Finance Cities- Pro’s and Con’s (Hong Kong)
I’ve noticed a couple popular posts on work & living locations in the forums. Many monkeys were also interested in working in international finance centers- perhaps in hopes of standing out with less American competition in hiring pools abroad.
I am quite fortunate to have spent a considerable amount of time living in Singapore, Dubai, and Mumbai. Through various business dealings, I’ve also often found myself in Hong Kong, Beijing, Shanghai, and London. With about 100,000 miles flying under my belt this past summer alone, I think I am in a decent position to give some advice about the various financial hubs around the world.
I will also detail banking/investments/girls/vice within the pro’s and con’s. As usual, please feel free to add your thoughts.
Hong Kong
Pro’s: People go to this stunning city for one, sole reason: money. . Taxi drivers speak English, as do most business people within Hong Kong and Kowloon. Unlike China, you can access Facebook and Twitter. Hong Kong Central is where the financial district lies, and Kowloon offers a little more touristy shopping, hotels, and, of course, breathtaking views of Hong Kong’s skyline (pictured above).
If you’re into Asian girls, this is the place to be. There is no shortage of Eur-Asians, A.B.C.s, and Pan-Asians. I truly believe that the mix of European ancestry and Far East Chinese have produced some of the prettiest girls in the world. Though, maybe that’s just me.
The nightclub scene is utterly insane. Lan Kwai Fong is where bottles of Dom and Cris flow throughout the night. As you will quickly notice, escorts are rampant, even in the most pretentious locations. Fashion is relentless here. Bespoke suits and tailored shirts are cheap, but of extremely high quality, so there really is no excuse to not be dressed like Nucky Thompson.
Speaking of fashion, how could you resist from dressing like a boss when you have some of the most abundant amount of tailors, all located within miles of each other. Take Ascot Chan or WW Chan, some true legends in Far East bespoke.
Con’s: The city is expensive as fuck. Although most people get around through Hong Kong’s MTR (think NYC subway except much quicker and cleaner), dinners, rent, and partying expenses add up exponentially.
Factories based in Shenzhen and Guangzhou also bring in heavy soot. Usually, on the weekends when the factories are closed, the sky is clear. Otherwise you’re SOL. Also, there are Asians every where.
Relative to the other cities that I might detail, blow and trees are easy to find. Nonetheless, penalties for possession are absurdly strict, which makes it seemingly not even worth the hassle.
If there’s an interest, I’ll write up on my time living in Dubai, Shanghai, and Singapore as well.






Comments
Nice post, interested in what
Nice post, interested in what you have to say about other cities as well.
I've been to Dubai, seemed like a horrible place to live - the only girls are escorts. But I guess there are pros such as low taxes and good connection to places around Dubai.
Great post! I also look
Great post! I also look forward to reading about the others.
mfriedman wrote: Also there
Also there are Asians every where.
Fuck that's funny . . .
interested in hearing bout
interested in hearing bout Dubai.
I've spent time in NY, Paris, HK and Seoul but for me Paris was the best by far...
How appropriate that HK would
How appropriate that HK would be your first write-up! Also, surprised you didn't mention the relatively low income tax as a major plus.
mfriedman wrote: Taxi drivers
Taxi drivers speak English
LIESSSSSSSSSSSSS!
I had to learn my hotel's name in Canto. And they drive you around in circles and pretend not to speak English and rip you off.
I don't accept sacrifices and I don't make them. ... If ever the pleasure of one has to be bought by the pain of the other, there better be no trade at all. A trade by which one gains and the other loses is a fraud.
But in all seriousness i
But in all seriousness i absolutely LOVED hong kong.
- 45 min drive to the beach
- short boat trip/drive to remote islands
- an hour to Macao by ferry (remember to bring a passport though, my friend went all the way to Macao just to get deported back to HK...)
EDIT: And of course, guys with British accent... not that most people on this forum would care...
I don't accept sacrifices and I don't make them. ... If ever the pleasure of one has to be bought by the pain of the other, there better be no trade at all. A trade by which one gains and the other loses is a fraud.
