Is it the right/wrong time to move to Hong Kong?

Reply
  1. #1

    Join Date
    Oct 2008
    Posts
    2

    Is it the right/wrong time to move to Hong Kong?

    I got an offer from a Hong Kong based supply-chain solution provider to work in Hong Kong. The offer is quite good, if not the best. If I accept the offer, I will be moving there by December.

    In the backdrop of global financial crisis, I am little worried about moving to Hong Kong, given that HK's economy is so much dependant on financial services.

    It would be great if you could share something about the current situation there.

    Will the global financial crisis affect Hong Kong (and jobs in HK) more than any other major city in Asia, say Shanghai or Bombay?

    If the current financial woes were to continue or worsen, will there be backlash against expats? (or has it already started?)

    Also, is there factor that is unique/special to Hong Kong that will help tide over the cirsis or make things worse?

    I know my questions might sound vague and kind of too macro-level stuff. But I am not really sure what information will help me arrive at a decision! So, throwing it open to any ideas, suggestions, opinons.

    Any help would be greatly appreciated.

    Regards,
    Tom


  2. #2

    Join Date
    May 2007
    Posts
    41

    Tom - your concerns are understandable, especially if you haven't moved before, but fear not. Frankly I would look at this from a different angle -- right now is a good time to have a job. Period. If you get a new job, even better given the overall economic situation. A lot of companies are instituting hiring freezes, so count yourself lucky to not only have a job offer, but one you feel is quite good. (And congratulations!)

    Regardless of where you take a new job, there is always a risk that as being the new kid, should things really go sour for your new company and they need to reduce headcount that you could be one of the first to go. The risk of course is that you won't have a chance to prove yourself. Only you can weigh this up against your current situation.

    HK will be affected as will other cities, but the effects will manifest themselves differently. For example, Mainland China has different exposures -- an economy that was already starting to cool down (although still booming), post-Olympics slowdown, fallout of consumer confidence following the milk scandal, etc. Some manufacturing companies are abandoning China in favour of Viet Nam and other locales, citing the rise of the yuan and that China has grown too expensive recently. However, I think Asian cities will escape relatively unscathed compared to many of their western counterparts.

    While a number of banks are based in HK, keep in mind that HK is quite diversified. Until the late 90's, HK was seen as a bastion of stability in the region -- not just the gateway into China. Many companies beyond financial services have made (and continue to make) HK their base even as Singapore and Shanghai become more accessible and are seen as being on par with HK.

    Personally I do not see any backlash forming in HK against expats. HK, like Shanghai and Singapore has a long history with expats that generally makes for a comfortable calm. This is not France with farmers attacking McDonalds and anyone who cannot trace their lineage back at least six centuries! (J'aime toutes les choses franais - SVP ne prennent pas l'offense si vous tes!)

    Bottom line -- you have to look at your current situation and decide if you are willing to take the risk of changing jobs and moving cities. Without knowing the specifics of your situation, I would be inclined to do it -- what better a way to ride out a storm than to escape it.


  3. #3

    Join Date
    Mar 2007
    Location
    Gold Coast Marina
    Posts
    17,970

    I agree with all of the above. I'm pretty glad to be in HK right now - while Asia is suffereing and will suffer as part of this global meltdown, I don't think it will suffer quite as much as some of the rest of the world. So come - enjoy! Will look good on the CV for later and it's a great place to spend a bit of time.


  4. #4

    Join Date
    Oct 2008
    Posts
    8

    hi

    i was browsing the site and i got ur website and i feel happy how u advise people on there cases.

    i was in hk by january with holland passoprt and i got a hk girl and we started date along the line she got a baby for which she will deliverd soon.

    then around may i trvelled out and come back with london passport and we get married. now i want to go and summit my documents to immg for dependent visa. we immg ask how come the baby why my passport is showing that my first time in hk was july. thee holland passport has different name frm the one am using now

    please am confused i need ur help


  5. #5

    Join Date
    Mar 2007
    Location
    Gold Coast Marina
    Posts
    17,970

    You have already posted this question in another thread, to which you have got various replies and we have identified that you appear to be using forged documents for at least some of the time. Do you think we do not read different threads?


  6. #6

    Join Date
    Sep 2006
    Posts
    302

    FYI, a professor at hku just told us that there has been a decrease of 46% in job postings for fresh graduates at the 4 major universities.


  7. #7

    Join Date
    Oct 2008
    Posts
    2

    Hi,

    Thanks for sharing your thoughts...

    I heard that the financial crisis has cooled down HK real estate sector. Is that true? Have the house rentals come down?

    -Tom