Hong Kong Circle: Hong Kong Economic and Trade Office in Washington D.C. Newsletter

As spring colors increasingly dot the landscape, I continue to travel across the country to extend Hong Kong's circle of friends in the United States.

During a recent visit to Atlanta, I called on Lieutenant Governor Casey Cagle and updated him on the latest developments in Hong Kong, including the city's robust economic performance and budding trading opportunities between the territory and the state of Georgia, particularly in the logistics sector.

I was pleased to report on the fruitful and on-going exchange programs between universities in Hong Kong and higher-education institutions in Georgia which we hope to build on.

I also met with Commissioner Ken Stewart of the Georgia Department of Economic Development. Mr. Stewart explained how the Peach State was expanding its port facilities, especially in Savannah and Brunswick. I took the opportunity to share with him Hong Kong's experience as one of the busiest container ports in the world.

Mr. Stewart remarked that research and development in biotechnology and the medical fields were key areas for Georgia's economic development. He highlighted the work of the Georgia Research Alliance, a state-funded entity tasked with fostering a technology-driven state economy by attracting eminent professionals in the areas of bio-science, life science and bio-fuels.

I conveyed our interest in establishing contact with the Alliance given Hong Kong's own initiatives in these areas.

Hong Kong's development into an international center of innovation and technology, particularly in biotechnology and life sciences, is bolstered by the establishment of Hong Kong Science and Technology Parks (HKSTP). Part of HKSTP's mission is to foster partnerships and collaboration between industry and universities/applied research institutes.

While in Atlanta, I had an opportunity to meet with Mayor Shirley Franklin who expressed high regard for Hong Kong having gained insight into financial and urban planning from a trip to the city in 2006.

I provided Mayor Franklin with an update on Hong Kong developments, in particular Hong Kong's Research Endowment Fund, a new initiative launched by the Financial Secretary in February which encourages Hong Kong universities to search for collaboration opportunities in research and development with overseas universities.

During our discussion, I was pleased to note that Hong Kong enjoyed a close working relationship with the Centers for Disease Control and Prevention.

Hong Kong's own Centre for Health Protection stands on the frontlines in disease prevention and control. It is our hope to further enhance such critical partnerships given emerging global health challenges.

Of course my visit wasn't all business. To usher in the Chinese New Year, my colleagues and I hosted a reception for members of the city's business, legal, government and academic communities at Atlanta's acclaimed High Museum of Art.

Following the reception, guests attended a screening of Lee Kung-lok's endearing film, My Mother is a Belly Dancer.

The High Museum of Art is a remarkable achievement – both inside and out. The building, originally designed by Richard Meier and expanded on by Italian architect Renzo Piano, surely ranks among this nation's great museums of the 21st century.

With kind regards,

Margaret Fong

Hong Kong Commissioner, USA

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Hong Kong Positioned as Premier Center for International Arbitration Services

The International Chamber of Commerce's (ICC) decision to open a branch of the Secretariat of its International Court of Arbitration in Hong Kong is an endorsement of the city's position as a premier center for international arbitration services, Secretary for Justice Wong Yan Lung said.

Mr. Wong added that ICC's presence would enhance the city's provision of arbitration services, noting that it is the Hong Kong government's policy objective to strengthen Hong Kong as a center for arbitration.

The Department of Justice's recent publication of a consultation paper on reforming arbitration law aims to improve the legal infrastructure for arbitration services.

The branch secretariat is the first in Asia. It will have a case management team to administer cases in the region under the ICC Rules of Arbitration. It will be in full operation by the end of the year.

The ICC International Court of Arbitration is one of the world's top international dispute resolution institutions. It oversees the ICC arbitration process and is responsible for appointing arbitrators and scrutinizing and approving all arbitral awards.

Hong Kong International Arbitration Center: http://www.hkiac.org/

Department of Justice's Reform of the Arbitration Law in Hong Kong and Draft Arbitration Bill: http://www.doj.gov.hk/eng/public/others.htm

ICC International Court of Arbitration: http://www.iccwbo.org/court/

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Hong Kong Monetary Authority Recognized as Asia's Leading Bank Regulator

On March 16, the Hong Kong Monetary Authority (HKMA) was presented with "The Asian Banker Award for Achievement in Regulation in the Financial Services Industry 2007."

