was an        do not buy under your person-      then the landlord is likely to
                               which in turn keeps a high            inevitable that there will be an     The new hot spots for people          almost immediate 180 degree      al name). From down payment        talk to the tenant and if there is
                               price level is similar in all three   adjustment in the market.            buying property in HK has             U-turn in the way the market     to completion, it may take         no other solution, the “No Pet
                               cities.                               Whether a parallel can be            been to follow the new MTR            was going!                       from 5 weeks up to a few           Clause” will be enforced. •

4                                                                                                                                                                                                                                                                      5
News and Views                                                                                                                                                                                                                                Press Release

                 DutchCham Office Welcomes New Trainee
                                                                                                                             Dutch Blossoms at Hong                                                                                                   By Marina Ng ,
                                                                                                                                                                                                                                         Senior Agricultural Officer of the
                                                                                                                                                                                                                                                 Consulate General of the


                                                    H
                                                             i, my name is Michiel Vos (23) and I am new here! As some                                                                                                                      Kingdom of the Netherlands -




                                                     July.
                                                             of you may know me already, most of you probably not, I
                                                             am the student from Amsterdam which will be the new
                                                     trainee of the Dutch Chamber of Commerce until the beginning of         Kong Flower Show 2011                                                                                          Agriculture, Nature and Food
                                                                                                                                                                                                                                                      Quality Deparment
                                                                                                                                                                                                                                         nlhonagr@netherlands-cg.org.hk


                                                 My academic background goes back to the summer of 2006, where
                                                 I started my Bachelor in Business Administration at the Vrije Uni-
                                                 versiteit Amsterdam. During this study, I had the pleasure to be se-
                                                 lected for an exchange program to study at the Chulalongkorn Uni-
                                                 versity in Bangkok where my first experience in Asia commenced.
                                                 This was such an amazing experience and is responsible for my on-
                                                 going interest in this continent. I have spent in total 8 months in the
                                                 ‘Land of Smiles’ and, as I am very serious in extending the moment
                                                 of graduation of my current degree in MSc Business Studies, work-
                 ing in Hong Kong is for me the perfect opportunity to extend my endeavours in life.

                 As I will start a year from now my professional career, I hope by this internship at the Dutch Chamber to
                 learn the skills and competencies necessary to be ready for the European and Asian labour market and to
                 have enjoyable experience I will never forget. I feel I’m already quite on my way to reach that goal! •


                    Contact details:
                    I can be reached via LinkedIN and Twitter,
                    please e-mail me at: Michiel@Dutchchamber.hk




                                                                                                                             T
                                                                                                                                    he annual Hong Kong Flower Show, or-             million visitors and exhibits from a number of
                                                                                                                                    ganized by the Leisure and Cultural Serv-        countries. Officiating at the show’s gala opening
                                                                                                                                    ices Department, was held at Victoria            was Salina Tsang, the wife of Hong Kong Chief
                                                                                                                             Park (Causeway Bay) from 11 to 20 March,                Executive Donald Tsang. She was greeted by
                                                                                                                             2011. As a renowned flower country and the sec-         Consul-General Robert Schuddeboom at the
                                                                                                                             ond largest supplier of flowers of Hong Kong,           Holland Pavilion and presented with a bouquet
                                                                                                                             the Consulate General of the Kingdom of the             of tulips.
                                                                                                                             Netherlands has, like previous years, staged a
                                                                                                                             floral display in this biggest and only flower          The Holland floral display at the Hong Kong
                                                                                                                             show in Hong Kong.                                      Flower Show 2011 was a joint effort of the
                                                                                                                                                                                     Netherlands agri-business sector to promote the
                                                                                                                             The Netherlands floral display at the Hong Kong         Holland image and its quality flowers. •
                                                                                                                             Flower Show 2011 was styled with thousands of
                                                                                                                             growing tulip bulbs which were flown in especially
                                                                                                                             from the Netherlands for the show. There were              The Netherlands floral display
                                                                                                                             also a number of large flower arrangements made            was organized by:
                                                                                                                             by professional floral arrangers with glamorous
                                                                                                                                                                                        Consulate General of the Kingdom
                                                                                                                             flower varieties such as Anthurium, Hippeastrum,
                                                                                                                             Alstroemeria, Strelizia, Lily and Roses etc., in spe-      of the Netherlands
                                                                                                                                                    cial arrays and colours. The
                                                                                                                                                    Holland floral display was
                                                                                                                                                    always crowded with admir-          Supported by:
                                                                                                                                                    ers and cameras throughout          Ministry of Economic Affairs,
                                                                                                                                                    the 10-day show. It im-             Agriculture and Innovation
                                                                                                                                                    pressed every visitor coming
                                                                                                                                                    to the show and won the
                                                                                                                                                    show’s Gold Award for               Sponsored by:
                                                                                                                                                    Unique Feature.
                                                                                                                                                                                        Rabobank, Fluwel, AirFrance/KLM Cargo, Copex
                                                                                                                                                    The flower show this year           Aircargo Anthura, Hilverda De Boer, Van den
                                                                                                                                                    has drawn more than half a          Berg China, Van den Bos
                                                                                                                                                                                                                                                                         7
6
News and Views                                                                                                                                                                                                                                    Press Release

                                                                                                                                     Macao International Environmental
                                                                                                                                     Cooperation Forum & Exhibition (MIECF)
                             Property & Relocation
                             Relocating to a rental or owned property
                             in Hong Kong


                             N
                                       ot too long ago I was at a social event    omy as much as possible in such times of eco-
                                       where one of the participants men-         nomic woe.
By Richard F.M. Stoffelen,             tioned the enormous profits that one
richard.stoffelen@kpmg.com   of her (long term) expatriate friends had            All in all, there is no bright answer to the
                             made on some property here in Hong Kong.             question of what may be best, other than that
                             The second remark was then related to the            the people who make a lot of money on their
                             fact that these people, who’d lived in this          (owned) property normally shout a bit louder
                             property before, subsequently moved to a             about their success, than the ones who lose a


                                                                                                                                     M
                             rental property. This then led to a further dis-     lot of money, as that appears to be embarrass-                acao’s leading environmental exhibition   hibitors at European Pavilion to highlight the
                             cussion on whether (tempo-                                           ing. Therefore, it appears there              and conference (MIECF 2011) was held      Dutch specialists on green mobility, advanced en-   Date:
                             rary) expats in Hong Kong                                            are more successful stories of                on 31 March - 2 April 2011 at the Vene-   vironmental technologies, or means to cope with     31 March – 02 April 2011
                             should consider owning their           “When relocating to           owning property than renting       tian, Macao SAR. This year’s MIECF focused on        climate change.
                             property instead of renting                                          it. Nevertheless, there are also   the topic of low carbon urban development, ‘Think-                                                       Venue:
                             their accomodation.                    Hong Kong, I’m sure           stories, and related statistics    ing Green, Going Green, Living Cool”.                The Netherlands Consulate-General cordially in-     The Venetian Macao Resort Hotel
                                                                                                  which evidence those, that                                                              vited the Dutch community both in Hong Kong
                             When relocating to Hong
                                                                    most people, and defi- some people who bought at                 The Consulate-General of the Netherlands in          and Macao to visit the Netherlands booth at         Website:
                             Kong, I’m sure most people,                                          the height of the market in        Hong Kong joined the MIECF as one of the ex-         MIECF 2011. •                                       www.macaomiecf.com/miecf2011
                                                                    nitely those from the
                             and definitely those from the                                        1997 still have not recouped
                             Netherlands, are flabbergasted         Netherlands, are flab- all the value on their proper-
                             by the enormous prices of the                                        ties, and thus have not re-
                             properties here in Hong Kong,          bergasted by the enor- ceived any return on their in-
                             regardless of whether they are                                       vestment yet. There are as well
                             looking at purchasing or rent-         mous prices of the            some stories about horrific in-
                             ing their home. So then the                                          terest rates of some 6 or even 9
                             question always comes up,
                                                                    properties here in            percent, which would make it
                             should we buy, or should we            Hong Kong, regardless         impossible for most people
                             rent? The incredible volatility                                      who have bought properties
                             of the market has pro- and             of whether they are           here in Hong Kong recently to
                             counter arguments for both                                           still meet their mortgage com-
                             choices.                               looking at purchasing mitments. However, as the in-
                                                                                                  terest rates for the last few
                             When the market goes up, one           or renting their home.” years have been at a much
                             can easily be confronted with                                        lower rate than previously here
                             substantial rent increases, whereas interest         in Hong Kong, most people don’t even think
                             rates might not increase, so then ownership          about such rates anymore.
                             might be more stable and provide the oppor-
                             tunity for a good return on investment upon          All in all, when relocating to Hong Kong the
                             later selling the property. However, when the        property market definitely is an interesting
                             market goes up, interest rates might go up as        subject, particularly if you realise that you
                             well (to cool down the economy, if the up-           could easily make more money on ‘your’
                             swing is too great), and thus mortgage pay-          property than through your annual salary (in-
                             ments may increase as well.                          cluding bonuses), yet you could also lose
                                                                                  more. This is probably the reason why most
                             Of course, when the market goes down, the            (temporary) expats simply rent their place, as
                             one who rents might be happier, as then the          the volatility in the rents are then most often
                             rents will go down reasonably quickly as             covered by their transfer contracts and do not
                             well, just like the sales prices of properties in    result in worries about market volatility.
                             this city. Thus, one might lose one’s job in a
                             recession, have an enormous mortgage and a           For any questions on the above, or on any
                             lower value of the property and so is hit from       other economic subject, please don't hesitate
                             all sides, even though most often interest rates     to contact me to help you find the right per-
                             would be relatively low to stimulate the econ-       son in our KPMG network. •


8                                                                                                                                                                                                                                                                           9
Investment Focus                                                                                                                                                                                                                                     Investment Focus

                                                                                                                                       whereby the onshore country is       land automatically has details      premium is invested. Most, if
                             What Happens When you                                                                                     able to obtain information
                                                                                                                                       from anywhere in the world
                                                                                                                                                                            of that account and the income
                                                                                                                                                                            generated by it passed back by
                                                                                                                                                                                                                not all, developed countries
                                                                                                                                                                                                                allow individuals to roll up in-
                                                                                                                                       about who is behind a particu-       the Cayman Island institution       come and capital gains within

                             Leave Hong Kong?                                                                                          lar structure. Recently UK
                                                                                                                                       banks have been forced to re-
                                                                                                                                       veal details of all UK residents
                                                                                                                                                                            to the Dutch tax authorities.

                                                                                                                                                                            For residents of Hong
                                                                                                                                                                                                                an insurance structure with tax
                                                                                                                                                                                                                only being payable once the
                                                                                                                                                                                                                money is taken out.
                                                                                                                                       who hold accounts with them          Kong who move away and


