3.14

I'm talking to some people about an opportunity in Hong Kong. It is in banking at Assistant Director level, managing quite a few locals and perhaps a few expat junior managers.

I know housing is always an issue as is kids schooling etc. but I don't know just how much. Flights, terminal arrangements etc. are easy to finalise but what about the salary versus bonus set up in HK ?

My guess that in the UK this position could command a salary and bonus of around 200k. If on a contract, that would rise to over 250k (GBP). With an exchange rate of about 12:1, it is easy to equate the annual UK salary to the HK monthly one.

So is HKD 200,000 a month realistic or would mega housing and school costs throw that offline ? I don't know yet whether there will be separate allowances.

I would need to be fairly well ahead to consider it overall and have some guarantees on early termination but I am not sure how much farther I can push the salary if we think ab out it as all inclusive. My guess is that HKD 200,000 is not enough.

Any ideas ?

ex reg

Look it all depends on job, authority and responsibility.
HK$200k per month is easily livable but may or may not be commensurate with your experience and qualifications.
No one on here can judge that by the info you've given.

When I worked in HK bonus wise it was about 6 months salary but was dependent on performance. There was also one month additional salary as bonus for CNY.

Make sure that medical for all your family is included, this may be spelled out in detail.
You may also consider emergency medivac back to UK for any/all family.

3.14

It is the housing and schooling which worry me.

As for whether the salary is commensurate, I'd say GBP 200k was good for me in London. HK is lower tax but has higher costs in some areas and offers less in terms of asset build up through property purchase. There is also the FX rate to consider and the fact that we likely won't have a huge house to live in.

Given all those factors and forgetting for a minute any specific allowances for education or housing, what would be a good equivalent to GBP 200k in HKD ? My gut feeling is that we're talking substantially higher numbers.

JackTheLad

It's interesting reading your story after someone else has recently asked lifestyle on HKD400k per year.

If you can live comfortably in London on GBP200k, you can live equally comfortably in HK on the same, i.e., HK$2.4m.

As Ex Reg has already said $200k/month is very liveable. I assume you'll want somewhere nice to rent. A average 3-bedroom apartment in Mid-Levels central will cost you easily $50-100k/month. Will the remaining $100-150k cover school fees (depends on school), a domestic helper (about $4k/month), bills and expenses? Just about, I think, assuming you live an above average lifestyle in SE England. It's doable unless you go too extravagant.

How old are you children? If they are very young, attending a local school or an English Foundation school can be less expensive than an international school.

No, you won't be able to rent a house (unless in Sai Kong, the New Territories, or one of the small islands), never mind a big one.

Mrs JTL

3.14

Seems rather daft to blow half your income on rent and then employ servants to fetch and carry. I'd want to come out ahead financially and I guess banking $100k a month would be an uneducated goal. Less would be no incentive.

At 15% tax, I'd lose $30k a month, leaving $70k a month and I guess that isn't anywhere near enough. Not sure about other deductions.

I guess we're looking at $250k a month or upwards ?

ex reg

Now you seem to be getting your lines crossed, you're confused or just greedy
Typical banker I reckon. Or should I use a 'w'?

JackTheLad

And there I was, thinking I was being helpful.

Mrs JTL