The annual Asian Banker Achievement Awards program has been organized by The Asian Banker magazine since 2005 to recognize individual excellence in the financial services industry. The award was based on a rigorous selection process chaired by David Eldon, Chairman of Dubai International Financial Centre Authority.

"Under the leadership of its founding Chief Executive, Mr. Joseph Yam, the HKMA has become a world class regulator that has helped Hong Kong establish its position as a highly respected and sophisticated regional financial hub," reported the Asian Banker.

The HKMA has been recognized by the judging panel as the foremost authority in overseeing the development of advanced issues in banking such as the Hong Kong deposit protection scheme and the implementation of the Basel II supervisory framework.

The assessment included the institution's major achievements in the year under review, the quality of its regulatory reports, its vision and strategy, and the operational guidance given by the institution to the financial industry.

"The HKMA was viewed as the clear leader as the region's most active regulator in supervising its banks in terms of active, on-the-ground issues. It is also the regional regulator that has the best understanding of using modern supervisory techniques to bridge the gap between big-picture macro issues and finer operational issues," the Asian Banker added.

At the presentation ceremony, Mr. Yam said the award recognized the professionalism and diligence of HKMA's staff.

Mr. Yam said since its establishment in 1993, the HKMA had been committed to promoting the safety and stability of Hong Kong's banking system through the regulation of banking business and the business of taking deposits, as well as the supervision of banks.

He added that HKMA staff will continue to make every effort to ensure that the HKMA is prepared for new challenges in the fast-changing financial environment.

Hong Kong Monetary Authority: http://www.info.gov.hk/hkma/

The Asian Banker Award for Achievement in Regulation in the Financial Services Industry: https://www.theasianbanker.com/ind/award.nsf/LeadershipAwards_index?OpenForm

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Hong Kong Hosts World Ports Summit

In March, more than 60 shipping experts from nine world class ports attended the World Ports Summit at the Hong Kong Convention and Exhibition Centre to discuss topical issues of port security, safety and environmental protection.

Speaking at the opening ceremony of the summit, Hong Kong Secretary for Transport and Housing, Eva Cheng, noted that Hong Kong was a key player, with the territory's shipping services covering 500 destinations worldwide including a network of over 360 container ports.

"Being one of the busiest ports in the world, the efficiency of our terminals in Hong Kong is proud to achieve a record of 40 crane movements per hour," said Ms. Cheng. "The world's largest container vessel can achieve an average turnaround time in about 14 hours in Hong Kong."

Ms. Cheng noted that port clearance in Hong Kong could soon be done in a split second electronically with the implementation of the Electronic Port Clearance Program in April of this year. The new measure will allow port clearance papers to be submitted by electronic applications through the Internet.

Noting the importance of port safety and security, Ms. Cheng pointed out that Hong Kong was among the first ports to implement the International Ships and Port Facilities Security Code (ISPS Code). "We understand that security is an on-going concern, and a most valid one, in many parts of the world."

Recently the United States Congress passed an act that stipulates 100 percent scanning of all container cargo by 2012. This has rekindled discussion on the quest for balance between security and efficiency.

"To understand the technical viability and the impact of the requirement on port operation better, Hong Kong joined some other ports in undertaking a pilot scheme on container scanning," said Ms. Cheng.

With regard to rising environmental standards for port and shipping operations, Ms. Cheng noted that the International Maritime Organization has laid the common ground for many port authorities to green their ports.

"Hong Kong has also put in place the necessary local legislation to implement MARPOL Annex VI requirements," she said. Ms. Cheng noted that the summit offered another important forum to explore win-win solutions to make ports green while remaining a viable business."

The two-day summit, hosted by the Marine Department, aimed to provide an international forum for world class port authorities to gather together for sharing their experiences and come up with a communique for the reference of the international maritime world.

