E E R F
The Money Guide
YOUR COMPLETE GUIDE TO BUYING, SPENDING, AND SAVING IN HONG KONG VISIT LOCALIIZ.COM FOR MORE GREAT TIPS ON LIVING AND WORKING IN HONG KONG
W H AT ’ S O N
FOOD AND DRINK
WELLNESS
FA M I LY & E D U C AT I O N
C U LT U R E
STYLE
TRAVEL
PROPERTY
DIRECTORY
Editorial Editor in Chief Sophie Pettit sophie@localiiz.com Senior Editor Amanda Sheppard amanda@localiiz.com Editor Jenny Leung jenny@localiiz.com Staff Writer Sarah Moran sarah@localiiz.com Art Editor Noel de Guzman
VISIT OUR WEBSITE Localiiz is the go-to website for everything you need to know about life in Hong Kong. Take a look for yourself.
Sales Business Development Manager Agnes Lei agnes@localiiz.com Business Development Manager Scarlet Ong scarlet@localiiz.com Marketing Manager Stephanie Lown stephanie@localiiz.com
Managing Director Tak Man tak.man@nexusmediaasia.com Director Barrie C. Goodridge bgood@nexusmediaasia.com Chief Financial Officer Fenny Chau fenny.chau@nexusmediaasia.com Accountant Ivy Su ivy.su@nexusmediaasia.com Produced by Nexus Digital part of Nexus Media Asia 15/F Chao’s Building, 143-145 Bonham Strand East, Sheung Wan, Hong Kong www.nexusmediaasia.com (+852) 2905 3281
W E LC OM E
Copyright 2019 Localiiz.com (HK) Limited. The publisher accepts no responsibility for unsolicited manuscripts, transparencies or other material. The publisher also accepts no responsibility or liability in any way for the contents or any of the advertisements, articles, photographs or illustrations contained in this publication. All rights reserved. The opinions expressed in the publication are those of the contributors and not necessarily endorsed by the publisher. Reproduction in whole or in part without written permission is prohibited. To share content online, please link back to the original article on our website, crediting Localiiz.com, on your own platform or social media channel. Thank you for sharing!
I
t's no secret that Hong Kong is one of the most expensive cities in the world to live in. Not only are we faced with skyrocketing rents, but also costly daily expenses such as food, healthcare, clothing – and even a cup of coffee! With this in mind, knowing how to save money wherever possible is invaluable information to have when we call the city home. So, to help give you and your wallet some relief, we are here to share our advice on how to save dollars – from where to find the best bargains, to how to take advantage of credit card perks and finance apps, and more. We even share our 50 favourite things to do in the city that won't cost you a cent, because after all, you don't have to be a millionaire to enjoy life in the 852. Happy saving, Hong Kong.
Sophie Pettit, Editor in Chief sophie@localiiz.com
Cover image: 123rf
KEEP IN TOUCH WITH LOCALIIZ.COM
Like our Facebook page to stay up to date on all our latest stories, and join our Expat Hong Kong community to get all the answers you need about life in the 852.
We have plenty to tweet about and we'd love you to join the conversation.
Sign up to receive our weekly newsletter packed with our top stories.
facebook.com/localiiz facebook.com/groups/expathongkong
@localiiz #localiiz
www.bit.ly/ localiiz-subscribe
Visit the website We publish fresh articles every day to help you make the most out of life in Hong Kong, so drop by and explore them for yourself.
@MMEYER1 S76
Show Us Your City We love seeing Hong Kong through the eyes of our readers. Tag your best Instagram photos and we will feature our favourites on our social media.