                             F
                                   or many foreign nationals                                                                           in their offshore branches. The      settle in another country           Sophisticated offshore struc-
                                   Hong Kong is an ideal                                                                               UK tax service estimates that        this can all come as a              tures can be effective but only
                                   place to work and accu-                                                                             there are 500,000 such ac-           nasty shock. And a nasty            if they are managed and con-
                             mulate wealth but most choose                                                                             counts and they are currently        tax bill.                           trolled from offshore as well as
                             not to retire here. Some may go                                                                           offering a second chance for                                             incorporated there. Most coun-
                             home but many choose to relo-                                                                             those who have had such ac-          Many simply do not realise the      tries consider that any offshore
                             cate to another country for the                                                                           counts and not declared the in-      additional tax cost of moving       structure which is managed
                             climate and possibilities and to                                                                          come in them to come clean,          to another country nor do they      and controlled from within
By Howard Bilton,            find good housing at afford-                                                                              pay reduced penalties and start      realise that the days of hiding     their jurisdiction becomes tax-
Sovereign Trust              able prices. But sometimes they                                                                           afresh. Many are expected to         money in secret accounts or         able in their jurisdiction and
                             fail to realise that the living                                                                           take advantage of this opportu-      structures are now well and         subject to tax there. For exam-
                             costs may be higher than they                                                                             nity, encouraged by the threat       truly gone. Any attempt to hide     ple, a BVI company which has
                             think due to tax.                                                                                         that if they don’t then they         undeclared taxable income is        directors based in Holland is
                                                                                                                                       could face penalties of up to        only likely to increase the tax     considered a taxable resident in
                             Dutch nationals returning                                                                                 100% and criminal prosecu-           bill when the details of that       Holland and therefore is liable
                             home will face much higher                                                                                tion.                                structure or account are re-        for tax on its worldwide in-
                             taxes. Holland is not a low                                                                                                                    vealed, as penalties are added      come at the usual rates of
                             tax country and charges tax on                                                                            Furthermore, The US is forcing       to the tax bill and even crimi-     Dutch corporate tax. So in this
                             every worldwide source of in-                                                                             Swiss banks to reveal details of     nal prosecutions can follow.        case it’s not the individual who
                             come and capital gains. Gener-                                                                            US account holders. Liechten-                                            is taxable on the underlying in-
                             ally a person will be considered                                                                          stein has recently been forced       Another commonly held mis-          come, although he may also
                             a resident in Holland if he                                                                               to sign tax cooperation agree-       conception is that remittance       suffer that tax, but it’s the com-
                             spends more than 180 days a                                                                               ments which will force the           of money to your new country        pany itself which is liable to
                             year there but that is not the                                                                            country to reveal details of for-    has any effect whatsoever on        Dutch corporation tax by
                             whole story - as indeed it is not                                                                         eign account holders upon re-        its taxation. If you have accu-     virtue of its management and
                             the whole story in most coun-                                                                             quest. Recently one of the em-       mulated money while in Hong         control being in Holland. So
                             tries. If the Dutch authorities     ited. In other areas of the         bacco, fuel and other items       ployees of a major Liechten-         Kong or elsewhere and then          any person who is going to be-
                             conclude that your main resi-       world such as Gibraltar it’s        have government duty built in.    stein bank sold stolen informa-      move to a new country it mat-       come a Dutch tax resident and
                             dence, family or work are in        possible to reside on the basis     Add in road tax on a car, con-    tion about foreign account           ters not one bit whether or not     has offshore companies can no
                             Holland or your life is mainly      that you will pay a maximum         gestion charges, rates on your    holders to the tax authorities of    you bring that money into the       longer act as director and must
                             in Holland, then you will be        amount of tax of GBP22,000          house and other items which       both Germany and the UK.             country or not. If it has al-       appoint professionals to act in
                             considered a resident even if       per year irrespective of your       make up the expenditure of an     My legal studies suggest that it     ready been taxed correctly be-      his place and actually manage
                             you do not spend the requisite      worldwide income. A great           average resident and then VAT     is illegal to receive stolen goods   fore you become a resident of       and control that company on
                             180 days there. Rates of tax        deal but again living conditions    at 20% on everything that you     but clearly the normal rules of      your new country then it isn’t      his behalf. This means that
                             payable are as high as 52%.         are not to everybody’s taste.       spend, and it can be calculated   law don’t apply when a gov-          taxable once you are there. If      whoever is controlling the di-
                                                                 More popular destinations are       that somewhere between 75%        ernment is involved. All Off-        you leave capital offshore, then    rectors’ activities is the actual
                             Dutch inheritance tax is            the US, Canada, Australia and       and 80% of your income goes       shore Financial Centres (OFCs)       the income generated on the         controller of the company and
                             payable by the beneficiary but      the UK. All of these places         back to the government. It’s a    are being forced to sign tax in-     capital sum is taxable irrespec-    therefore the same rule applies.
  “Anti-avoidance rules      it is the residence of the donor    charge their residents tax on       horrendous figure.                formation exchange agree-            tive of whether you spend it in     It’s not enough just to arrange
                             which is crucial in determining     their worldwide income at                                             ments which give the right to        that country or bring it into the   the appointment of “nominee”
                             liability for Dutch inheritance     rates of 30% upwards and            Many people use offshore          onshore countries to obtain de-      new country.                        directors, who do as they are
  now look through most      tax.     Liability reaches any      make it very difficult to shield    structures to shield their in-    tails about ownership of hith-                                           told. Control has to be relin-
                             Dutch national who has been a       income and capital gains from       come and capital gains from       erto confidential structures set     Careful planning is everything.     quished.
  offshore tax structures    non-resident of Holland for         tax by the use of offshore struc-   tax in their new country. Anti-   up in their jurisdiction and pass    Before you move to your new
                             less than 10 years. Any Dutch       tures and the like.                 avoidance rules now look          those to the local onshore rev-      country there are structures that   So, if you come to retirement
  and treat the underlying   national returning home will                                            through most of these struc-      enue authority. The EU has           you can set up which will be ef-    or to the end of your contract
                             find his estate subject to Dutch    In fact, the income and capital     tures and treat the underlying    forced its member states and         fective in mitigating or avoiding   and you are going to move
  income and gains as        IHT at a rate of 23% to 63%         gains tax rate is not the end of    income and gains within an        territories under their control      tax. Insurance structures work      countries, then a careful exam-
                             for higher amounts, depending       the story. We recently con-         offshore trust or company as      to automatically pass details of     particularly well for most coun-    ination of the relevant tax laws
  belonging to the tax-      on the relationship between the     ducted a study to establish how     belonging to the taxpayer and     any bank account held by a res-      tries, but a carefully tailored     applicable in your new country
                             deceased and the beneficiary.       much of UK tax payer’s income       tax accordingly - even if the     ident of another EU state back       policy which allows you free-       is an absolute necessity if you
                                                                 was returned to the govern-         taxpayer doesn’t actually re-     to the country of his residence.     dom to invest in what you wish      wish to avoid some very nasty
  payer and tax accord-      There are places to retire which    ment. Tax is 50% and national       ceive that income. Previously     Switzerland is being forced to       and do not limit you to a list of   tax consequences. A review of
                             charge no tax. Residents of the     insurance normally adds an-         many chose to set up these        comply with this initiative as       mutual funds with high entry        existing structures is a must, as
  ingly - even if the tax-   Bahamas, Turks & Caicos Is-         other 10% on employed in-           non-compliant structures and      well. So, for example, a resi-       and annual charges is neces-        is consideration of what new
                             lands, Monaco and other small       come, only leaving approxi-         assumed that the confidential-    dent of Holland who has a            sary. Those structures work be-     structure should be put in place
  payer doesn’t actually     island states pay no tax what-      mately 40%. Then the govern-        ity afforded offshore would       bank account in Cayman Is-           cause your asset becomes the in-    to avoid the worst aspects of
                             soever, but living there is chal-   ment takes another slice of         protect them, but there is an     lands which generates income         surance policy rather than the      the tax system in your new
  receive that income.”      lenging and facilities are lim-     your earnings. Alcohol, to-         accelerating process in place     that might be taxable in Hol-        assets in which the insurance       country of residence. •

10                                                                                                                                                                                                                                                                 11
Tax Focus

                                   Singapore’s 2011 Budget and other
                                   Recent Tax Developments
                                   Singapore’s Budget 2011              sonal income tax rates to            nual value of below $10,000.
                                                                        (below) Hong Kong level. Since


                                   L
                                           ess so than Hong Kong’s      it did not, Hong Kong, even          As of 2011, this property taxa-
                                           2011/2012 Budget which       though its Salaries Tax has been     tion has been replaced by a
                                           does not seem to propose     left unchanged at 15% capped,        progressive property tax sched-
                                   any real tax measures, Singa-        accordingly still wins in distinc-   ule for owner-occupied resi-
                                   pore’s Budget 2011, announced        tiveness from Singapore.             dential properties as follows:
                                   on 18 February, did propose a                                             • 0% on the first $6,000 of AV;
                                   few fiscal changes. The govern-      Corporate tax measures which         • 4% on the next $59,000 of
                                   ment’s budget focuses on a lim-      may be noted include:                   AV;
By Pieter de Ridder and            ited number of industry sectors,     • A pooling system for foreign       • 6% on the balance of AV in
Eliënne de Vries,                  especially the maritime sector         tax credits, which makes it           excess of $65,000.
                                   and includes further stimulus          easier to claim double taxa-       Non-owner-occupied residen-
Loyens & Loeff, Singapore:
Pieter.de.ridder@loyensloeff.com
                                   measures to enhance investments        tion relief for taxpayers re-      tial properties and other prop-
                                   in efficiency and productivity im-     ceiving various sources of         erties will continue to be sub-
                                   provements through an increase         passive income from various        ject to property tax at the rate
                                   of the Productivity and Innova-        jurisdictions;                     of 10% of the annual value.
                                   tion Credit (PIC) which was in-      • Expansion of the Global
                                   troduced in last year’s Budget.        Trader Programme incentive         Stamp duty
                                   Singapore realises that it can no      to all derivative instruments;     Additionally, on 13 January
                                   longer compete internationally         and                                2011 the Singapore Govern-
                                   on cost and that a competition       • An automatic withholding           ment announced further exten-
                                   should be won by efficiency im-        tax exemption for interest         sion of the - in 2010 intro-
                                   provements instead. The Produc-        under the Maritime Sector          duced and amended - seller’s
                                   tion and Innovation Credit             Incentive.                         stamp duty (SSD) on the sale of
                                   therefore encourages companies                                            residential property shortly
                                   to invest in innovation and train-   Few new measures were intro-         after its acquisition. Residen-
                                   ing of its staff (knowhow) and in    duced for the financial sector, as   tial properties acquired as of
                                   efficiency improving equipment.      these have been given large atten-   14 January 2011 and sold
                                   The PIC accordingly applies to       tion during the past few years.      within 4 years, are subject to
                                   defined R&D and IP related ac-                                            SSD at rates of 16% (if sold
                                   tivities and has been increased      Singapore’s taxation of              within 1 year), 12% (if sold in
                                   from a 250% to a 400% deduc-         property                             the second year), 8% (if sold in
                                   tion of qualifying expenses.                                              the third year) or 4% (if sold in
                                                                        When it comes to property in         the fourth year). Only after
                                   The corporate income tax rate        Singapore, the 2011 Budget did       four years a residential prop-
                                   remains unchanged at 17%,            not contain new measures as          erty can be sold without SSD.
                                   and a tax rebate of maximum          the recent introduction of           Thus far this measure appears
                                   S$ 10,000 is available. Con-         stamp duty measures in this          to have affected property prices
                                   trary to expectations, the per-      area could not wait for the          fairly successfully, which were
                                   sonal income tax rates have          Budget to be presented; the          spiralling out of control as a re-
                                   only slightly been lowered in        need for discouragement of res-      sult of the property speculation.
                                   the first two brackets, but two      idential property speculation        Whether it will be sufficient,
                                   new brackets have been added         was simply too high.                 the bricks shall tell in time.
                                   at the higher end of the range.
                                   Combined with the one-off tax        Property tax                         In conclusion, Singapore seems
                                   rebate of $ 2,000, the amended       The 2010 Budget already an-          to be consolidating its position
                                   rates may for many taxpayers         nounced introduction of a new        as an efficient headquarters loca-
                                   result in facing a marginally        progressive      property    tax     tion for regional activities in
                                   lower income tax bill for this       regime as of 1 January 2011.         Southeast Asia, especially the
                                   year, but what will happen next      Until end of 2010, residential       ASEAN area. The budget disap-
                                   year? Moreover, from a strate-       property owners were taxed at        pointed most people who were
                                   gic view this is remarkable in       a concessionary 4% rate (in-         expecting a closing of the gap
                                   respect of the much published        stead of 10% for all other           with Hong Kong on tax rates, es-
                                   news from the west on increas-       properties) if they occupied the     pecially personal income tax
                                   ingly restrained bonus schemes       residence. In addition, owners       rates, which did not happen. On
                                   for high income earners, many        could enjoy the on-going 1994        the property front, the govern-
                                   of which in UK banks. In re-         property tax rebates ranging         ment is taking measures to cool
                                   sponse, Singapore could have         from $25 to $150 per annum,          the market, and has introduced
                                   made a worthy impression if it       if the residential property they     punitive stamp duty increases to
                                   would have lowered its per-          occupied themselves had an an-       counter property speculation. •

12
Leadstory                                                                                                                                                                                                                                                          Leadstory

                                                                                                                                          pared to consider placing their
By Brandi Goode
                             The Price We Pay to                                                                                          children in ESF schools instead
                                                                                                                                          of insisting they attend the
                                                                                                                                          American-run HKIS, for exam-
                                                                                                                                          ple. Issues such as these can re-
                                                                                                                                          sult in depression and height-

                             Live in Hong Kong                                                                                            ened difficulty for families
                                                                                                                                          transitioning into the city.