The nine ports participating in the conference were Shanghai, Shenzhen, Rotterdam, Singapore, Los Angeles, Seattle, Melbourne, Busan and Hong Kong.

Also attending the event were prominent figures from Hong Kong's shipping industry, including representatives from the Hong Kong Ship Owners Association and the Hong Kong Shipper's Council.

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Inaugural Hong Kong International Wine Expo to Open August 2008

Hong Kong is poised to develop its wine trading business after the abolishment of duties on wine, beer and all alcoholic beverages, with the exception of spirits, as announced by Financial Secretary John Tsang in his recent budget speech.

To promote Hong Kong as Asia's wine trading, distribution and investment center, the Hong Kong Trade Development Council (TDC) is organizing the first Hong Kong International Wine Expo in August, which is one of a series of events under the Food and Health framework.

The TDC carried out research to study Hong Kong's potential as a wine trading and distribution center in Asia. The research report was submitted to relevant Hong Kong government authorities at the end of 2007.

According to the report, Asia's wine market is expected to grow 10 percent to 20 percent per annum over the next five years with the Mainland of China, Hong Kong, Taiwan, Singapore and Korea leading the charge.

The consumption value in Asia (excluding Japan) is expected to double, reaching US$17 billion in 2012 and jumping to US$27 billion in 2017.

The Mainland of China is expected to be the key driving force for Asia's growth. By 2017, it is expected that Mainland China alone will import US$900 million worth of wine which tops all other Asian countries.

Meanwhile, Asia's wine investment market is seen to have tremendous growth potential. This includes wine futures trading, wine investment funds offered by private banks and wine auctions.

Currently, wine investment markets are making a big splash in global financial centers like New York and London. It is projected that demand for wine investment by Asian investors will amount to US$500 million by 2012 and US$1 billion by 2017.

"Hong Kong's growing wine culture coupled with a well-established financial system, free flow of capital and information and its reputation as the world's freest economy are all favorable factors for developing Hong Kong's wine trading business," said Edward Leung, TDC's Chief Economist.

To further develop Hong Kong as a wine trading and distribution center, the report made the following recommendations:

* Strengthen wine education and professional training

* Step-up marketing efforts by organizing wine trade fairs, attracting wine merchants to participate. This would enhance Hong Kong's reputation as a wine trading center

* Develop wine investment tools

* Abolish wine duty to reduce administrative and storage costs. This would encourage overseas wine merchants to choose Hong Kong as their base for wine distribution, storage, re-export and auction.

"If Hong Kong does develop into a regional wine trading and distribution center, it will bring massive economic benefits far more than HK$1 billion [US$128 million] by 2012 and close to HK$3 billion [US$385 million] by 2017, creating thousands of new jobs," said Mr. Leung.

To encourage Hong Kong companies to seize the business opportunities arising from the exemption of wine duty, the TDC will organize the first Hong Kong International Wine Expo at the Hong Kong Convention and Exhibition Centre, from August 14 to 16.

TDC's Assistant Executive Director, Raymond Yip said: "Wine has been one of the many product categories exhibited at the annual Food Expo. Now, the time is ripe to organize a solo fair on wine products, to be held concurrently with the Food Expo."

"The Food Expo attracted many buyers from across the globe over the years. We are confident that they will also visit the first Hong Kong International Wine Expo and conduct business talks with quality wine dealers who are keen to reach the fast-growing Asian market," Mr. Yip continued.

The expo will host wine dealers, cellars, producers and suppliers of related services from Hong Kong, Asia and the rest of the world. Exhibit categories will include liquor and beverage products, equipment and services required for wine production, and wine accessories.

"By organizing the expo, we hope to create a one-stop platform for exhibitors and buyers to meet and explore business opportunities in the booming markets of Asia and the Chinese Mainland," added Mr. Yip.

About the TDC

Established in 1966, the Hong Kong Trade Development Council (TDC) is the international marketing arm for Hong Kong-based traders, manufacturers and service providers. With more than 40 offices worldwide, including 11 in the Mainland of China, the TDC promotes Hong Kong as a platform for doing business with China and Asia.

