Transforming a strip of land on Hainan island twice the size of Macau into a leading Asian
convention centre would seem to be a major gamble even for a large company, let alone a single individual. But through intelligent risk management, the vision turned into reality.The way in which Jiang Xiaosong developed Boao illustrates some of the key principles of risk management.
SUCCESSFUL USE OF ANALOGIES The idea was inspired by a number of precedents, not just a single
example. Jiang wanted to establish a Davos-style World Economic Forum for Asia. He solidified the idea through comparisons with other attractive locations, such as the Gold Coast in Australia and Miami Beach.The ï¿½splendid isolationï¿½ of the resort added further value. With a smart concept and usage idea in hand, a location without obvious natural advantages can be transformed ï¿½ Las Vegas is a classic example.
POWERFUL PARTNERS Former prime ministers from Australia and Japan and leaders from China were among several influential ï¿½crowd pullersï¿½ who were convinced to support the project,adding credibility. Partners such as Cosco added financial clout.
QUICK MOVEMENT The project was implemented within one year, which ensured that the initial
momentum was maintained and cash started to flow from an early stage.
The 2003 Boao forum, which was due to be held on May 18 and 19, is to be rescheduled
because of safety concerns following the Sars outbreak in Hong Kong and China. The organisers
had expected to see several Asian leaders at the meeting, including Pakistani President
Pervez Musharraf and Singapore's Prime Minister Goh Chok Tong.