@localiiz #localiiz
THE MONEY GUIDE
5
localiiz.com
Contents
14 50 THINGS TO DO FOR FREE
BIG SPENDER'S GUIDE
How to have fun in the city without spending a cent
28
8
Hong Kong’s hit and miss list We look at what Hongkongers are willing to spend big on, and the things they’ll never buy
12 Hong Kong’s best bargains
Where to shop without burning a hole in your pocket
14 50 things to do for free
We looked through all the options, so you don’t have to
28
The big spender’s guide to Hong Kong Looking to splash some serious cash in the city? Here's how
40
Manage your money with these apps Finding it hard to budget in Hong Kong? Don’t worry, be appy
36
Rest insured Set yourself up for life in Hong Kong with these insurance policies
42
Hong Kong in numbers We crunched the numbers about life in Asia’s World City
38
Money saving life hacks How to save some cash in one of the world’s most expensive cities
24 Choosing a credit card
How to save while you spend, and reap the benefits, too
26 10 tax questions, answered
We save you the annual tax headache and fill in the blanks
THE MONEY GUIDE 6
THE MONEY GUIDE
Images: Shutterstock, Getty Images.
20 Finding the right bank account
Images: Lumina / Stocksy, Shutterstock
How to have fun in the city without spending a cent
Wahtiki Island Lounge Asia’s most authentic Tiki cocktail hideaway, Wahtiki Island Lounge showcases a unique Tiki experience with its menu of soul-soothing, heart-warming, rum-laced cocktails. The inspiration behind Wahtiki Island Lounge is cocktail guru Shi Wah Lee, who has over 45 years helming leading Tiki cocktail bars in Europe and Asia. Mr Lee ensures the cocktails at Wahtiki Island Lounge adhere to the original recipes used at the world’s best Tiki bars for almost a century. The lounge is a popular venue choice for corporate events, hosting regular private functions. We hosted our year-end drinks for clients there and they all loved it - a fun vibe, yummy food, and great cocktails! The manager and staff were especially helpful and accommodating. We would love to go back again! Ada Ho, Executive Director, Standard Chartered Hong Kong We held our company event at Wahtiki Island Lounge last year - awesome venue and cocktails, excellent themed bar, and extremely friendly staff, especially the manager. Ricky Mui, Managing Director, Robert Walters Hong Kong
Open Monday – Saturday, 12pm-3pm, 5:30pm till late, closed on Sunday Dress Code Smart Casual 3/F, Seabird House, 22-28 Wyndham Street, Central (852) 2793 0308 www.facebook.com/wahtiki Instagram @wahtikihk
HO W TO :
localiiz.com
THINGS EVERY HONGKONGER WILL(NEVER!) SPEND MONEY ON What does it take to make locals splash their cash in the 852?
From the latest smartphone on the market, to luxury brand handbags, here are some of the things that every Hongkonger is willing to empty out their bank accounts for – and some things they are not.
✔ The latest tech
It’s a well-known fact that almost every Hongkonger loses their mind every time a brand new iPhone comes out. Willing to spend not just their money – which goes without saying, is a costly lump sum – but also hours in line just to get their hands on Apple’s latest product.
Hong Kong is all about keeping up with the latest trends, with the world of fashion taking centre stage. After all, who doesn’t want a pair of shoes that cost more than their whole month’s salary, right? Or better still, limited edition handbags that are simply too precious to use?
✔ Travel abroad
Living in such a tightly packed city, a lot of Hongkongers opt to get away from the hustle and bustle of it all by travelling abroad. Whether that means a quick weekend getaway to Thailand, or a luxurious trip through Europe, these passionate travellers are mighty generous when it comes to exploring the world that lies beyond Hong Kong.
✖ $8 apps
Once they’ve managed to bag themselves an iPhone, it’s time to set it up and download all the essential apps they need. But wait, what’s this? $8 for an app? No thank you. With so much money already invested in the actual phone itself, who has that kind of money left to spare!?
✖ Proper meals
Many Hongkongers are completely fine with surviving on just cup noodles and pineapple buns for months on end if it means they can save up for a brand new pair of kicks, or a statement-making bag. It all comes down to one question: how much are you willing to sacrifice for fashion?
✖ A future home
The growing epidemic of travelling abroad might be due to the fact that escaping the city is the only way for Hongkongers to forget about the fact that they might never be able to afford a home of their own in the city. Depressing, we know, but understandably so. With property prices continuing to skyrocket, what’s the point in saving dollars anyway?