The TDC also organizes trade fairs and business missions to connect companies with opportunities in Hong Kong and the Mainland, while providing information via trade publications, research reports and online.

Financial Secretary's 2008-2009 Budget: http://www.budget.gov.hk/

Hong Kong Trade Development Council: www.tdctrade.com

Hong Kong International Wine Expo: http://www.hkwineexpo.com/

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Viewpoint: Development of Sub-prime Mortgage Business in the U.S.

By Joseph Yam

Chief Executive, Hong Kong Monetary Authority

March 13, 2008

A lowering of underwriting standards was at the root of the sub-prime problem.

In the last three Viewpoint articles I discussed the two general causes behind the current financial turmoil in the developed markets - a benign macroeconomic environment breeding high risk appetites; a search for yield and increasing use of leverage; and financial innovation creating risks beyond the capability of those concerned to manage them. I would like to continue this series of articles by discussing some of the specific causes, starting this week with the now familiar sub-prime mortgage problem.

Sub-prime mortgages have been around for a long time in the U.S., but it is only in the past five or six years that this market has grown rapidly. Part of the reason for this is the sustained economic expansion and low interest rates in recent years, which encouraged home ownership and led to rising house prices. Rising house prices in turn may have lured some borrowers into indebting themselves to a greater extent than would have been considered prudent based on their debt-service capacity. But it is not clear why the banks were so willing to provide mortgage finance to people whose repayment ability was in doubt in the first place, and why the banking supervisors seemed not to be too concerned about the risks that the banks were taking. In many jurisdictions, the banking supervisors insist on prudent underwriting standards for mortgages, typically through the use of supervisory guidance such as imposing a maximum loan-to-valuation ratio.

Credit-risk transfer through securitisation or the acquisition of protection against default through credit enhancement or credit-guarantee arrangements may have been considered adequate measures to mitigate risks. But obviously, no matter how well these measures are structured, there must still be doubt about whether the credit-risk-transfer arrangements are complete, as shown by the recent re-intermediation of sub-prime-mortgage-related financial assets back onto the balance sheets of some banks. Protection against credit default can also only be as credible as the sellers of the protection. But it seems that concern over these issues, if any, was not serious enough to limit the growth of the sub-prime-mortgage sector or justify preventive supervisory actions that now, with the benefit of hindsight, appear to have been necessary.

It is perhaps not difficult to understand why banks were so keen to get involved in this business when they could distribute the sub-prime mortgages, and transfer the risk, through securitisation. This is particularly true when banks are operating in a highly competitive environment and when there is considerable pressure, arising from capital constraints, to pursue business models that optimise the use of capital. The originate-to-distribute business model enables the banks to transfer the risk, earn a fee and create opportunities for doing other banking business with an expanded pool of mortgagors. As long as the originate-to-distribute production lines are kept running and running fast, the banks are happy, and the credit worthiness of the sub-prime mortgagors is less of a concern.

In any case, there was a quite widespread expectation that house prices would continue to go up and the delinquency rate of sub-prime mortgages would remain low. This provided further encouragement to the banks to develop this line of business. After all, even if the household incomes of the mortgagors declined, affecting their ability to service the mortgages, there was always the option of taking out second mortgages based on the appreciated value of the properties. Many commentators pointed out that, historically, adjustments in house prices in the U.S. only took the form of slower increases rather than actual decreases.

This may well have been the case in the past, or when talking about the national average, rather than prices in particular cities or areas. But that assumption looks a bit shaky, particularly to us in Hong Kong who experienced a cumulative fall in property prices of 65 percent over six years. The dynamics of the residential housing market in the U.S. may be very different from those of Hong Kong – in terms of factors such as land supply, competition on the supply side, and the time lag between changes in demand taking place and supply reacting to catch up. But there is a first time for everything, as we have seen in the past year or so, and the current trends seem to indicate an acceleration of the downward adjustment in residential housing prices in the U.S. in absolute terms.