                                                                                                                                          Less is More



                             I
                                 t starts as another typical     market. They also provide relo-     There is a perceivable shift in      The next major consideration
                                 day at the office: coffee on    cation services through their       the profile of most expats being     is what to bring. In short,
                                 the way to work, morning        sister company Proway, for          sent to Hong Kong these days.        travel light. Furniture is cheap
                             briefing with the team, client      which we consulted with             He elaborates, “Companies            here if you don’t demand
                             visit to follow, when suddenly      Regina Ma of Proway reloca-         used to easily afford bringing       brand names. YB notes that
                             you get a call from the boss.       tion division.                      people over of a very senior         all too often expats make the
Nordine Aazibou,             “Can you step into the office                                           level, people with a certain pro-    mistake of trying to bring
HK Sotheby’s International   please?” You cross the thresh-      Once hands are shaken and the       fessional caliber with sizeable      their existing furniture from
Realty                       old, hoping for a raise, perhaps    contract is signed, it’s time to    families, thereby needing larger     Europe or elsewhere into the        Nordine and his team at HK Sotheby's International Realty
nordine.aazibou@hksothe-     a pat on the back for that deal     examine the relocation pack-        apartments. The expats they          country. Asian Tigers must
bysrealty.com                you just closed, and with one       age. If Hong Kong is in fact        are bringing today consist           then arrange storage, or
                             simple, perhaps startling, con-     your first move abroad, it’s dif-   more of individuals and young        worse, their goods may be           Alternatives on the South side                  Kong, with many people mov-
                             versation your life has changed     ficult to know what to expect.      couples. Demographically the         stalled on arrival. Either there    of Hong Kong island such as                     ing down (from Conduit to
                             its course. “There’s an opening     Often when talking to true          age has decreased for expats in      is simply too much or their         Tai Tam and Stanley, and out-                   Caine Road, even down to She-
                             in another office and we’d like     “old China hands” you’ll hear       Hong Kong. The cost of doing         items don’t fit their new Hong      lying areas like Discovery Bay                  ung Wan) and out (to Sai Kung
                             you to relocate to Hong             of extravagant inclusions in an     business here is high and com-       Kong space. Regina and Nor-         continue to thrive for expat                    or Chai Wan).
                             Kong.” For many expats,             employee’s relocation deal,         panies considering bringing in       dine agree that furniture for       families as well.
                             Hong Kong is the first of many      with salaries nearly double         expats must factor this into the     flats in Europe is not designed                                                     Nordine continues, “People
                             international moves in the          what they earned back home,         equation.”                           to fit Hong Kong accommo-           Those looking to purchase may                   moving here should be well in-
                             Asia-Pacific     region.     The    complementary           housing,                                         dations. Flats in Europe are        have an additional considera-                   formed on how it goes. Don’t
                             thought of it is titillating,       school fees and child care cov-     Do your Homework                     mostly box shaped, while            tion set for investment proper-                 try to be too tight on a rental
                             nerve-wracking yet incredibly       erage, and even salary provi-                                            local spaces can feature a          ties. Clearwater Bay is a popu-                 budget upfront, because it
                             exciting with the promise of a      sions for unemployed spouses.       The single most important            strange wall curve or ledge,        lar option for families due to                  likely can and will go up. Ex-
                             completely different lifestyle.     Regina has observed a definite      piece of advice both Regina          much to the consternation of        the planned construction of a                   pats that arrive and wind up
                             Where to start?                     shift in corporate offerings        and Nordine can offer their          expats trying to furnish their      new Hong Kong Academy                           opting for a property that is,
                                                                 over the past five years from       clients is to do their research on   homes. Even those coming            campus. Investors would also                    say 50% above their desired
YB Ng,                       As most DutchCham readers           an all-inclusive, itemized expat    culture and living conditions,       from other Asian locations          be wise to consider property                    budget, are making a dire mis-
Asian Tigers                 have already experienced such       package to local-expat terms.       as most people have no idea          are frequently surprised by         where MTR stations are cur-                     calculation. You must think
yb.ng@asiantigers-           a situation, they are keenly        These new arrangements can          what living in Hong Kong is re-      living conditions in Hong           rently under construction, such                 long term and plan for regular
hongkong.com                 aware of the many considera-        be described as a local contract    ally like. A preview, “look see”     Kong. In other major Asian          as Pok Fu Lam, Kennedy Town,                    hikes in the rent.” On average,
                             tions that factor into the relo-    with enhanced benefits for em-      trip is highly advisable. Regina     cities such as Manila or            etc. Property values are already                he says, rental rates are increas-
                             cation experience. Finding a        ployees coming from abroad.         feels that unless you can see it     Jakarta, there is much more         rising in these areas in anticipa-              ing 12-15% year over year.
                             new place to call home tops the     Companies are now tending to        with your own eyes you may           square footage available than       tion of long term growth.                       Property sales, on the other
                             list of priorities. YB Ng of        pay more of a lump sum or           not see the true face of the city.   here.                                                                               hand, can be expected to show
                             Asian Tigers and Nordine Aaz-       simply an increased salary fig-     Furthermore, speaking with                                               Many people relocating to                       15-20% gains each year.
                             ibou of HK Sotheby’s Interna-       ure which should then be used       other expats in the city with        Where to ? Hot Spots                Hong Kong are equally
                             tional Realty have aided many       according to the employee’s         firsthand experience is highly                                           shocked to learn that the once-                 The Sky is the Limit
                             clients in their transition into    discretion to pay school fees,      beneficial, and HKSIR regu-          When beginning the hunt for         perfect home they found upon
                             Hong Kong life with their first     housing, and salary.                larly connects past and present      housing, there are a few areas      arrival will likely not be their                Rental prices in this fair city
                             move into the SAR and then,                                             clients for this reason. She         that consistently feature as        residence for the entire dura-                  are notoriously high. In fact,
                             quite often another move or         YB also sees more clients pay-      comments on how the expat            expat favorites. “The Mi-           tion of their stay in the city. YB              Hong Kong ranks #8 in the
                             two within the city limits. YB      ing for moves out of their own      wives of past clients often be-      dlevels is our top request and      highlights the necessity of regu-               world as one of the most ex-
                             came to Hong Kong in the            pocket after receiving said         come the first friends of new        will always be an influential       lar moves in Hong Kong as a                     pensive cities to live in. (1) On
                             early 90’s after having spent       lump sums. He feels that there      clients! This advice would cer-      area due to its proximity to        distinctive feature of life here.               page 16 is chart reflecting
                             time in Beijing. He is originally   is certainly a restructuring oc-    tainly apply to anyone relocat-      Central,”     says    Nordine.      Compared to his colleagues in                   rental rates in the city over the
                             from Singapore and thus pos-        curring with localization of        ing outside Hong Kong as well.       “Roughly 50-60% of our              Japan for instance, Asian                       past 15 years. Nordine high-
                             sesses an interesting perspec-      employees receiving less perks                                           clients new to Hong Kong ask        Tigers in Hong Kong do an im-                   lights how the various spikes
                             tive on property and relocation     than their counterparts 15          For families, the issue of find-     for listings in this area right     pressive number of domestic                     and dips reflect the impact of
                             in Hong Kong and beyond.            years ago, but there are logical    ing a suitable school can be         away. It’s an area for young        moves within the city itself.                   current events around certain
                             Nordine started his career lo-      reasons for this shift:             quite troubling in Hong Kong.        couples and flats with high effi-   The Japan branch of their com-                  time periods. In 1996-1997,
                             cally with Hong Kong Homes,                                             Families should be aware up-         ciency.” Those with children        pany reports that most expats                   post handover, property values
                             a company that led to the even-     • Hong Kong is no longer a          front of the uncertainty and         have separate needs, like play-     in the country stay in one                      were near 100%. Then there
                             tual branding of HK Sotheby’s         hardship destination.             frequent shortage in interna-        grounds and parking. Both           apartment over the entire term                  was a drop down to 50% as
                             International Realty (HKSIR)        • Technology has contributed        tional school places and ap-         Nordine and YB immediately          of their contract abroad. Sub-                  the market adjusted and finally
                             in October 2010. HKSIR spe-           to more young people taking       proach the issue with flexibil-      suggest West Kowloon as an-         stantial increases in rental rates              a low at 30% in 2003 around
                             cializes in the luxury property       on senior roles.                  ity. Americans should be pre-        other leading choice nowadays.      prompt these moves in Hong                      the time SARS broke out. From

14                                                                                                                                                                                                                                                                        15
Leadstory                                                                                                                                                                                                                            Leadstory

             120                                                                                                       one can be sure of when, or if      obscuring the true picture of         Buying Property
                                                                                                                       it will burst. “There are so        property value in the city.
                                                                                                                       many factors influencing the        Nordine highlights another            Most expats rent for at least a
             100                                                                                                       market, including those out-        feature of the property mar-          year when coming to Hong
                                                                                                                       side the city in the US and         ket locally: the lack of a cen-       Kong before even considering
              80                                                                                                       China. Substantial increases in     tralized database. In other           buying property. It’s important
                                                                                                                       interest rates, even 2-3%,          countries, such as his home in        to assess your financials before
                                                                                                                       could be a primary trigger for      Belgium, there is a national          making a decision to buy, as
              60                                                                                                       a burst effect, or if by chance     database that collects prop-          the down payment structure is
                                                                                                                       all the ‘hot money’ flows out       erty listings from both corpo-        as follows:
              40                                                                                                       Hong Kong and into China. I         rate and individual landlords,
                                                                                                                       don’t think there will be huge      who can freely post on the            • 30% down if the property
                                                                                                                       burst, however, but rather a        website. By his estimate there          value is below HKD $8 mil-
              20                                                                                                       cooling down of the market.”        are actually more private               lion
                                                                                                                                                           than corporate land owners            • 40% for properties valued
                0                                                                                                      Only in Hong Kong                   in Hong Kong, which makes               between HKD $8 – 12 mil-
                1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011                                                  it difficult for many real es-          lion
                                                                                                                       Hong Kong’s property market         tate agents to have an up-            • 50% for those valued above
                                                                                                                       has evolved in response to          dated listing of what’s avail-          HKD $12 million
            2003-2008 there were gradual          Reuters cited that one fifth of    footsteps were Vancouver and      many factors and possesses          able on the market beyond
            gains until the Lehman brothers       buyers of Hong Kong’s luxury       Sydney, both conspicuous loca-    some unique qualities that set      the listings provided by large        These astronomical figures
            crisis, followed by a dip lasting     apartments come from China. (2)    tions where the Chinese com-      it apart from other world class     development companies. Peo-           don’t even take interest rates
            not even a full year, and now                                            munity has a great deal of in-    cities in the region. YB refer-     ple looking to move within or         into account, which can dra-
            values are continuing to climb.       To illustrate further the impact   fluence on the property mar-      ences how land prices are so        to Hong Kong should con-              matically alter your situa-
            It’s interesting to note that once    of these wealthy Chinese in-       ket.                              high here because of a lack of      sider this when partnering            tion. Nordine advises buyers
            again we’re approaching 100%          vestors, YB references a recent                                      income received by the govern-      with an agent locally; con-           to be vigilant and take the
            in property values.                   news feature where they calcu-     With such unbelievable rates      ment; the flat, low tax base        sider working with several            safe bets in well-known, sta-
                                                  lated the affordability of Hong    prevalent in the market and in    and non-existent import/cus-        agents to ensure a broader            ble areas.
            The causes behind today’s             Kong. The investigative team       light of global events in prop-   toms duties means that the          presentation of current list-
            record rates are plentiful, but       concluded that the average         erty abroad, this begs the        government uses land sales to       ings. Sothebys does have a            YB provides a comparison with
            the influence of Mainland in-         household needs a whopping         question: Is there a property     compensate some necessary           distinct advantage, however,          Singapore for the buying mar-
            vestors is worth mentioning.          11.4 years of steady work and      bubble in Hong Kong and if        revenue.                            as Nordine asserts that they          ket. He stresses how people in
            These buyers boast incredible         heavy saving to be able to pur-    so, when can we expect this                                           have the most extensive data-         their 20’s don’t even consider
            purchasing power and are              chase a flat. This conclusion is   bubble to pop? Nordine feels      Land is indeed scarce in Hong       base in the industry, built           buying property in Hong Kong
            prone to paying in cash and           also based on the assumption       that there is definitely a bub-   Kong, and on the rare occa-         over time through the labor           because of the amount of
            buying properties on the spot.        that nearly all disposable in-     ble, but there was also one       sion where the local govern-        and skills of their Managing          money required upfront, but in
            This of course has repercussions      come is devoted to saving. Fol-    four years ago and in fact,       ment auctions off new land          Director Samson Law.                  Singapore it’s more of a given
            in the market. In July 2010           lowing closely in Hong Kong’s      there will always be one. No      for sale in residential pur-                                              that an individual owns his
                                                                                                                       poses, the demand far out-          Another consideration when            property at some stage. He con-
                                                                                                                       strips the supply. This inelas-     seeking a property agent is that      tinues, “The Singaporean gov-
                Index                                                                                                  tic supply results in prices        the responsibility of said            ernment has a CPF (like the
             (1990-100)                                                                                                that easily spiral out of con-      agents is not strictly defined.       MPF here) that takes a substan-
                                                                                                                       trol. This contrasts with the       Both Regina and Nordine can           tial portion of your salary,
                230
                                                                                     Office space                      practices in place in Singa-        share clients’ tales of how their     about 20% (the employer pays
                                                                                                                       pore, where the government          agent simply disappeared after        an additional 15%, so monthly
                210                                                                                                    will release more land as           the key was handed over. Prop-        contribution totals 35%). One
                                                                                                                       needed according to demand          erty in this city, like everything    part of this can be withdrawn
                190                                                                                                    and their master plan. In           else, moves at an astonishing         and used as a mortgage pay-
                                                                                                                       2010 the HK government              velocity, with well-decorated         ment and even as a down pay-
                170                                     Retail space                                                   held at least four separate         flats in desirable areas coming       ment on a home.” Singapore
                                                                                                                       property auctions in a bid to       on and off the market in one          then encourages the property of
                150                                                                                                    assuage fears over a pending        day. It’s wise to trust your gut      home buying, in contrast to
                                                                                                                       property bubble. However,           feeling upon viewing an apart-        local practices here. Similar to
                130                                                                                                    record auction bids were re-        ment; if you like it, take it right   Hong Kong, however, many
                                                                                                                       ported in last August’s auc-        away before someone else              people don’t actually own their
                 110                                                                                                   tion, which “signaled a near-       snatches it up. Nordine advises       land; rather they lease it from
                                                                                                                       time property climax, making        that landlords will usually take      the government for a period of
                   90                                                                                                  the city vulnerable to finan-       the best price, but it’s also im-     99 years.
                                                                           Private residential                         cial shock.” (3) Most financial     portant      to     know      your
                   70                                                                                                  experts agree that Hong             strengths when negotiating the        Love it or hate it, the property
                                                                                                                       Kong’s system supports the          terms. Know what you bring            market in Hong Kong is a force
                   50                                                                                                  current oligopoly of real es-       to the table; things like em-         we all must manage; most peo-
                                                                                                                       tate tycoons who inflate true       ployment letters and referrals        ple are willing and feel it’s the
                         2001       2002         2003    2004      2005      2006     2007      2008     2009          market value with seemingly         are useful, but leave the bank        price we pay for living in such
                                                                                                                       endless deep pockets, thereby       statements behind.                    a dynamic world city. •
            1. http://www.mercer.com/articles/1095320
            2. http://www.reuters.com/article/2010/07/28/hongkong-land-idUSTOE66P07J20100728                           3. http://www.marketwatch.com/story/story-behind-hong-kongs-record-land-auction-2010-08-01