It gets very hot and humid
It gets very hot and humid during the summers.
ah wrote: mfriedman
Taxi drivers speak English
LIESSSSSSSSSSSSS!
I had to learn my hotel's name in Canto. And they drive you around in circles and pretend not to speak English and rip you off.
Sorry to tell you, but unlike the US, most taxi drivers are skilled scam artists. its a fact of life. if HGK cab drivers pretend they dont understand your English, then its too late. you got fucked. lolz
Also, Shanghainese and Canton is only a dialect of hong kongnese.
See my WSO blogs here.
second dubai
second dubai
Let me highlight a few points
Let me highlight a few points of HK:
-Tax free on goods and dinning
-MTR covers most places
-full of festival spirit, eg X'mas and New year
-Great place for shopping, but remember to stay away from those electronics store in Tsim Sha Tsui unless you want to explain your case with the popo
-Cell phone plans are cheap, if you are paying USD 30 , you will get 3900 mins and unlimited 3G data
-Food are exceptionally good, just check on www.openrice.com for rating
-Traffic is extreme in here, I mean real bumper to bumper experience. You have to re-learn how to driver in this place.
mfriedman wrote: perhaps in
perhaps in hopes of standing out with less American competition in hiring pools abroad.
You must be working for S&T or still in your college. IBD in Asia or elsewhere in a non-Western country, non-local at a junior level actually has a disadvantage in hiring.
HK Positives definitely is tax rate. Analyst pay around 15% income tax. With expat package, you get freaking rich about twice as fast compare to the US. But this only happened last year where the HK IPO market topped the world, and it doesn't represent the future trend.
How much of a limitation is
How much of a limitation is having no chinese?
I would be interested in ER but being in a big 4 firm now would love to do a few months in HK before trying to make the move but I only speak English.
Also do Singapore....very interested in Singapor.
Disagree with most cab
Disagree with most cab drivers knowing English - they might have a very basic understanding, or recognize major destinations in English because it's used often (like Central, TST, some big name hotel...). But it's not exactly like in the grid system in NY, there's a lot of winding roads and such in HK and driving can be confusing (also a lot of taxi drivers cover various districts and sometimes aren't familiar with the current area they're in). If you do need to go to a lesser known street and you only speak English, best have a small map or smartphone with you to show the driver.
Just to add on a few things
Just to add on a few things to this:
Pros:
- Echoing what people have said about taxes - top tax rate ranges from 15-16%. No other contributions (social security etc) except for the MPF retirement fund (HK$1,000 /month) - easy to close out when you leave.
- Rent is the only major expense, partying ends up cheaper - no $400 bottle service like NYC, it's actually cost effective.
- 3/4 hour flight from most of Asia, lots of weekend trips. 1hr flight to Taiwan
- Summer is full of boat trips to outlying islands with plenty of booze.
- Probably the best hiking of any major city
- Great public transportation - MTR/Buses/Minibuses connect everything. Lots of apartment complexes have shuttles to Central. Taxis are cheap, and they speak some English - they will get you to central but you need to pick up some canto phrases.
- next to no random crime
- cheap help
Cons:
- Really densely populated, narrow streets/sidewalks.
- You get a lot less space for your money, apartments are small.
- Pretty transient place, people are always coming and going.
yeah bro yeah, lets move to
Wow I want to work in HK.
My name is Nicky, but you can call me Dre.
aempirei wrote: ...if I have
Haha, I noticed the mistake
My name is Nicky, but you can call me Dre.
aempirei wrote: Haha, I
aempirei wrote: Wow I want to
I'd be interested in hearing
"Do whatever it takes to keep the legend of Wall Street as it was truly intended live on. When you think back on investment banking of the early 21st century, remember the heat—remember the passion. But mostly, remember the titans. " - LSO
how hard would it be for a
This is a post i did
agree with a lot of what you
GentlemanJack
M Friedman wrote: ah
I don't accept sacrifices and I don't make them. ... If ever the pleasure of one has to be bought by the pain of the other, there better be no trade at all. A trade by which one gains and the other loses is a fraud.