One certainly hopes that sub-prime mortgages are the only assets in which underwriting standards have been found to be inadequate, whether or not they have been securitised. But capital constraints and competitive pressures apply to the whole spectrum of banking businesses, many of which may be sensitive to adverse developments, either in the economy as a whole or in particular sectors. For example, credit-card loans and car loans in the household sector and loans to facilitate leveraged buy-outs in the corporate sector have been popular candidates for securitisation and credit enhancement. Hopefully these assets will not share the same fate as the sub-prime mortgages.

Hong Kong Monetary Authority: http://www.info.gov.hk/hkma/

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Coach Fashion House Opens Global Flagship Store

New York-listed fashion accessories brand Coach International is opening a global flagship store in Hong Kong. The company expects the store to be one of the highest volume Coach stores in the world.

Coach has secured a prime position in prestigious shopping district Central for its flagship, due to open later this year. The corner location at the intersection of Queen's Road and D'Aguilar Street will "significantly enhance the Coach brand," said Ian Bickley, President of Coach International. "It is consistent with our strategy of raising awareness and aggressively growing market share with the Chinese luxury consumer."

Mr. Bickley says Greater China has the potential to quickly become the third major market for Coach, following North America and Japan.

By 2009, emerging markets are expected to account for around 25 percent of the global luxury handbag and accessories market. Mr. Bickey said Greater China represent the biggest market potential with an expected 10 percent global share.

"Hong Kong, with its strategic location, gateway status and number of local sophisticated luxury consumers, will play an important role in gaining such market share," he said.

Turning point

Coach already has 15 stores in the Mainland of China, 14 in Hong Kong and Macau and 20 in Taiwan, but Mr. Bickely said the new Hong Kong global flagship will be "a beacon for the Coach brand throughout Asia."

In addition to providing the Coach brand with a strong local consumer base, the flagship store will be a gateway to the tens of millions of Mainland Chinese tourists who visit the city each year.

"Our goal is to be the leading accessible luxury brand in Greater China, and Hong Kong is an important venue for us to build this foundation."

Coach manufacturers in 50 factories across 12 countries, including China, which keeps its products at an accessible price point.

"This global sourcing base allows us to pass considerable savings on to the consumer while at the same time providing them with product that is made from the same excellent materials."

Local partner adds value

Coach enlisted local distribution partner, Imaginex, to help it enter the Hong Kong and Mainland of China market.

Mr. Bickley said the partnership brings the brand knowledge of local real estate markets, regulatory issues and consumer preferences. "This mitigates our risk and allows us to rapidly expand in the region, increasing our number of store locations and building brand awareness."

Coach expects to expand its Greater China presence to about 80 stores in the next few years.

Coach: http://www.coach.com/default.aspx

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AmCham Chairman: Why Executives Value Asia's Business Capital

Steve DeKrey, Senior Associate Dean, Director of Masters programs and Adjunct Professor of Management at the Hong Kong University of Science and Technology (HKUST) Business School and new Chairman of the American Chamber of Commerce in Hong Kong (AmCham), believes he knows why.

"I came to Hong Kong in February 1996, and I absolutely love it – which is probably a surprise to my family as I came from a small town in Minnesota. It's a dynamic, sophisticated city that moves quickly. I like the diversity, the focus, the energy level, and the fact that you can find everything you want.

I'm married to a Hong Kong Chinese and she's very open about moving, but it's me who wants to stay because we have such a great life here.

I manage the professional Masters programs at the HKUST Business School, and when I started 12 years ago we had just two MBA programs. Now, we run five MBA programs including two on the Mainland, and six Masters of Science (MSc) programs including a new one in Global Finance with NYU, Stern School.

In partnership with the Kellogg School, we run an executive MBA program. Kellogg has partnerships worldwide (in Israel, Germany, Canada, Miami and Chicago) but electives in Hong Kong's program are by far the most popular. This is because Hong Kong has a reputation for being a great place to be, it is an important city globally, and offers insights and a platform for booming Asia and China business. We are Asia's business capital.

