Housing Allowance in Hong Kong

noisecancel's picture
Rank: Chimp | 5

Hi Guys,

I recently received an offer for a first-year associate position from a japanese IB, based in HK.
I thought that all the IBs in HK offer housing allowances as their standard compensation packages.
However, the HR at the company told me they do not offer housing allowances to their new employees any more, and that most of IBs in HK this year won't offer as well.

The offer I received is global standard without a housing allowance.

Everyone I talked to, who currently works in hong kong told me that I need to get a housing allowance and companies still offer housing allowances to them...

Do you have any information regarding housing allowance (especially to new employees in 2010) in HK?

Thanks

Comments (37)

Jan 2, 2010

I think there is one thread about that in the I-Banking Bullpen thread. You can look over there.

Congrats on your offer. I suppose it's Nomura?

Jan 2, 2010

Housing allowance over the past few years has slowly been eradicated from a number of firms in HK, including MS, BAML, GS. I am starting as an analyst at a BB there next fall, and my BB has been including the housing bonus so far up until this year, HR informed me that the it is currently "under review by management". Not really sure what's going to happen to it - they could follow suit and take it out of our compensation like the other banks there, but since the housing allowance is given to all levels (Analyst thru MD), there is a chance of it staying.

Anxiously awaiting to hear of the outcome, since having it taken away would mean USD24k (in cash) less in annual comp - a decent chunk of a 1st yr analyst's pay.

Jan 2, 2010

I was looking to transfer from NY to HK, but HR told me that I wouldn't get a housing allowance; I ended up in London afterall.

But then later during training in NY I met a girl that was slated to start in HK on the same position in the same department as I was (same bank obviously) and she did get a $2K monthly housing allowance. Go figure...

Jan 2, 2010

I'm pretty positive what dunston said is correct. I worked at a BB in HK over the summertime and heard many of the analysts complain about the housing allowance being taken away. The hope is that with the housing allowance taken away, the bonuses would increase to compensate, but who know...

Jan 2, 2010

Some banks give housing some don't. It's not $24k out of your pocket - it's just $24k less you'll get up front

All housing bonuses are given as a "total compensation" pacakge

meaning if an analyst standard package is $130k and you get 70k base and 24k housing you're gonan get only 36k in bonus

GS/MS/JPM do not give housing stipends but they just adjust up their bonus ... its the same thing

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Apr 25, 2010

Hey folks,

Any updates on this housing allowance issue? I heard my friends who are relocating to Hong kong for FO positions in RBS and HSBC are not getting any housing allowances. My friend from DB seems to have no idea whether he is getting any allowances, but it is definitely not mentioned in the contract....

Anyone got updates on it? HK housing is really expensive, and easily eat away 20% of your compensation man!

Apr 26, 2010

i don't think all FO positions get housing allowance even before.

Love all, trust a few, do wrong to none.----William Shakespeare

Nov 5, 2010

Bump.

Anyone know if BB's in HK will be providing housing stipends for next year's analyst class. In addition, are these stipends usually enough to cover housing?

Nov 6, 2010

Would like to know this as well...

Nov 6, 2010

^ yes, yes.

Of the ones that are confirmed:

DB, CS = 240K HKD (20k/month)
JPM, Barcap, Citi = 180K HKD (15k/month)

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Nov 6, 2010

Thanks

Is this just for IBD? or for S&T as well?

Nov 7, 2010

somewhere in the ballpark of ~15k HKD per month for analysts, not sure about associates

Nov 7, 2010

is this also the case for S&T FT?

Nov 7, 2010

Our "housing stipend" is subtractable from bonus... Is it like that at your bank?

Observe. Learn. Share.

Nov 7, 2010

Can't really say since I dont even know the details/amounts of the stipend. Do you have any bank-specific info you could share for top BBs in general (i.e. which banks do or don't subtract from bonus)?

Nov 7, 2010

how much is the bonus in your bank relative to a year base?

Nov 7, 2010

Bump, would love to hear insight on this for the BBs and if it's subtractable or not.

Nov 7, 2010

From what I have heard, GS in HK has housing allowance.

Nov 7, 2010

why the fuck would anyone on here know this? go ask barcap dumbass

Nov 7, 2010

Yea as if I were gonna call up HR and ask them about compensation package for FT before I even start my SA you dumb fuck. STFU if you have nothing to contribute.

Nov 7, 2010

I dont think you should worry as long as the US passport is in hand before full time starts. just guessing

Nov 7, 2010

bump

Apr 25, 2010

Dude....you should really call and ask about the full-time packages. Ultimately you are doing the SUmmer Analyst role to get a full-time job. This is even more the case where HK rental is pretty high, and easily 20% of your basic salary at barcaps (im assuming you are in a FO position)

I know HSBC and RBS are not getting it...but they are tier2.

Let me know if you are getting it? For the purpose of statistics colleciton...hehe

Nov 7, 2010

pm-ed you

Nov 7, 2010

hey i know its an old thread, but could you pm me this info?

Nov 7, 2010

Could you please pm me too?

Nov 7, 2010

If it is true, it's fucking ridiculous.

Nov 7, 2010

most ppl should stil be getting housing allowance over there. however, some banks have tried/in the process of phasing it out with new hires. its unfair but thats the only way to do it. i think GS actually have some classes that didnt get housing allowance (came in during downturn etc.)

Nov 6, 2010

housing allowance are all back - at the analyst level they range from 15k - 20k (HKD) per month. For associates, it should be 25k/month = additional ~300k/year HKD

Nov 6, 2010

housing allowance are all back - at the analyst level they range from 15k - 20k (HKD) per month. For associates, it should be 25k/month = additional ~300k/year HKD

Nov 7, 2010
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