Expat packages in China are now the second highest in the Asia-Pacific region, as Hong Kong benefits dropped to a five-year low since 2012.
This decline drops Hong Kong to fourth place in terms of best expat package in the region, according to The South China Morning Post. The top honor goes to Japan, followed by China and India according to a survey by ECA International.
Over 290 companies represented in 160 countries answered the ECA International survey. The survey shows that expat middle managers in Hong Kong receive an average offer of RMB1.82 million (HKD2.06 million) per year, including accomodations. A rough decline of RMB9,200 (HKD10,400) compared to previous years.
Meanwhile, Japan tops the list with a whopping RMB2.52 million (HKD2.85 million) in expat packages on average for middle managers. Mainland China follows with a RMB1.94 million (HKD2.19 million) deal.
According to Lee Quane, Asia's regional director of ECA, “Traditionally, Hong Kong has offered more lucrative packages for expatriates than China’s major cities. However, in the past few years, the rising cost of living and increased pollution in China made it more challenging to attract international talent and so packages continue to rise [there].”
The complete rankings of most generous expat packages in the Asia-Pacific region:
4. Hong Kong
7. Republic of Korea
13. New Zealand
14. Sri Lanka
And FYI, these are the top five most generous expats package globally.
1. United Kingdom
4. Hong Kong
Below is a projection of what the future holds for HK expats.