Don't want to leave

A lot of expatriates who originally came on short-term assignment refuse to leave when the time ends. They will transfer to other jobs, start their own business or find some other ways to stay. I have many friends in AmCham who have been here forever!

Hong Kong is also one of those rare cities where outsiders can become insiders very quickly. The attitude here is global and open, and this is a strength I haven't seen anywhere else. Hong Kong's people define world citizenship.

There's no doubt that having Hong Kong experience is an advantage on an executive's curriculum vitae. Hong Kong is a leading business hub which needs the best people, but the top talents also have options. That's part of my role at AmCham, to help make certain the talent want to come to Hong Kong. It's an ambition we are promoting through our 2008 initiative to develop Hong Kong as a top talent centre in Asia.

Under this initiative, AmCham will work with its members and government to ensure Hong Kong becomes the source of talents needs across Asia. We will continue to address issues related to improving Hong Kong as a great place for foreign companies to do business, with a focus on how to further improve the quality of working life here.

Lifestyle options

There are many reasons why the top talents would want to come. Hong Kong has terrific infrastructure and transportation networks, it has rule of law, a stable government, safe environment, low taxes and an efficient port, all of which are highly valued by business leaders.

It also offers lifestyle: you can live on the waterfront, in the country or in the city. We have wonderful international schools, and the recreation options are second to none.

I grew up on a lake in Minnesota. I was a water ski show professional, ski kite flyer, snow ski racer and a sailboat racer. Here, my wife and I are members of the Royal Hong Kong Yacht Club, and our boat is our personal time – we'll go for lunch to an island restaurant or to Sai Kung, or just relax on board. Hong Kong is a fabulous, magical place – I haven't lost my enthusiasm for Hong Kong, and can't imagine I ever will."

American Chamber of Commerce in Hong Kong: http://www.amcham.org.hk/

Hong Kong University of Science and Technology: http://www.ust.hk/

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Chanel's Mobile Art Starts Global Tour in Hong Kong

At first glance, it looked like a UFO had landed in the middle of Hong Kong – in the Star Ferry carpark to be exact. In fact, it's a traveling museum called Mobile Art by French luxury brand Chanel.

Mademoiselle CoCo Chanel used to say: "I want to be part of what is happening." It can't be more of a happening than this futuristic contemporary art container created by Pritzker winner, UK-based architect Zaha Hadid.

The mobile gallery is inspired by one of Chanel's signature creations, the quilted 2.55 bag named after its month and year of issue.

Mobile Art showcases the works of some 20 artists around the world including Japanese photographer Nobuyoshi Araki, French artist Sophie Calle and Yoko Ono, widow of slain Beatle John Lennon.

A traveling project, with entry free to all, Mobile Art will "land" for a number of weeks in some of the largest cities in Asia, the United States and Europe over the next two years.

The exhibition runs from February though April 5 in Hong Kong, Asia's shopping hub, before moving to Tokyo, New York, London, Moscow and finally Paris in 2010.

Global interpretation

Chanel designer Karl Lagerfeld invited Zaha Hadid to create the Mobile Art Pavilion. "The value of her designs is similar to that of great poetry. The potential of her imagination is enormous," said Mr. Lagerfeld during the launch of the Mobile Art Pavilion at the 2007 Venice Art Biennale.

Ms. Hadid herself said: "I see the Pavilion as a kind of total artwork that continually reinvents itself as it moves from Asia to the U.S. and Europe."

She created an entire landscape for their work, rather than just an exhibition space. Visitors will be guided through the space using the latest digital technology developed in collaboration with the artists.

The organic shell of the Pavilion is created with a succession of arched segments, allowing the Pavilion to be easily transported in separate, manageable elements.

It is no small feat to disassemble, assemble and transport all the structural elements from one place to another. Chanel has chosen well to start the Mobile Art Pavilion in Hong Kong. The city is after all, the shopping paradise of Asia and it is also a logistics hub.

Mobile Art: http://chanel-mobileart.com/

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Hong Kong-Zhuhai-Macau Bridge Agreement Reached

Hong Kong, Zhuhai and Macau have reached a consensus on the financing of the Hong Kong-Zhuhai-Macau Bridge linking the three places.