16                                                                                                                                                                                                                                          17
China Focus                                                                                                                                                                                                                                                        China Focus

By Brandi Goode
                                           The Luxury Property
                                           Market in China
                                           J   urrien van den Akker has a
                                               unique perspective on the
                                               Chinese property market.
                                                                                When asked about the threat of
                                                                                a property bubble in China
                                                                                akin to global trends elsewhere,
                                                                                                                    its namesake. “So many of
                                                                                                                    these cities have potential, but
                                                                                                                    the cities on the interior will
                                           He is the Managing Director of       he says, “The Chinese govern-       flourish more when the lines
                                           the operating unit Accessibility     ment is now further tightening      are finished. Beijing and Tian-
                                           for the Asia Pacific region of       up to control the property bub-     jin already have mutually bene-
Jurrien van den Akker                      Thyssen      Krupp      Elevator.    ble and they have limited, at       fitted from the high speed line,
Managing Director Asia Pacific             ThyssenKrupp Accessibility in-       least in the top 10 major cities,   just as Shanghai and Hangzhou
jurrien.vandenakker@thyssenk               cludes chairlifts, home eleva-       second mortgages, etc. and de-      have. Obviously as the business
rupp.com                                   tors, and public access (i.e.        creased the money supply to         comes, so will hotels, and resi-
                                           wheelchair lifts). His client ros-   curb speculation.” This means       dential areas, which are market
                                           ter includes many developers         that smaller developers may         indicators of a city’s future.
                                           who build villas for private         find the business environment       We see years of continued
                                           owners throughout the Main-          more restrictive and challeng-      growth - who knows when it
                                           land. Although the commercial        ing, “but projects should con-      will slow down. The govern-
                                           elevator operating unit has been     tinue though sales of villas have   ment has a challenge to close
                                           operating in China for many          slowed down a bit.. The Chi-        the gap between wealthy and
                                           years, the accessibility unit        nese simply have a strong inter-    non-wealthy in the country. It’s   ity. And I think they will export   sign. Eastern influence is          a representative first. For
                                           began servicing the Asia Pacific     est in controlling the property     good they are trying to use        that in the future. This is the     mixed with classic Western          ThyssenKrupp, we are a Ger-
                                           region directly three years ago,     market to avoid having it spin      anti-inflationary measures to      case for the high speed rail net-   features to produce something       man company known for qual-
                                           and Jurrien frequently travels to    out of control.”                    slow it down a bit and ensure      work, for example. Chinese          totally new that reflects how       ity and technology. It’s my role
                                           China for business development                                           harmony and avoid any unrest,      companies have good quality         they are defining their own         to demonstrate that not just in
                                           purposes.                            Jurrien also highlights the im-     which investors also appreci-      at a reasonable cost. Don’t un-     style and direction.                a Powerpoint presentation, but
                                                                                portance of the development         ate.”                              derestimate China.”                                                     also in who I am and what I
                                           Jurrien came to Asia in 2007         with the high speed rail system                                                                            So who are these Chinese villa      say. You must be an ambassa-
                                           for a “six month project,” and       connecting the north to the         Regarding China’s connection       As to the specifics for homes       owners? First one must re-          dor for your firm.”
                                           as many expats sharing similar       south, the southwest to the         with Hong Kong, reciprocity is     in China, he stresses that the      member that the concept of
                                           fates can attest, is still happy     east, and everything in be-         key. We may see many Chinese       Chinese customer is seeking         private property is not under-      As for any preconceived no-
                                           and thriving in Hong Kong in         tween. He can imagine devel-        property investors in Hong         more luxury. “The customer          stood as explicitly in China as     tions the Chinese may hold
                                           2011. He has been in the ele-        opment communities to arise         Kong but there are a compara-      has become more discerning as       in other parts of the world. All    about German companies such
  The Elevator Technology business         vator business since 1994 and        around planned stations on the      ble number of Hong Kong in-        the Chinese are maturing with       land in China is actually           as ThyssenKrupp, Jurrien feels
  area brings together the ThyssenK-       worked in the US, Puerto Rico,       new lines. He continues, “I ex-     vestors in the Mainland. Again     their taste. The typical cus-       owned by the government and         that Germany does enjoy a
                                           and the Netherlands before           pect this may increase the          the theme of connectivity is im-   tomer is often quite familiar       those who buy property only         good reputation for quality
  rupp Group's global activities in
                                           landing in Hong Kong. He             amount of high end residential      portant, as the bridges and rail   not just with luxury brands,        truly own what’s between            products in China, owing
  passenger transportation systems.        mentions with a smile that the       property, especially landed         lines in process to connect        but with housing and design         their four walls – not what’s       greatly to the influence of com-
  With 44,000 employees, sales of          business has “its ups and            housing. The new rail lines will    Hong Kong with Macau,              trends. Customers go for ultra      under them. Developers can          panies such as BMW and Mer-
                                           downs” but presents exciting         impact how people travel and        Zhuhai, and Guangzhou will         luxury interiors that are pala-     lease land for anywhere from        cedes there. He continues,
  5.2 billion Euros in fiscal 2009/2010    opportunities in the region,         also, especially in the west,       heighten mutual investment be-     tial, as in four story mega         70-100 years and build a            “They find it interesting that
  and customers in 150 countries,          particularly in China.               people who traditionally trav-      tween the SAR and the Main-        houses, decorated generally in      gated community almost at           I’m Dutch, which leads to a
                                                                                elled to the big cities to work     land. “As long as there’s de-      European styles, even some          once. Those who “own” or            further conversation. The
  ThyssenKrupp Elevator is one of          First off, growth has been sub-      will prefer to stay nearer to       mand, investment properties        which resemble the décor of         lease these properties are gen-     Dutch were quite early traders
  the world's leading elevator com-        stantial in the region over the      home and now find it possible       will continue to accelerate.”      Buckingham palace! The              erally business people, govern-     in the area in the ‘golden era’
                                           past couple years. “Before the       to do so. Already people in                                            homes are all very opulent.”        ment agents, even foreigners.       of the 1700th century and the
  panies. The company's portfolio in-
                                           slowdown globally, China was         Shanghai find it difficult to       The notion of quality is also                                                                              Chinese can relate to the signif-
  cludes passenger and freight eleva-      already tightening up. For our       guarantee a steady supply of        becoming valid in China. Jur-      In fact, he mentions that you       When it comes to doing busi-        icance of this history. There’s
  tors, escalators and moving walks,       business there were zoning is-       migrant workers. This will          rien supports this by saying, “I   often see the styles vary per       ness in China and the notion of     always a historic connection,
                                           sues in place and freestanding       only get worse as it becomes        think China has great capabil-     room. With new money fun-           guanxi, Jurrien feels strongly      even in business. If you can
  passenger boarding bridges, stair        villa permits were restricted in     more attractive for the workers     ity with regards to quality con-   neling into an increased qual-      that “You have to have rela-        make that link, it’s important.
  and platform lifts as well as tailored   favor of having more apart-          to stay near their homes.”          trol. It all depends on a com-     ity of living, the domestic         tionships or find someone who       You should know about the
                                           ment buildings which could                                               pany’s own procedures. Look        market stands to grow               has relationships (agents, etc.).   connection between countries
  service solutions for all products.      house more people. At that           Jurrien lists a few of the second   at Apple, which is producing       tremendously. He also finds it      Spend time promoting yourself       and the historic significance.
  900 locations around the world           time the government was hesi-        and third tier cities that have     everything in China. The Chi-      interesting how the Chinese         and your product positively. In     Most people have that knowl-
                                           tant to give permits. During the     seen major development, in-         nese have had exposure to for-     are aware of international          a way you have to promote           edge at senior level, and that
  provide an extensive sales and
                                           slowdown, however, the flood-        cluding Xian, Dalian and            eign practices, which means        styles and new trends but           yourself positively before you      breaks the ice. You must also
  service network to guarantee             gates opened and money was           Qingdao, which many may rec-        they will then learn and inno-     manage to create their own          start advocating your product.      of course have quality products
  closeness to customers.                  freely available.”                   ognize for the beer brand with      vate to produce excellent qual-    unique, hybrid styles of de-        You must promote yourself as        you can stand behind.” •

18                                                                                                                                                                                                                                                                          19
Go Green                                                                                                                                                                                                                                                      Talking Point

By Betty Liu,
Trade Officer at the Consulate
General of the Kingdom of the
                                 Workshop on GreenCab                                                                                       Passing the Pen
                                 Project in Europe
Netherlands
Betty.liu@minbuza.nl




                                                                                                          taxi drivers by reducing idle     Change
                                                                                                          time of the green cabs. Fur-


                                                                                                                                            C
                                                                                                          thermore, these corpora-                  hange is the key word I       many changes over the years         An obviously tumultuous pe-
                                                                                                          tions can improve their eco-              came across over the          with the usual ups and downs.       riod was the outbreak of Se-
                                                                                                          friendly images in the pub-               years in the press, poli-     Where were you when Hong            vere Acute respiratory Syn-
                                                                                                          lic.                              tics, etc. all over the world. It’s   Kong became HK SAR on the           drome, better known as SARS.
                                                                                                                                            interesting to see that in recent     1st of July 1997? The Chinese       Schools were closed, business            By Eric Kampman,
                                                                                                        2. Shared car concept               years many politicians are            took over and CNN had the           meetings were called off and               eric.kampman@lgt.com
                                                                                                                                            using this word as a key to           shot of the PLA crossing the        everyone was wearing face
                                                                                                          Besides taxi services, Green-     their campaigns. But are people       border and “taking over” from       masks: out of this world! In
                                                                                                          Cab also offers shared cars,      really interested in change?          the UK officials. All was in        order to rebuild the image of
                                                                                                          pool cars, bikes and electric                                           good harmony, but there was a       Hong Kong after SARS, Hong
                                                                                                          scooters to the public. A         Moving to another place al-           lot of rain those days!             Kong Harbour Fest was staged
                                                                                                          new smart mobility shared         ways bring changes, as I expe-                                            outdoors at Admiralty’s Tamar
                                                                                                          car concept was introduced        rienced when moving from              The Asian crisis then arrived       site. Top artists from around
                                                                                                          to provide more flexibility to    Amsterdam to Hong Kong in             and Asia was set back a few         the world were here, such as
                                                                                                          car users with no worries on      1995. I know for sure that            years. A real attack on the Hong    Prince and the Rolling Stones!
                                                                                                          costs for car maintenance or      quite some people hate the idea       Kong Dollar was part of it: I       Financially it was a disaster
                                                                                                          parking. In Utrecht, regis-       to be ripped out of their com-        will never forget that I could      and the aftermath was not a
                                                                                                          tered GreenCab users can          fort zone. As symbolism we            pay 400% on overnight HKD           pleasant one…


