Roy Graff at the Hurun Report Conference (22 Jan. 2014)
The Hurun Report Conference, sponsored by Bank of China was the place to be to hear about the latest, and fast-changing trends in Chinese High Net Worth Individuals. The event aimed at introducing to UK brands the opportunities and challenges of this growing market. Experts in media, business and tourism, all focusing on China, covered topics that ranged from legal and wealth management to luxury retail, education and tourism.
Roy Graff was a guest speaker and panel chair on the luxury Chinese outbound travel market . He presented his insights on the profile, the motivation and the expectation of the luxury Chinese visitor and provided targeted advice to brands on the best ways to reach, welcome and cater these wealthy customers. Click here to see Roy’s presentation online.
Chopsticks Club Press release :
At a business conference on 22 January, in the heart of the City of London and hosted by the Bank of China (UK) Ltd, senior executives gathered together to discuss whether London was ready to service the global aspirations of China’s ultra-wealthy. Partnered by Hurun Report – Shanghai-based publisher of the China ‘Rich List’ – and Chopsticks Club, a professional China-focussed networking group, themes of the day covered London’s attractiveness for property, investment and immigration options as well as a destination for consumer experiences and luxury travel.
Roy Graff and his panel
According to Rupert Hoogewerf, Founder and Chairman of Hurun Report, the ambition of these ultra-rich Chinese, is to “be remembered as legends.” In addition, referencing the newly published 2014 Hurun Report Survey, Hoogewerf said that 29% of rich Chinese look to the UK as the number 1 destination for independent school education, beating the US at 26% and that London now ranks number four on the preferred places to buy property after the US, Hong Kong and Singapore.
Consequently, these self-made multi-millionaires, whose average age is now 53, are moving from an entrepreneur to an investor phase and this is good news for London-based property firms like Knight Frank, who sponsored today’s event, and law and wealth management firms who are well-placed with an established legal and tax framework, to service the global ambitions of these Chinese business people.
“As leading Chinese bank in the UK, Bank of China recognises the needs and the challenges of immigrants moving to the UK,” said Madam Xiao, Chief Retail Banking Officer at Bank of China (UK) Ltd. “We can help them, via our integrated Wealth Management Services, better understand UK life, its culture, business and financial environment…and ensure that they are properly equipped to make a comfortable start in the UK.”
James Kynge, Associate Editor at the FT and Principal of China Confidential and one of the guest speakers, shared insight into a recently published survey on outbound travel trends from a cross-section of Chinese society. According to the survey, respondents ranked the UK as the number 2 intended travel destination for 2014. Mr Kynge also noted that over 160million Chinese are avid fans of Downton Abbey, using it to perfect their English pronunciation.
According to Susie Killbourn, Group Services Director for Value Retail, the company that owns Bicester Village, Bicester Village is gearing up to compete on the luxury and hospitality experience side of travel and tourism by working together to promote the best that London has to offer. According to Ms Killbourn, an astonishing “8 out of 10 of every Chinese visitor to the UK last year, visited Bicester Village for shopping”.
General Networking Buzz at Next Stop London for Chinese HNWI? Conference
“This event was insightful, informative and amazing,” said one senior executive who attended the conference, “but it shows how little we really know and how much more there is to do to service these people.”
To ensure that London is an attractive next stop for China’s high net worth individuals, it would seem that whilst culture, heritage, education and property are huge draws for the Chinese, there is much work still to be done to encourage Chinese legends to be made in London by servicing the expectations and creating luxury experiences that suit the ambition of this increasingly sophisticated group of entrepreneurs.
ENDS
Press release produced by Chopsticks Club
Contact:
H-J Colston (Ms)
Director – Chopsticks Club
Mobile: +44 (0)7881 935412
Email: [email protected]
Twitter @chopsticksclub #chineseinlondon
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About Hurun
According to Wall Street Journal US Edition, “people often aren’t considered truly rich until anointed
by Hurun Report.” The Shanghai Authorities gave Rupert Hoogewerf, Founder & Chairman of Hurun
Report, the Magnolia Award in 2009, the Shanghai government’s highest honour bestowed upon
foreigners.
About Chopsticks Club
Chopsticks Club, founded in 1993, is a bi-cultural networking group, passionate about China. The
Club’s networking events, China-skills recruitment events and mandarin learning promote bi-lateral
links, dialogue and understanding with China through education, business and culture. The Club’s
network of over 4000 individuals, 50% of whom are Chinese, provides a wealth of insight in China’s
transformation and the changing business landscape since the start of China’s meteoric rise. For
further information about the Club, please visit www.chopsticksclub.com
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