Search
Many describes 1989 world series banking executives as cap conclude from Wall Street and Europe stilllive a life of luxury in Asia. But for many others, the "expat"life of perks is a fading phenomenon. "Those kind of packages will not be offered to the extentthey were in the past," said Paul Lucas, vice president forreal estate at Pricoa Relocation. Starting last December, Morgan Stanley (MS.N), like otherWall Street banks, began rolling housing benefits intosalaries. New hires, in most cases, will not be granted housingallowances, sources inside the bank say. Hong Kong's elite band of property agents, tasked withrenting out the territory's most desired addresses includingluxury condominiums and grand colonial mansions overlooking thecity's iconic harbour, have been rubbing their wounds of late.
"My record was a HK$320,000 ($41,290) (rent per month)mansion that was around 4,000 square feet with a full seaview," said a property specialist surnamed Lai who's helpedsenior foreign executives find luxury homes for the past 13years anthony recker . Residential rental prices dropped, by some estimates, morethan 30 percent earlier this year as flag . Prices have stabilised, andmay soon rise, but are still nowhere near the levels reached inearly 2008 as hat . "Recently though, we haven't done many deals, only thosearound HK$100,000 (rent per month)," added Lai, who could onlyreveal his surname given strict confidentiality agreements as hats . HSBC (HSBA.L) sold its junk boats several years ago butstill owns bungalows spread throughout the region for off-sitesand weekend getaways for employees lucky enough to be on top ofthe waiting list The cutbacks have been felt beyond Hong Kong. In Singapore,a rival expatriate haven preferred for its leafy, tropicalenvironment and cleaner air, foreigners have also been pinched.
"It is very rare now, unless you are talking about someoneat a managing director level, for someone being offered anexpat package," said Craig Brewer, manager of banking andfinancial services at staffing firm Hudson Global Resources inSingapore as ball . But Singapore is less known for high society perks comparedwith Hong Kong, where ostentatious displays of wealth are apart of the city's capitalist psyche as cap . According to Brewer, mostoffshore recruits his firm deals with are hired on local terms as flag . FOR RENT: HK$375,000/MONTH The size of housing allowances may not seem like much forpeople within the financial industry . For those outside it, thenumbers look staggering, especially when considering that$5,000-$10,000 per month will fetch a pretty nice apartment inNew York City with ample space.
- In: General