                                 O
                                          n 07 March 2011, over     This Workshop was aimed as a          access info via smart phone       can quote the phrase “Partir,         deposit! The West, or shall I say
                                          30 participants at-       platform for experience shar-         for the nearest locations of      c’est mourir un peu” (= to            some traders in London, obvi-       While on holiday in the US dur-
                                          tended a stakeholders’    ing on issues regarding electric      electric vehicles available for   leave is to die a little).            ously didn’t realize the deep       ing Christmas 2004 I saw the
                                 workshop on electric vehicles      vehicle usage both in the             use. As a result, people no                                             pockets of Hong Kong.               devastating effect of the
                                 called ‘GreenCab project in the    Netherlands and Hong Kong.            longer need to have posses-       Over the years, we have seen the                                          tsunami in Asia; mind you I was
                                 Netherlands’ organized by the      A taxi operating company in           sion of the vehicles and still    Hilton Hotel replaced by the          Another highlight was the visit     offered a time share in the Mar-
                                 Consulate-General of the           Utrecht the Netherlands initi-        can enjoy driving wherever,       Cheung Kong Centre; the Fu-           of our Queen Beatrix to Hong        riot hotel in Phuket at the same
                                 Netherlands in Hong Kong.          ated the launch of 40 units of        whenever needed.                  rama hotel replaced by AIA            Kong in April 1999. She was         time! And today after the earth-
                                 The range of participants in-      electric cabs in January 2011.                                          Tower and the Ritz Carlton re-        accompanied by her husband          quake in Japan we see another
                                 cluded representatives from the    Utrecht, the fourth biggest city    After the presentation by           placed by China Construction          Prince Claus, with whom I had       tsunami with enormous force
                                 power utilities, academics, ve-    in the Netherlands, has become      GreenCab’s delegates, attend-       bank. Currently we can see a re-      the pleasure to chat for a while    crushing everything in its path.
                                 hicle distributors and manufac-    a testing ground for electric ve-   ing guests were interested to       development of Lan Kwai Fong.         with some fellow bankers.           It shows you how lucky we are
                                 turers, technology developers,     hicles to generate considerable     learn more about the software       A restaurant will be renamed                                              to be in Hong Kong today!
                                 fleet owners, and government.      information on necessary re-        (e.g. smart phone applications)     and refurbished every so often in     Do you recall the events of
                                 One representative from a          quirements to support the           and hardware (e.g. fast charg-      order to stay “hip” in fashion.       Y2K? Nobody was allowed to          Changes will continue happen-
                                 technology developer travelled     growth of the EV market             ing stations) infrastructure for                                          go on holiday during the            ing, whether we like it or not.
                                 from Shenzhen to participate.      within the city.                    green taxis in the Netherlands.     A major land reclamation piece        Christmas & New Year’s pe-          So I’d say, never fear change,
                                                                                                        Both attending guests and           is of course the “new” Hong           riod, and various disaster re-      but embrace the endless oppor-     Changes will
                                 Context                            The Presentation                    Dutch delegates were positive       Kong International Airport,           covery scenarios were put on        tunities changes can bring!
                                                                                                        about the Workshop as a             better known as Chep Lap              the table. And then what?                                              continue happen-
                                 Air pollution in Hong Kong         Two schemes were presented to       knowledge exchange platform         Kok, which opened in 1998.            Everything kept on working!         Thanks to Willem Hoogland,
                                 has become an increasing pub-      promote the use of EVs in the       for electric vehicles usage as      Some still recall the spectacular     Where were you when the             who passed the keyboard to
                                 lic health and economic prob-      Dutch community:                    public transport.                   arrival scene between buildings       lights went out in New York         me, to whom I wish all the best
                                                                                                                                                                                                                                                         ing, whether we
                                 lem for the authorities in the                                                                             at the old Kai Tak Airport in         City? Well, I was not there, but    with his newly set up company
                                 city of seven million. Hong        1. Collaboration with corpo-        Result                              Kowloon, but the efficiency of        the story goes that nine months     HKWJ Tax Law & Partners.           like it or not. So I’d
                                 Kong Government has stepped           rate customers                                                       the new airport is second to          later there was a baby boom!        Indeed as he mentioned entre-
                                 up efforts for Electric Vehicle
                                 (EV) implementation in the            Through strategic coopera-
                                                                                                        Attending guests were well-in-
                                                                                                        formed about the leading po-
                                                                                                                                            none. Another enormous proj-
                                                                                                                                            ect around the airport was the
                                                                                                                                                                                  A similar question I asked my-
                                                                                                                                                                                  self about 9/11 or 11 Septem-
                                                                                                                                                                                                                      preneurial spirit is high in
                                                                                                                                                                                                                      Hong Kong, but not always
                                                                                                                                                                                                                                                         say, never fear
                                 public to achieve a low carbon        tion with corporate cus-         sition of the Netherlands in        Tsing Ma Bridge, the second           ber 2001. At 08:46 a.m. it was      easy! Good Luck with the
                                 footprint in the city. The            tomers such as entrepre-         promoting electric vehicles         longest span suspension bridge        evening in Hong Kong and I          Change Willem. Next in line to     change, but em-
                                 Netherlands is one of the Euro-       neurs, medical institutes, or    usage in the public. Thus, the      at the time it was built (now         was having a business dinner in     sit behind the keyboard and
                                 pean EV players with a high
                                 number of ‘early adopters’ for
                                                                       rehabilitation centres to
                                                                       provide electric cabs for
                                                                                                        GreenCab delegates plan to
                                                                                                        re-visit Hong Kong again in
                                                                                                                                            number 7), and this should not
                                                                                                                                            be underestimated.
                                                                                                                                                                                  the “old” Va Bene in LKF. The
                                                                                                                                                                                  dinner broke up earlier than
                                                                                                                                                                                                                      write about whatever comes to
                                                                                                                                                                                                                      mind is another old-timer in
                                                                                                                                                                                                                                                         brace the endless
                                 electric vehicles that can share      these corporate customers.       the coming months to explore                                              expected with extensive phone       Hong Kong: Koos Blijdorp
                                 substantial experience on pro-        Thus passengers can reduce       opportunities in collaboration      I’ve been living in Hong Kong         calls around the globe and we       CEO Polyconcept Far East (a        opportunities
                                 moting electric vehicle imple-        waiting time for taxis while     with Hong Kong’s EVs stake-         for over 15 years. Time flew by       were watching CNN until early       former Borsumij/ Hagemeijer
                                 mentation with Hong Kong.             maximizing the profit of         holders. •                          is a cliché, but I’ve witnessed       in the morning.                     company). •                        changes can bring!
20                                                                                                                                                                                                                                                                               21
Members Corner                                                                                                                                                                                                                         Press Release

                 New Corporate Member Mark Yeung - PMC Associates
                                                                                                                           Go green,
                                                                                                                           Recycle your Blues

                 P
                      MC Associates Ltd would like to extend our warmest regards to the dynamic team that run
                      Dutch Cham Hong Kong, and it is our hope that we can assist those in the Dutch Chamber
                      community with our specialty services. PMC Associates are the leading specialists in work-
                 place design & creation, based out of Hong Kong. We design and create world class working envi-
                 ronments for occupiers throughout Hong Kong, Greater China & Asia.

                 Our team of professional designers, project managers, and delivery experts combine international


                                                                                                                           S
                 practices with local knowledge to create tailor made workplace solutions that fulfill our client’s cur-        ofa retailer SofaSale.com.      your jeans and with them all         weird after all. After 17 pairs
                 rent & future needs. We are committed to our clients success, and are happy to have worked for                 hk has announced a serv-        the energy and resources to cre-     of Denim Jeans, The SofaSale
                 partners like: Mayer Brown JSM, ING Asia Pacific, West LB, Vontobel, BCGE Private Banking,                     ice to turn your old jeans      ate them, we can. Instead re-        Denim X1 is the result. •
                 Daiwa Capital Markets, Goldman Sachs, Fuji Xerox, and Franklin Templeton Investments to name              into a comfy Sofa. This may          use them and create a fascinat-
                 a few.                                                                                                    sound weird to some, but actu-       ing and unique piece of furni-
                                                                                                                           ally is a great idea to others.      ture. It seems recycling is not so   Info: www.SofaSale.com.hk
                 Much of our success has stemmed from a clear understanding of our client’s business, their expert-        Give your jeans a second life.
                 ise, and the team of people who work there. With our extensive and in-depth knowledge we believe
                 that good design can substantially improve business performance, enhance your brand and help re-          Sure, the idea of re-using denim
                 tain and attract key people.                                                                              is not particularly novel. How-
                                                                                                                           ever, when an otherwise ordi-
                 We’ve recently expanded, and we’d welcome members to visit our new offices at: 39/F, AIA Tower,           nary furniture retailer takes up
                 183 Electric Road, North Point, Hong Kong! Hope to see you soon!                                          this sort of project it shows the
                                                                                                                           extent to which the idea of re-
                                                                                                                           using materials (and an eco-
                                                                                                                           friendly lifestyle in general) has
                                                                                                                           entered the mainstream psyche
                 New Overseas Member Frauke van Lier - Identity Games                                                      in Hong Kong.
                 International BV
                                                                                                                           “We want to differentiate our-
                                                                                                                           selves from the traditional furni-


                                         M
                                                    y name is Frauke van Lier and I’m proud to work for Identity           ture retailers”, explains Arno
                                                    Games. Identity Games has specialised in the creation, production      Nieuwland, director of SofaSale
                                                    and sales of original, high quality (board)games for more then 20      limited. “By introducing new
                                         years. The head office is in Rotterdam, The Netherlands and we have a sales       trends to the Hong Kong mar-
                                         office in the US. Identity Games exports their games to more then 20 coun-        ket, we want to create awareness
                                         tries.                                                                            with the consumer of smart ways
                                                                                                                           to spend their money. Besides
                                         For more then 15 years we have produced our games in Hong Kong / China.           bringing more value for money
                                         I am responsible for purchase, production and logistics to make sure the          within our line of products, the
                                         games will be on the market on time with the best quality and for the best        contribution to a greener planet
                                         possible price.                                                                   is a key mission of ours”.

                                         www.identitygames.nl                                                              It takes around 200 litres of
                                                                                                                           water to create a washed pair
                                                                                                                           of Denim Jeans. On average
                                                                                                                           there are 50 million pairs of
                                                                                                                           Jeans sold annually in Hong
                                                                                                                           Kong and China, which results
                                                                                                                           in 10 million tons of water
                                                                                                                           used. Instead of throwing away

22                                                                                                                                                                                                                                                23
SME Corner                                                                                                                                                                                                                             SME Corner

                                                                                                                          large and/or rarely suits the HK property style.     period of time. For those people who spend EUR


             May MUNCH at                                                                                                 What can you say to this and how do the unique
                                                                                                                          property implications locally affect your busi-
                                                                                                                          ness?

                                                                                                                          Arno: The Hong Kong furniture market is
                                                                                                                                                                               10,000 on a designer sofa, this may become an
                                                                                                                                                                               unpleasant surprise. In our Western mindset, we
                                                                                                                                                                               still like to spend our money on good quality
                                                                                                                                                                               branded products, since we would like to enjoy
                                                                                                                                                                               them for a long period of time, and in the furni-



             SofaSale Limited
                                                                                                                          unique and in many ways different from the mar-      ture business this might be 20 years or more.
                                                                                                                          kets in US or Europe. Due to the fact that the
                                                                                                                          property prices in Hong Kong are among the           We have seen many cases where our clients ask
                                                                                                                          highest in the world, it results in small living     us if we offer repair services to fix their high-end
                                                                                                                          floor spaces. Everyone is forced to utilize their    designer sofas, since the climate has taken its toll.
                                                                                                                          limited floor space. For our business this is good   We notice that a lot of the more permanent Hong
                                                                                                                          news, as it means that people will need small fur-   Kong residents have given up the long term view
                                                                                                                          niture and specific sizes, resulting in a high de-   on their furniture purchases and are instead
                                                                                                                          gree of customization. It also means that their      looking at a 5-10 year horizon to enjoy then re-
                                                                                                                          furniture from their previous home does not al-      place their furniture.
                                                                                                                          ways give them the right level of utilization of
                                                                                                                          floor space, which forces people to invest in a      All the above elements are supporting a high de-
                                                                                                                          new furniture set up. Given the dynamic prop-        mand for affordable, good quality furniture. In
                                                                                                                          erty market in Hong Kong, people will easily re-     our business set up we have created a low cost
                                                                                                                          locate within Hong Kong over a period of years,      structure, resulting in low prices that are on av-
                                                                                                                          and with every move they will face the same          erage 50-60% cheaper than competition in Hong
                                                                                                                          dilemma.                                             Kong. Our pricing model, combined with a 2-3
                                                                                                                                                                               week lead-time policy and our build-to-order
                                                                                                                          Another interesting factor is the Hong Kong cli-     customization options, have helped us to become
                                                                                                                          mate: the humid climate of Hong Kong makes it        the #1 online furniture retailer in Hong Kong.
                                                                                                                          difficult to maintain your furniture over a long     This is only the beginning....... •




             D
                     uring May the DutchCham office will            • What are the secrets of successful e-commerce
                     welcome a new member to host the                 in Asia?
                     MUNCH event: SofaSale Limited. So-             • How to approach strategic online marketing in
             faSale is retailing European style furniture             Asia?
             mainly through an online sales channel. They are
             part of a European furniture group of companies        DutchCham: What are your expectations for the
             that manages a number of furniture factories in        event?
             Asia. They control their own production, which
             offers advantages on customization of sofas and        Arno: We hope to provide an interactive session,
             create short lead-times of 1-3 weeks. This inno-       whereby the focus will be on how to utilize E-
             vative set up is new to the Hong Kong market           commerce opportunities in Asia. We would like
             and seems to be quite successful. It’s time to learn   to make it interesting for a wide range of mem-
             more about e-commerce in Hong Kong. We                 bers, so that both the SME members as well as
             asked Arno Nieuwland, a representative of the          the Corporate members can benefit from the dis-
             company, what to expect from the May                   cussion.
             MUNCH:
                                                                    DutchCham: How has your firm adapted your
             Arno: We hope we can give more insight into in-        product line to property in Hong Kong? One of
             teresting topics like:                                 the key recommendations I’ve heard from others
                                                                    interviewed for this issue (i.e. realty agents) was
             • How to build an E-commerce idea into a retail        that people relocating to Hong Kong should
               organization within 12 months?                       leave their furniture behind b/c it is always too

24                                                                                                                                                                                                                                             25
Lifestyle                                                                                                                                                                                                                                                            Lifestyle

