Meat production is growing in China

燒鵝老字號中環鏞記酒家母公司早前被終審法院頒令清盤，獲暫緩28天生效，以待雙方商討由二弟甘琨禮回購已故大哥甘健成一方的45%股份，雙方後來同意將限期延長7日；惟限期今日凌晨零時屆滿前，雙方仍未就近1億元差價達成共識。二弟甘琨禮在傍晚向終院申請暫緩執行清盤令，但被終院拒絕，換言之鏞記酒家母公司Yung Kee Holdings Ltd.將踏入清盤程序。但甘琨禮一方強調，清盤不影響酒家運作，市民仍可到鏞記吃燒鵝。甘琨禮的兒子甘連宏今凌晨零時10分向記者確認清盤令已於午夜生效，今早會往破產管理署處理清盤事宜。有律師指出，鏞記母公司正式踏入清盤程序後，其發展仍會有不同可能（見圖）he Boston Consulting Group (BCG) said in a recent report that it expects foreign banks to create tougher competition in the wealth

management market, as they enter the retail market and attempt to cherry-pick the most attractive customers. "Unless Chinese banks can respond, there is a real and significant threat that many wealthy customers will be [lured] away by the highly-evolved products and services that foreign banks can offer," said the report.

Many foreign banks are preparing themselves to enter China and pursue the attractive high-end retail market. It is widely known that they have been hiring away experienced staffers from local banks and recruiting heavily in the run-up to market liberalization. Some international banks have already relocated their regional head offices from Singapore to Hong Kong. "Almost every foreign bank is targeting China. They have heavily invested in market research for the past two to three years," said one private banking professional from a foreign bank.

Branch set-up requirements for foreign banks are still onerous - for instance in the form of capital requirements and license applications - and in China, each outlet requires a separate approval. But wealth management is a market that foreign banks can access more easily than the mass retail market for several reasons: high-end customers can be served from just a few outlets; a select few, highly attractive customers can be targeted; capital requirements and investments are lower; and existing know-how, systems and experience can be leveraged, the BCG report said.

It said foreign banks have many competitive advantages over local banks in building wealth management businesses, including trusted, prestigious, internationally recognized brand names; experience and expertise in a broader range of investment products and advisory models; established operational models, particularly processes, systems and policies; and proven capabilities to attract, train and retain the best talent.

Standard Chartered Bank has offered an "SC Priority Banking" card for customers with quarterly average account balances of US$100,000 or equivalent, while Citibank has launched its "Citigold" product for customers with monthly average account balances of $100,000 or equivalent in China.

Even so, the BCG also expects the Chinese banks to respond to this threat and to exploit their own advantages. First, they have strong, existing customer franchises that are rich in high net-worth customers, although they will have to work to mine these resources. Second, Chinese banks have an extensive service network that could enhance accessibility and convenience for customers. Thirdly, the BCG expects Chinese banks to "leverage their deeper understanding of the Chinese market and customer needs at least until the foreign players catch up." Finally, Chinese banks have relationship managers that have strong connections with local customers.

"It will be very interesting to see how this highly contested and sought-after market develops," it said in the report.燒鵝老字號中環鏞記酒家母公司早前被終審法院頒令清盤，獲暫緩28天生效，以待雙方商討由二弟甘琨禮回購已故大哥甘健成一方的45%股份，雙方後來同意將限期延長7日；惟限期今日凌晨零時屆滿前，雙方仍未就近1億元差價達成共識。二弟甘琨禮在傍晚向終院申請暫緩執行清盤令，但被終院拒絕，換言之鏞記酒家母公司Yung Kee Holdings Ltd.將踏入清盤程序。但甘琨禮一方強調，清盤不影響酒家運作，市民仍可到鏞記吃燒鵝。甘琨禮的兒子甘連宏今凌晨零時10分向記者確認清盤令已於午夜生效，今早會往破產管理署處理清盤事宜。有律師指出，鏞記母公司正式踏入清盤程序後，其發展仍會有不同可能（見圖）