Once completed, the bridge is expected to be a major landmark which will enhance Hong Kong's connections with other cities and port facilities in the Pearl River Delta in southern China.

The Secretary for Transport and Housing, Eva Cheng, said the three sides agreed that the three governments would be responsible for the construction and operation of the boundary-crossing facilities and connecting roads to the bridge within their own territory.

"We agreed to share the amount of the subsidy under the cost-to-benefit ratio which takes into account the economic benefits to each side."

Improved cargo flows

Dr. Billy Mak of the Department of Finance at Baptist University told the South China Morning Post that the bridge was likely to lead to more cargo flow from western Guangdong Provence and Guangxi region to Hong Kong container terminals and the airport.

The bridge would also stimulate the development of North Lantau as a tourist zone.

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AsiaWorld-Expo Established Hong Kong's Position as Convention, Exhibition and Tourism Capital

Hong Kong's premier exhibition and events venue, AsiaWorld-Expo, announced a vibrant line-up of new and recurrent major exhibitions and conventions for 2008 and 2009.

"This line-up of confirmed events is a testament to the venue's capacity, versatility and achievements as we celebrate our second anniversary," said Allen Ha, Chief Executive Officer of AsiaWorld-Expo Management Limited.

"As the world's only exhibition and events venue integrated with an international airport with its in-venue MTR [subway] station, as well as the vast China market at the doorstep, AsiaWorld-Expo is uniquely positioned to lead the way in maintaining the industry's growth trajectory by successfully staging more international events."

Returning events include the Asian Aerospace International Expo and Congress, the world's largest dedicated commercial aerospace and civil aviation exhibition and congress to be held in September 2009.

Introduced by world-leading exhibition organizer Reed Exhibitions, the event's inaugural presentation in 2007 saw an unrivalled representation by aerospace and aviation professionals from the Mainland of China and Asia Pacific countries.

Nu Skin Enterprises' three-day Greater China and South East Asia Regional Convention returns in May 2008. The convention in 2006, which saw over 12,000 delegates from the region and beyond, demonstrated the flexibility of AsiaWorld-Expo's world-class facility by utilizing a flexible combination of a large-scale arena-style venue, smaller more intimate meeting spaces for interactive workshops, and impressive entertaining venues for networking with other delegates and business contacts.

Among the new events is Coffee Fest Asia's first international show to be held in November 2008. A gathering of coffee retailers, distributors, manufacturers and roasters, the show will help attendees with their coffee business, share news and information about the industry and latest products, as well as provide networking opportunities for those keen to explore the Asian marketplace.

AsiaWorld-Expo will also play host to the 47th Orient and Southeast Asian Lions Forum. In December 2008, around 8,000 Lions Club members are expected to gather to attend the four-day convention.

Delegates will find many signature leisure and entertainment attractions close to AsiaWorld-Expo, including Hong Kong Disneyland; SkyPlaza, the shopping and entertainment complex at Terminal 2 of the Hong Kong International Airport; the nine-hole SkyCity Nine Eagles Golf Course; and the Ngong Ping Cable Car to the Big Buddha.

AsiaWorld-Expo is a public-private partnership between the Hong Kong government and a private sector consortium.

In this respect, it will continue to work closely with the government and the industry to facilitate the continuous growth of the convention, exhibition and tourism industry and to make the most of the investment for the benefit of Hong Kong and the general public at large.

AsiaWorld-Expo is a world-class exhibition and events venue offering over 70,000 square meters of rental space, with 10 state-of-the-art ground level, column-free exhibition and events halls, including the 13,500-seat AsiaWorld-Arena, the biggest purpose-built indoor seated entertainment arena in Hong Kong.

The complex is located at the center of an extensive and efficient air, land, and marine transport network which connects Hong Kong to the Mainland of China's Pearl River Delta and the world's business capitals. It is well suited for hosting world-class exhibitions, conventions, concerts, sports, and entertainment events.

AsiaWorld-Expo: www.asiaworld-expo.com

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