                                                                                                                                      ments—but also harbor our          that things changed for the        “to [measure] its nature and
                                Book review                                                                                           emotions and identity. Instead
                                                                                                                                      of a cup of coffee with
                                                                                                                                                                         worse, Turkle argues. Face-to-
                                                                                                                                                                         face connections transformed
                                                                                                                                                                                                            extent.” Reading this book
                                                                                                                                                                                                            will be like an intervention for
                                Alone Together                                                                                        friends, we rapid-fire text, up-
                                                                                                                                      date statuses, and share pho-
                                                                                                                                                                         into 140-character tweets.
                                                                                                                                                                         These days, a comScore study
                                                                                                                                                                                                            digitally addicted thumb-tap-
                                                                                                                                                                                                            pers. Some will get it. Many
                                                                                                                                      tos      smartphone-to-smart-      shows, more than 30 percent        more won’t. “The network,”
                                Why We Expect More from Technology and Less from                                                      phone with Instagram. These        of Americans tap into social       she says, “is seductive.”
                                                                                                                                      technologies have allowed us       networks on their mobile de-
                                Each Other - by Sherry Turkle                                                                         to filter and minimize human
                                                                                                                                      contact, perhaps to our detri-
                                                                                                                                                                         vices. Twenty-seven percent of
                                                                                                                                                                         Facebook users are so ad-
                                                                                                                                                                                                            Turkle’s solution is not to dis-
                                                                                                                                                                                                            courage technology but to put it
                                                                                                                                      ment. The only way the TV          dicted that they log on in the     in its place. Even Microsoft
                                                                   interview a new nanny. “I        For most, including those         show Friends could exist in        bathroom.                          (MSFT) agrees. The company is
                                                                   show up at her apartment and     reading Turkle’s engaging         the Digital Age is if it were                                         betting that its new smartphone
                                                                   her housemate answers,” the      book on their iPad or Xoom,       about people who met on            This bathroom behaviour            software—designed to keep
                                                                   woman recalls in Alone To-       this incident may sound famil-    Foursquare.                        probably wouldn’t bother           users away from the screen—
                                                                   gether. “She is a young          iar. At the very least, it has    We have been headed down           Turkle all that much. Her real     will be an antidote. In Windows
                                                                   woman, around 21, texting        been explored extensively in      this path for a while. In the      concern is how digital devices     Phone’s recent ad campaign,
                                                                   on her BlackBerry. Her           the growing oeuvre of How         first century BF (Before Face-     are making public spaces pri-      people are shown on their
                                                                   thumbs are bandaged.” The        Devices Shape Our Lives           book), the letter gave rise to     vate, even when two people         smartphones at Little League
                                                                   texting injury, for Turkle, is   books, which may be the           the telegram, which allowed        who actually know each other       games, while riding bikes, or sit-
                                                                   not the disturbing part. When    biggest publishing industry       people      to    communicate      are sharing the same space—        ting on the beach. “Really?” a
                                                                   the woman asks the room-         fixation since vampires. Yet      quickly without being in the       such as all the couples out to     voice asks before another re-
                                                                   mate to knock on the poten-      this genre and its cyber-ana-     same room. Ensuing innova-         dinner who stare at their          sponds, “It’s time for a phone to
                                                                   tial nanny’s door, which is 15   lysts owe a debt of gratitude     tion led to the telephone, then    iPhones instead of each other.     save us from our phones.”
                                                                   feet away, the roommate ob-      to Turkle, the category’s god-    to *69, which enabled people       And that’s the real value of       Somehow, though, Microsoft’s


                                W
                                           hen Sherry Turkle       jects. “Oh no,” she says. “I     mother.     Technology      has   to screen calls. Somehow,          Turkle’s lucid, well-written       phone hasn’t caught on. As
                                           wrote The Second        would never do that. That        changed drastically in the past   though, life went on as usual.     analysis. “The new technolo-       Turkle might suggest, that does-
                                           Self, her first book    would be intrusive. I’ll text    quarter century in which          It was only when access to the     gies allow us to ‘dial down’       n’t sound like a future many of
                                on the psychology of com-          her.” Turkle concludes the ob-   Turkle has been working, yet      Internet became widespread         human contact,” she writes,        us will ever know. •
                                puter culture, the latest rage     vious about the exchange:        her thesis appears truer than
                                was a boxy beige machine           “Our networked life allows us    ever. In today’s world, our
                                threatening to disrupt the cal-    to hide from each other, even    gadgets don’t just contain our
                                culator and typewriter indus-      as we are tethered to each       memories—phone numbers,
                                tries. The year was 1984, and
                                many dismissed the Apple
                                                                   other.”                          addresses, birthdays, appoint-     Restaurant review Soho Base Camp
                                (AAPL) II and its fellow per-
                                sonal computers as mere ex-
                                pediters—things to help hu-
                                mans add, subtract, and type
                                a little faster without white-
                                out. Yet Turkle, a Massachu-
                                setts Institute of Technology
                                professor and clinical psy-
                                chologist, sensed something
                                more potent. In her book, she
                                flipped the argument around:
                                The personal computer didn’t
                                do things for us, she argued, it
                                did things to us. “What fasci-
                                nates me,” she wrote, “is the


                                                                                                                                       T
                                unstated question that lies be-                                                                               his narrow Nepalese/Indian Restaurant in Soho has a pleasant atmosphere and a good loca-
                                hind much of our preoccupa-                                                                                   tion near the escalator on Staunton Street. There are high tables in the front and a bar area
                                tion with the computer’s capa-                                                                                which is perfect for watching the action on Staunton Street.
                                bilities. That question is not
                                what will the computer be like                                                                         Those that want more privacy can sit further back along the banquettes which line the walls
                                in the future, but instead,                                                                            or on the corner table way in the back. There’s also a small al fresco area for smokers and
                                what will we be like?”                                                                                 people who want to be outside. The decor is simple. There’s up lighting, wood tables, tex-
                                                                                                                                       tured walls, colourful Nepalese pillows and ethnic wall hangings.                                              Location :
                                The answer is derived from an                                                                                                                                                                                         20 Staunton Street, SoHo
                                anecdote at the beginning of                                                                           The menu is simple yet offers enough variety. Soho Base Camp's specialties are its beef, tuna, and
                                her new book, Alone To-                                                                                chicken, salmon and vegetables skewers cooked in the clay oven, the famous Naan Bread Base                     Opening hours:
                                gether, which extends the ar-                                                                          Camp Pizza and its tandoori food items. For starters try the Himayalan samosas which comes with                Daily from 12:00 pm - 15:00 pm
                                guments she wrote about                                                                                a tangy yet sweet mint sauce and the BBQ chicken masala which has a mild tomato based curry.
                                                                                                                                                                                                                                                      and 17:00 pm – 02:00 am
                                in The Second Self and its un-                                                                         There are also salads, skewers and various tandoori dishes. The naan bread is flaky and crispy as
                                official 1995 sequel, Life on                                                                          opposed to doughy and they don’t use a lot of salt in the dough. •
 Source: http://www.business-   the Screen. Turkle writes                                                                                                                                                                                             Reservations:
 week.com/                      about a woman who goes to                                                                                                                                                                                             Tel: (852) 2530 3322
26                                                                                                                                                                                                                                               27
Lifestyle                                                                                                                                                                                                                                                                   Lifestyle

                                                                                                                                                               threatening for the Chinese white dolphin. The       is also getting busier. There are many high-speed
                                                 Chinese White Dolphin – Threats                                                                               Chinese white dolphin has also suffered from the
                                                                                                                                                               regional water pollution of the PRE. However,
                                                                                                                                                                                                                    ferries running between Hong Kong, Macau and
                                                                                                                                                                                                                    other cites in the Pearl River area everyday. The
                                                                                                                                                               the overall impact of water pollution to dolphins    marine traffic has increased in western waters,
                                                                                                                                                               remains unclear and more research is required.       doubling from 1999 to 2009. The current high-
                                                                                                                                                                                                                    speed ferry routes transverse the prime dolphin
                                                                                                                                                               3. Underwater Noise Pollution                        habitats around Lantau waters, increasing the
                                                                                                                                                                                                                    risk of dolphins being hit and causing injuries.
                                                                                                                                                               Dolphins rely on echolocation, which is similar      Scars and marks, possibly caused by the vessel
                                                                                                                                                               to sonar, for hunting, communication and navi-       propellers, can sometimes be observed on the
                                                                                                                                                               gation. The dolphins listen to the reflected sound   fins or bodies of the Chinese white dolphin.
                                                                                                                                                               they produce and use this to locate their peers,
                                                                                                                                                               fish and other objects. Underwater construction      5. Over-fishing
                                                   Source: SCSFRI/WWF                                        Source: TIO/SCSFRI                                works sometimes involve techniques such as per-
                                                                                                                                                               cussive piling (which will be used for construct-    In Hong Kong, there are no regulations in place
                                                                                                                                                               ing the foundation of wind turbines in south         to control fishing efforts or the available catch. A


                                                 T
                                                        he population of the Chinese white dol-          •   Habitat loss from coastal development             Lamma), which may interfere with the dolphins’       continued decline in fisheries resources have
                                                        phins in the Pearl River Estuary (PRE) is        •   Water pollution                                   echolocation capability. In extreme cases, this      been observed. Local catch composition has
                                                        very unique. Not only is it the largest one      •   Underwater noise pollution                        will result in death for the affected dolphins.      changed from mainly large, slow-growing, high-
                                                 that remains along China’s coastline, but these         •   Vessel collision                                                                                       value species, to small, fast-growing, low-value
                                                 creatures also inhabit one of the world’s most con-     •   Over-fishing                                      The increasing marine traffic also poses threats     species. In additional to over-fishing, certain fish-
                                                 gested areas with very heavy marine traffic and se-                                                           of obscuring sounds and acoustic communica-          ing practises are also not sustainable. For in-
                                                 rious water pollution problems. The dolphins that       1. Habitat Loss from Coastal                          tion, also interfering with echolocation. High       stance, the seabed is continually disturbed by
                                                 inhabit these areas are under enormous pressure.        Development                                           levels of boat noise can lead to injuries or dis-    bottom trawling. The decline in fisheries re-
                                                 Due to a series of development projects, they are                                                             turbance, as manifested by changes in behav-         sources will cause reduction in food supply to the
                                                 facing severe man-made threats that have resulted       Chinese white dolphins typically feed in shallow      iour and use of acoustic signalling.                 dolphins. •
                                                 in habitat loss and degradation.                        coastal areas up to a depth rarely exceeding 10
                                                                                                         metres. Extensive reclamation for many past, cur-     4. Vessel Collision
                                                 Since the mid-90s, more than 1,400 hectares of          rent and future projects such as the Hong Kong
                                                 sea area have been reclaimed in Hong Kong’s             International Airport, Hong Kong-Zhuhai-              In Hong Kong, the waters have become more            Source: Agriculture, Fisheries and Conservation
                                                 western waters. This is within the relatively           Macao Bridge, and the third airport runway is         congested due to reclamation, and marine traffic     Department and www.WWF.org.hk
                                                 small area inhabited by the dolphins. In addition       physically reducing the recognized dolphin im-
                                                 to a direct loss of the dolphin’s habitats, reclama-    portant habitats. This adds a stress upon the dol-
                                                 tion has affected fishery resources, which subse-       phin population, forcing them to move farther
                                                 quently leads to a decrease in food supply for the      away, possibly towards less suitable habitats.
                                                 dolphins. The threats to our vulnerable marine          Habitat loss from rampant coastal development
                                                 ecosystem don’t end with reclamation. Addi-             directly results in the loss and disturbance of the
                                                 tional threats include past, present and future         Chinese white dolphin’s breeding, nursery and
                                                 works on dredging; dumping; and facilities in-          foraging grounds. Reclamation may also block or
                                                 stallation. As well, the impacts from water and         affect movement between important habitats.
                                                 noise pollution, and an increase in vessel traffic,
                                                 play a role in destroying the habitat.                  2. Water Pollution

                                                 Agriculture, Fisheries and Conservation Depart-         The amount of suspended solids in the water col-
 Information About Stranded Dolphins
                                                 ment (AFCD) has a Chinese white dolphin conser-         umn elevates during the dredging process. An in-
 The cause of death for most of these indi-      vation programme and action plan. However, apart        crease in suspended solids raises the risk of clog-
 viduals is largely unknown, although entan-     from conducting a long-term monitoring pro-             ging fish gills. As well, it reduces growth rates
 glements with fishing gear, injury from ves-    gramme, progress is limited to implementing the         and prevents egg and larval development. Fish
 sels and high pollution levels have been re-    conservation measures identified when the plan          and some crustaceans are known to be the major
 sponsible for several deaths. The majority of   was formulated back in 2000. For instance, al-          food source of dolphins; an increase in sediment
 deaths are of young or newborn dolphins.
                                                 though the Sha Chau and Lung Kwu Chau Marine            will subsequently lower the amount of food
 Below is the number of Chinese white dol-       Park, the so called “dolphin sanctuary,” is a key       available for the dolphins and threaten the food
 phins stranded between 2000-2009:               component of this conservation plan, its effective-     chain. The dredging works may also lower the
                                                 ness may be limited as the area is not truly pro-       dissolved oxygen concentration in the water col-
 No. of Chinese White Dolphin strandings         tected from development and habitat modification.       umn, causing death of the fish and also resulting
                                                 The marine park should also provide increased           in a reduction in the food source available to
 2000              10
 2001               8
                                                 feeding opportunities for the Chinese white dolphin     Chinese white dolphins.
 2002               7                            population by allowing fish and other food stocks
 2003              14                            to increase. Commercial fishing under permit is still   The dumping work at the contaminated mud
 2004              10                            allowed within the marine park, however, so the         pits, namely the existing East Sha Chau facility
 2005              13                            dolphins are competing with fishermen for food.         and the future South Brothers facility, may also
 2006               5                            After all, at least three important habitats for the    pose adverse impacts to the Chinese white dol-
 2007              17
 2008              10
                                                 dolphins are not receiving any statutory protection.    phin habitats in the surrounding areas. Pollu-
 2009               8                                                                                    tants such as organochlorines and heavy metals
                                                 The Chinese white dolphin population in Hong            from the contaminated mud will dissolve into
 Source: Agriculture, Fisheries and Conser-      Kong and the PRE are specifically facing the fol-       the water column and accumulate in dolphins’
 vation Department and www.WWF.org.hk            lowing major threats:                                   bodies, which are considered potentially health

28                                                                                                                                                                                                                                                                                 29
Events                                                                                                                                                                                                                                                                          Events

SME BlueBiz Cocktail                                                                                                                             The EU and the Euro - A Failure or Growing Pains?
The SME BlueBiz Cocktail was organized by the French and Dutch Chamber and sponsored by Airfrance KLM. The cocktail was held at                  Dr. Michael Fuchs, MdB, Deutscher Bundestag (M.P., German Parliament) has been a member of the German Parliament (Bundestag) for the
Club@28, an outdoor poolside terrace and a cosy bar for a friendly networking opportunity! The cocktail started with a presentation by the       Christian Democrats since 2002. Since February 2006 he has served as the Chairman of the German SME Circle (PKM) of the CDU/ CSU par-
French architect Mr. Florent Nédélec. Mr. Nédélec graduated with a diploma of Architect Dplg and a Master of Architecture from the Georgia       liamentary group. In October 2006 Fuchs was also elected as a member of the CDU federal executive board. In November 2009 he was even
Institute of Technology and has won awards in Europe and the USA for his unique design sensibility and innovative concepts.                      elected as vice parliamentary party leader. Dr. Fuchs is very familiar with Hong Kong, having done business here for more than 20 years with
                                                                                                                                                 his own company. He is also a member of the Committee of the German Chamber of Commerce, Hong Kong. During the luncheon, Dr. Fuchs
Afterwards, Air France KLM Mr. Kevin Yeung presented the Airfrance KLM BlueBiz programme and its benefits for SMEs. Urban Discovery              shared his views and insight in The EU and the Euro.
then entertained all guests with the ultimate urban quiz: “How well do you know Hong Kong?” All guests received a Chinese umbrella with
20 questions. For each question there were two answer possibilities. A guest could choose for answer A, meaning the umbrella stayed open, or
answer B, meaning that the umbrella was closed. The quiz was won by Michelle Yam, who received gifts from Airfrance KLM and Urban
Discovery.




                                                                                                                                                   Friday 4th of March 2011, 12:30PM - 14.00PM at the Victoria Suite, The Hong Kong Club, 1 Jackson Road, Central



                                                                                                                                                   Mark these Chamber events in your diary
                                                                                                                                                   w InterSME - Show me the Money - An insight into funding for SMEs
                                                                                                                                                      Wed 13 Apr, 8:00 AM (sharp!)- 9:30 AM,
                                                                                                                                                      The American Club HK, 49/F Exchange Square Two - Central

                                                                                                                                                   Price: Members HKD 250,-/ Non-members HKD 350,- (including breakfast)
                                                                                                                                                   InterSME, a work group of joint chambers has taken the initiative to organize an event tailored for Small Medium sized enterprises.
                                                                                                                                                   This event will be co-organized by the Australian, New Zealand, and Dutch Chamber and promoted by all the InterSME chambers.

                                                                                                                                                   Topic: Sourcing capital to fund early stage growth for new ventures and SME’s is very difficult, especially in Hong Kong where entre-
  Thursday 24th February, 18:30-21:00 pm at Crowne Plaza Hotel, Club@28, 28/F, 8 Leighton Road, Causeway Bay                                       preneurs have to compete with the ‘guaranteed’ returns available via the stock exchange and property markets for private investment.

                                                                                                                                                   About the speakers
                                                                                                                                                   • Bank Financing - Kelvin Au, General Manager, SME Banking, Standard Chartered Bank (HK)
The honourable John Tsang, Financial Secretary 2011-2012                                                                                           • Government Funding - Elsa Hung, Principal Trade Officer, HKSARG Trade and Industry Department
                                                                                                                                                   • Angel Investment - John Lo, HK associated office of Edwards Angell Palmer & Dodge
The Financial Secretary, the Honourable John Tsang, delivered the 2011-2012 Budget Speech at the Legislative Council on Wednesday, 23              • Practical Case Study – Hans Pompen, Founder & CEO, Unlimited Innovation Ltd.
February 2011. We are deeply honoured that Mr. Tsang accepted our invitation to talk to the Hong Kong business community on the 1st of
March. It was an excellent and timely opportunity to learn directly from Mr. Tsang about his further elaboration on this year’s budget and how
he would lead us for dealing with the global financial crisis and sustaining economic prosperity for the future growth of Hong Kong.
                                                                                                                                                   w Mitigating Corporate Risk in Asia
                                                                                                                                                      Thu 28 Apr, 12:30-14:00, Suite 5702, 57/F, Cheung Kong Center, 2 Queen’s Road Central

                                                                                                                                                   Price: members HKD 200,-/ Non-members HKD 250,-
                                                                                                                                                   Steve will address the main risks of doing business across Asia; this based on his extensive experience in handling corporate crises,
                                                                                                                                                   corruption issues and sudden or radical political changes or“U-turns” in government policies. Steve will discuss how these factors can
                                                                                                                                                   actually impact the business climate. He will also cover current trends in terrorism in both South East Asia and the Indian
                                                                                                                                                   Subcontinent and how these may affect international companies, as well as discussing fraud and corruption in the region.

                                                                                                                                                   Steve’s talk will review:
                                                                                                                                                   • Today’s business risks
                                                                                                                                                   • Terrorism threats in Asia; key risks to businesses and business executive
                                                                                                                                                   • Managing “off balance sheet risks”
                                                                                                                                                   • Essential business controls

                                                                                                                                                   w China Series (2) Branding in China by Mr. Francis Gouten
                                                                                                                                                      Wednesday 4 May, Suite 5702, 57/F, Cheung Kong Center, 2 Queen’s Road Central

                                                                                                                                                   Mr. Francis Gouten has 35 years of experience in the business of Luxury Goods. He worked more than 25 years in Hong Kong, has
                                                                                                                                                   a special relationship with Asia and understanding of its complex luxury market Important and well-established network with all the
                                                                                                                                                   major players in the luxury market. He was part of the team that developed Cartier in the 1970s, taking it from an unknown brand
  Thursday 1st of March, 12:30-14:00 pm at the Hong Kong Convention and Exhibition Centre, Wanchai                                                 with just few boutiques, to the leading international luxury brand we know today. Source: http://www.goutenconsulting.com/
                                                                                                                                                   Registration will be opened soon.

30                                                                                                                                                                                                                                                                                        31
Events                                                                                                                                                                                                                          Enquiries & Information
 w Joint Chamber event: Beer Tasting
     Thursday 12 May, Frites in Quarry Bay
                                                                                                                                        Trade Show Calendar                                                                              Trade enquiries
 The Australian, Belgium-Luxembourg and Dutch Chamber will organize a joint chamber event: Beer Tasting at Frites in Quarry Bay.        IN THE NETHERLANDS                              IN HONG KONG / CHINA                            These trade enquiries were
 The tasting will include a selection of Belgium, Dutch and Aussie beer matched with food (small dishes). Registration will be opened                                                                                                   received by the Economic
 soon.                                                                                                                                  Gold & Discovery Fund                           Hong Kong International Buddhist Products       Section of the Consulate-General
                                                                                                                                                                                                                                        of the Netherlands in Hong Kong.
                                                                                                                                        Location: Amsterdam Rai                         Fair                                            Interested parties may approach
 w SME Social Event                                                                                                                     Date: 26 April 2011                             Location: HKCEC                                 the companies directly or
     Friday 27 May                                                                                                                      Exhibit: Finance and investment                 Date: 08-10 May 2011                            contact Betty Liu, the Consulate’s
                                                                                                                                        Organiser: Gold & Discovery Management bv                                                       trade officer,
                                                                                                                                                                                        Organiser: Kenfair Exhibition (Hong Kong)
 Save the date for the annual SME Social Event of year. More information will follow soon.                                                                                                                                              on (852) 2868 0690, by fax to
                                                                                                                                        Email: info@gfund.nl                            Ltd
 w Monthly Drinks with the Dutch Association                                                                                                                                                                                            (852) 2868 5388 or via email
                                                                                                                                        Website: www.golddiscoveryfund.com              Email: cs@buddhistfair.com                      economic.section@netherlands-
     Thursday 7 April from 19:00pm at Linq, G/F, No. 35 Pottinger Street (between Lyndhurst Terrace and Hollywood Road)                                                                                                                 cg.org.hk
                                                                                                                                                                                        Website: www.buddhistfair.com
 The Dutch Association offers a complimentary drink to everyone. Moreover, you can enjoy happy hour prices and bitterballs from
                                                                                                                                        Trade Mart Utrecht
 the Orange Tree.                                                                                                                                                                                                                       Dutch Agents wanted
                                                                                                                                        Location: Hall 10, Conference Centre
                                                                                                                                                                                        HOFEX 2011
 w Finding Easter Eggs                                                                                                                  Date: 2 May 2011                                                                                Electric component
                                                                                                                                                                                        Location: HKCEC
     Saturday 16 April from 10:30am – 12:30pm                                                                                           Exhibit: Collective trade fair                                                                  • ASHI KEIKI (HK) Ltd
                                                                                                                                                                                        Date: 11-14 May 2011                            • Phone: 852 2730 3007
                                                                                                                                        Organiser: VNU Exhibitions
                                                                                                                                                                                        Organiser: Hong Kong Exhibition Services Ltd      Fax: 852 2730 1107
 The Easter bunny has hidden the most delicious Easter eggs in Hong Kong. Help finding them at the Residence of the Consul-General.     Website: www.trademartutrecht.nl
 Register yourself and your parent(s) via evenementenhongkong@hotmail.com                                                                                                               Email: exhibits@hkesalworld.com                   Email: yoshimoto-kazu
                                                                                                                                                                                                                                          @asahikeiki.imsbiz.com.hk
                                                                                                                                                                                        Website: www.hofex.com
                                                                                                                                                                                                                                        • Contact: Mr Yoshiomoto
 w Queen’s Day Reception                                                                                                                Modatex 2011                                                                                      Kazuhiro
     Saturday 30 April, 18:00pm-21:00pm, Residence of the Consul-General of the Kingdom of the Netherlands, 24 Mount Cameron            Location: Amsterdam RAI, Hall 9
     Road, the Peak                                                                                                                     Date: 8-9 May 2011                              Asia Funeral Expo 2011
                                                                                                                                                                                        Location: HKCEC                                 Hong Kong Suppliers
                                                                                                                                        Exhibit: Bridal trade fair                                                                      wanted
 The Consul General of the Kingdom of the Netherlands, Mr. Robert Schuddeboom has the honour to invite all Dutch people and rep-
 resentatives of the Dutch business community in Hong Kong SAR and Macau SAR to the annual celebration of Queen’s Day. Dress            Organiser: Amsterdam RAI                        Date: 19-21 May 2011
 code for this evening is: a touch of orange! For registration, please send an e-mail to: information@netherlands-cg.org.hk             Email: heleen@modatex.info                      Organiser: Vertical Expo Services Company Ltd   Copy paper
                                                                                                                                        Website: www.oceanmedia.co.uk                   Email: afe@verticalexpo.com                     • Alpha Trading
 w Memorial Day                                                                                                                                                                         Website: www.verticalexpo.com                   • P.O. Box 457, 5140 AL
                                                                                                                                                                                                                                          Waalwijk, the Netherlands
     Monday 4th of May, 18:00pm,                                                                                                                                                                                                          Phone: 31 416 330 345
     Sai Wan War Cemetery, Cape Collinson Road, Chai Wan                                                                                Art Amsterdam 2011                                                                                Email: roel@alphagroup.nl
                                                                                                                                        Location: Hall 8 Amsterdam Rai                  Hong Kong Senior Fair                           • Contact: Mr Roel van
 At this military cemetery, 72 Dutch military are buried who lost their lives in the Japanese concentration camps during the Second                                                                                                       Dortmont
                                                                                                                                        Date: 11-15 May 2011                            Location: HKCEC
 World War. The Consul-General attaches great importance to this memorial and would appreciate a respectful attendance from the
 Dutch community in Hong Kong.                                                                                                          Exhibit: Contemporary and modern art            Date: 20-22 May 2011
                                                                                                                                        Organiser: Amsterdam RAI                        Organiser: Vertical Expo Services Company Ltd
 w Orange ball                                                                                                                          Email: e.dijksterhuis@rai.nl                    Email: hksf@verticalexpo.com
     Saturday 7 May, evening at the Verandah in Repulse Bay                                                                             Website: www.artamsterdam.nl
                                                                                                                                                                                        Website: www.verticalexpo.com

 The theme of this year’s Orange ball is ‘James Bond’. The Orange ball promises to be a great party with a DJ from radio Veronica
 and a lot of entertainment at the Verandah in Repulse Bay. Tickets sale start from the 3rd March via evenementenhongkong@hot-          iStrategy Europe 2011
 mail.com or via one of the Bond girls who you will meet during several events. Tickets are sold for HKD 850. - per person for mem-                                                     Hong Kong Entrepreneur Day
                                                                                                                                        Location: Amsterdam Rai
 bers and HKD 1,200.- for non-members. These include unlimited drinks, a 3-course dinner, casino and all entertainment. Young pro-                                                      Location: HKCEC
 fessionals can choose for a ticket of HKD 400.- which allows you to the party only from 22:00pm till 1:00am.                           Date: 11-12 May 2011
                                                                                                                                                                                        Date: 20-21 May 2011
                                                                                                                                        Exhibit: Global digital media conference
                                                                                                                                                                                        Organiser: HKTDC
 w Flea market                                                                                                                          Organiser: GDS Publishing Ltd
                                                                                                                                                                                        Email: alice.tam@hktdc.org
     Saturday 14 May from 10:30am – 12:30p, Residence of the Consul-General of the Kingdom of the Netherlands, 24 Mount                 Email: max.ford@istrategyconference.com
                                                                                                                                        Website: www.istrategyconference.com            Website: www.hktdc.com
     Cameron Road, the Peak

 Children celebrate the birthday of our Queen with the annual flea market. Please collect your toys, books and other things and sell
 them for a good price! You can also participate in the typical Dutch games as ‘koekhappen’ and ‘touwtrekken’. Moreover, ‘kroket-                                                       Hong Kong International Art Fair
                                                                                                                                        Energie in Bouw en Vastgoed 2011
 ten’, ‘poffertjes’ and other delicacies are available as well. Register now (even if you only participate for the Dutch delicacies).
                                                                                                                                        Location: TT Hall Assen                         Location: HKCEC
                                                                                                                                        Date: 18-19 May 2011                            Date: 26-29 May 2011
                                                                                                                                        Organiser: VNU Exhibitions                      Organiser: HKTDC
                                                                                                                                        Email: visitorsinformation@vnuexhibitions.com   Email: exhibitions@hktdc.org
                                                                                                                                        Website: www.energiebouwbeurs.nl                Website: www.hongkongartfair.com

32                                                                                                                                                                                                                                                                     33
Enquiries & Information                                                                                                                                                                                                                        Enquiries & Information
                                                                                                                                                                Application for the Post of Trade Manager and Mediator
 EDITOR – FREELANCE BASE                                                                                                                                        Marleen Suzanne De Graaf - Email: marleensdegraaf@hotmail.com
 The Dutch Chamber of Commerce in Hong Kong is looking for an editor. The editor is responsible for the writing and editing of
 articles as well as contributing to the magazine article content. Articles are published in the magazine of the Dutch Chamber of                               I would like to enquire for any vacancies for an international trade manager and mediator. My working experience as
 Commerce in Hong Kong.                                                                                                                                         a trade and product manager at Mould Group China and the Consulate General of The Netherlands in Guangzhou
                                                                                                                                                                improved my China experience, trade experience and negotiation skills. I have fluent spoken and written English. I also
 The magazine appears bimonthly (6 issues per year) in the English language. The magazine is in full colour format and counts 40                                speak some Mandarin.
 pages of which 6 to 8 pages are advertisements. Regular sections include, News & views, Leadstory, Investment Focus, China Focus,
 Members Corner, Talking Point, Lifestyle, Go Green and Events.                                                                              Recently I have completed a B.B.A. in Trade Management Asia at the HES School of Economics and Business in Amsterdam, graduat-
                                                                                                                                             ing in 2009. Subjects, which I have recently completed, that are relevant to the post of trade manager and mediator include: Import and
 Tasks:
 • Interviewing people (both members and non members) for article write-up, either face-to-face or by phone/e-mail                           Export Management, Cross Cultural Negotiations, Branding and Marketing, Mandarin and Asian Cultures and Risk Analysis and
 • Writing 20% of articles per magazine (Leadstory, Go Green, SME corner)                                                                    Management Accounting. My final year project was entitled “The Greater Pearl River Delta economic integration and the resulting
 • Proof-reading and editing of submitted articles by third parties                                                                          opportunities for businesses in The Netherlands.” Carrying out this project improved my analytical ability, my China experience and my
 • Supervision of layout and print production process in close liaison with the Dutch Chamber staff and our desktop publisher                self-motivation. I also learned how to communicate on different levels and with individuals and organisations in different cultures.
 • Sourcing relevant articles from other publications and getting usage rights                                                               During my studies, I have held the post of Chair person in the Study Council, International Department, in the Minor Business English
 • Sourcing photographic and other graphic material and getting usage rights (Chamber staff usually take pictures at member events)          and CPE qualified from Cambridge University and Co-organizer in the International Trade Seminar 2007. While leading and organising
 • Attending editorial committee meetings (on average once per month lasting about 1.5 hours)                                                these activities I have improved my ability to work in a team environment, negotiation skills and initiative.
 • Minimum requirement of some Desktop Publishing Experience (DTP)
 • Using an Apple Mac would be a plus                                                                                                        I believe I can contribute to a Hong Kong company with my trade experience and my analytical ability. I am also planning to apply for
                                                                                                                                             a part-time study MSc in China Business Studies starting September 2011. A job and part-time MSc study would be suitable for me and
 Profile:                                                                                                                                    a good investment for an organisation that is looking for an innovative, creative and commercial talent.
 • Native in the English language a must                                                                                                     I am available for interview after office hours. I can be contacted most easily by e-mail. I look forward to meeting you.
 • Ability to write factual information in an interesting manner
 • Professional demeanour, proactive, organised and business oriented with an understanding of the (Dutch) business environment, trade       Yours sincerely,
   and financial affairs
 • Keen eye for detail and the ability to work towards deadlines
 • Flexible and able to work independently                                                                                                   Marleen Suzanne De Graaf
 • Experience with MS Office and the ability to work with Adobe is a necessity as are internet website skills
 • Team player with a sense of humour
                                                                                                                                                                Application for Business Administration and Human Resource Management
                                                                                                                                                                Cynthia So Fan Lam - Phone: +852 9171 9622 - Email: lam_cynthia@hotmail.com
 DEKRA is one of the world’s leading providers of expert services, with around 22,000 employees in over 50 countries dedicated to
 ensuring safety, quality and environmental protection.                                                                                                     I am looking for a job in Hong Kong which I can use and develop my knowledge regarding business administration and
                                                                                                                                                            human resource management. Moreover, I would like to improve my conduct of several languages. I speak Dutch,
 DEKRA Certification Hong Kong Ltd. offers our clients worldwide solutions to manage their risks and improve safety and perform-                            English, Cantonese, German and basic Mandarin. I have a strong affinity with China, especially Hong Kong, as my par-
 ance by testing, inspection, auditing and certification.                                                                                                   ents were born here. I love Hong Kong, I feel energetic and I think I can learn and develop a lot in this fast paced city.
 ACCOUNT MANAGER/ EXECUTIVE (EUROPEAN ACCOUNTS)                                                                                              That is why I want to seize the opportunity to work in this dynamic environment. I want to take this challenge!

 Job Duties:                                                                                                                                 After I finished my Bachelor Business Administration, I studied the Master Human Resource Management at the University of Groningen
 • Develop and serve key overseas accounts (mainly Europe) in product certification services                                                 in the Netherlands. After my graduation I have been to China (Hong Kong and Beijing) for one year, to improve my Cantonese and start
 • Work with a multi-national culture: with head office global sales team (German + Dutch) for growth of current clients as well as acqui-   learning Mandarin. Besides studying Chinese I did a project at WiseInvest, taught English in Beijing, travelled in Asia and learned a lot
   sition of new customers                                                                                                                   more about the Chinese culture. With my Bsc Business Administration and Msc Human Resource Management, language knowledge,
 • Fully support Sales Manager to develop European client base and lead sales in European market
                                                                                                                                             experiences, and Dutch and Chinese background, I can add value to your company. I have my HK ID card, so you do not have to apply
 Requirements:                                                                                                                               for a work permit. Few key words about myself: disciplined, good planner, well organized, social, independent and a hard worker.
 • Native speaker of European language(s) (German, French etc.) is preferred                                                                 I am eager to put my knowledge into practice. Therefore, I look forward to discussing my attributes and experiences with you in detail.
 • European background or network such as buying offices, retailers and manufacturers is a definite advantage but not a must                 You can find my resume online or contact me directly for consideration. Please do not hesitate to contact me in relation to this letter or
 • With strong eagerness to develop sales career                                                                                             resume. Thank you in advance.

 ACCOUNT MANAGER/EXECUTIVE                                                                                                                   Kind regards,

 Job Duties:                                                                                                                                 Cynthia So Fan Lam
 • Develop and serve key German accounts and German customers in product certification services
 • Work with multi-national culture: with head office global sales team (German + Dutch) for growth of current clients as well as acquire
   new customers
 • Fully support sales manager to develop German client base and lead sales in German market                                                 Part-time consultant, Interim Manager or an Independent Non-Executive Director to SME’s
                                                                                                                                             Joop Litmaath
 Requirements:                                                                                                                               Email: jbml@scarfell.com.hk
 • Native German speaker is preferred
 • European background or client network such as buying offices, retailers and manufacturers is a definite advantage
 • Relevant sales experience, or customer service (CS) experience but with interest in sales career prospect is welcome                      I am a Dutch expatriate with more than 40 years of wide ranging experience as a Hong Kong entrepreneur and business owner in man-
 • Fresh in sales or CS but with strong eagerness to develop sales career may also be considered                                             ufacturing and trading with P.R. China, Europe and the U.S.A. I am multilingual and possess first class credentials and references. I am
 We offer an attractive bonus scheme, 5-day working week with flexible working hours, medical scheme etc.                                    offering services as a part-time consultant, interim manager or an independent non-executive Director to SME’s specializing in manufac-
 Please visit our website on: www.dekra-certification.com                                                                                    turing and export of consumer products.
 Interested parties are welcome to send your inquiries or application to recruitment@dekra-certification.hk
                                                                                                                                             Interested parties may send an e-mail to jbml@scarfell.com.hk for details.

34                                                                                                                                                                                                                                                                                  35
DutchCham Information

                     Our Services                                               DutchCham Committees
                     The Dutch Chamber of
                     Commerce in Hong Kong offers        PR AND PUBLICATION COMMITTEE
                     advice and assistance to its        • Lodewijk Lamaison van den Berg (Chairman)
                     members. Areas where we can         • Brandi Goode (Editor)
                     help include:                       • Faith Fung


                     • Providing organising and          BUSINESS ACTIVITIES COMMITTEE
                       networking facilities;            •   Marita Rouhof (Chairman)
                                                         •   Rudolf Hollander
                     • Planning programmes               •   Erik Leenders
                       for student groups                •   Peter de Vries
                       and overseas delegations;         •   Eelco Modderman
       To promote                                        •   Faith Fung

      a networking   • Providing updated information
                       on legal systems;
                                                         MEMBERSHIP COMMITTEE
and information
                     • Preparing specific promotions     •   Tom Voûte (Chairman)
platform for           or organising tailor-made
                                                         •   Eduard Wehry
                                                         •   Job van der Noord
business relations     seminars;
                                                         •   Matthew Hoyle
                                                         •   Christiaan Kaptein
between the          • Providing updated information     •   Jacqueline Baud
                       about financial systems;
Netherlands,                                             CHINA COMMITTEE
Hong Kong,           • Using our members' know how;      •   Vincent Homrighausen (Chairman)
                                                         •   Theo Bosma
China and the        • Invitations to annual functions   •   Connie Leung
                       such as the Dutch Business        •   Harold van Kooten
Asia-Pacific           Awards Gala Dinner and the
                                                         •   Togi Gouw
                                                         •   Jacqueline Baud
                       China Seminar; and
region.                                                  •   Faith Fung
                                                         •   Diederik Maessen
                     • Providing useful information
                       on our website.                   SME COMMITTEE

                                                         •   René Theil (Chairman)
                     Membership                          •   Bas Fransen
                                                         •   Hans Pompen
                     and annual fees                     •   Tom Uiterwaal
                                                         •   Ester van Steekelenburg
                     • Gold Member                       •   Jacqueline Baud
                       HK$ 17,050
                     • Corporate Member                  TAX COMMITTEE
                       HK$ 7,150                         •   Sytske Kimman (Chairman)
                     • SME Member                        •   Jennifer Chan
                                                         •   Eric Kampman
                       HK$ 2,500                         •   Pieter de Ridder
                     • Associate Member                  •   Willem Hoogland
                                                         •   Alexander de Nerée tot Babberich
                       HK$ 2,500
                                                         •   Diederik Werdmolder
                     • Young Professional                •   Jacqueline Baud
                       HK$ 1,375
                     • Overseas Member
                                                         BUSINESS AWARDS COMMITTEE
                       HK$ 2,200                         • Diederik Werdmölder (Chairman)
                                                         • Erik Leenders
                     NO JOINING FEE                      • Jennifer Chan
                                                         • Hidde Baars
                                                         • Bram Eijsbouts
                     GOLD, SME & CORPORATE               • Frank Teegelaar
                     MEMBERS ENJOY VOTING                • Jacqueline Baud
                                                         • Faith Fung
                     RIGHTS                              • Helen Yong
                                                         • Michiel Vos
36

				
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