GO TO LOCALIIZ.COM/TRAVEL FOR MORE GREAT TRAVEL TIPS
8
THE MONEY GUIDE
Images: GettyImages. Words: Jenny Leung
✔ Fashion items
Looking for
Better Brand? Returns from your
C
M
Y
CM
MY
CY
CMY
K
Invest in design from PPC
Design • Branding • Digital • Advertising www.weareppc.com | creative@powerpointcreative.com | +852 2504 3911
TM
Naturally Functional Uncommonly Delicious
Oomph!™ is the California-inspired, bold flavor, “better for you” superfood bar that provides natural energy, distinctive taste and holistic nutrition – anytime, anywhere – for busy, active and wellness-minded people wanting to stay fit, feel free and live vigorously.
Energy-dense Loaded with protein, fiber, iron and calcium. No empty carbs.
Nutrient-rich 6 superfoods in every Oomph!® bar, including California almonds, blueberries and chia seeds.
Worry-free All natural, easy to recognize ingredients. No trans fat. Real food, clean label.
www.oomphbars.com
Follow us on
Eco-friendly Plant-based formulation, minimally processed. Low carbon footprint, sustainable.
oomphbarshk
oomphcalifornia
Buy online at http://www.oomphbars.com/shop/ Or, at Health Aims Organic Functional Food Shops in Wanchai/Tin Hau/Kowloon/N.T.
Helping UK expatriates review their pension and investment funds
UK Expat Pension Reviews Unit 1205-1208, Smart Space 2, Cyberport 2, 100 Cyberport Road, Hong Kong Phone: +6011 2684 0540 Email: info@ukexpatpensionreviews.com
www.ukexpatpensionreviews.com
SH O P P ING TIP S
localiiz.com
HONG KONG BARGAIN HUNT Hong Kong's reputation as a neon-
Fa Yuen Street With shops selling brands such as Converse, Nike, Puma, Reebok, New Balance, and more, Fa Yuen Street – also known as 'Sneaker Street' – is sports shoe heaven. Fashion-forward Hongkongers have been shopping here since the 1980s, bagging the latest designs in statement-making footwear, as well as limitededition releases from all over the world. Discounts are possible, but Fa Yuen Street is predominantly a market for locals, so vendors tend to stick to non-negotiable, but reasonably low, prices.
lit retail pilgrimage is well deserved, but shopping in this city doesn't come cheap. But fear not, because we know the best places to shop that won't make your wallet weep
2
The Lanes in Central Dubbed 'The Lanes' by locals, Li Yuen Street East and West in Central are some of Hong Kong’s oldest markets. Before vendors moved to Western Market in Sheung Wan, these two bustling, narrow alleyways were traditionally the place to shop for quality fabrics. The many shops and street stalls in the lanes are now bursting with factory outlets and market stalls, selling an exhaustive variety of goods, including cheap clothing, traditional cheongsams for both adults and kids, as well as watches, shoes, handbags, and more.
4
Ladies' Market With stalls overflowing with bargain clothing, accessories, and souvenirs stretching over a kilometre, the Ladies’ Market on Tung Choi Street is the perfect place to put your haggling skills to the test. This bustling market takes its name from the huge amount of clothing, accessories, and accessories on sale for women of all ages. However, with other goodies such as watches, home furnishings, CDs and trinkets also up for grabs, men and children can enjoy having a browse too. Many stalls sell the same goods, so it’s wise to bide your time and shop around for the best price. Experienced hagglers can get as much as 50 percent off the original sale price.
3
Golden Computer Centre and Ap Liu Street
LADIES' MARKET
BARGAIN HACK OFFER 5O PERCENT OF THE ORIGINAL ASKING PRICE AND WORK YOUR WAY UP FROM THERE
Those looking to bag some bargain tech and gadgets will be spoiled for choice at the Golden Computer Centre and Ap Liu Street in Sham Shui Po. Local shoppers visit these hot spots to find second hand computers and all the spare parts they will ever need – from mainboards, RAM, hard disks, monitors, and more, all at a low price. Those looking for the latest computer games and consoles will find them on the first floor of the computer centre which is considered the go-to spot for serious gamers and techies alike.
GO TO LOCALIIZ.COM/SHOPPING FOR MORE GREAT TIPS
12
THE MONEY GUIDE
Image: Shutterstock. Words: Sarah Moran
1
Together, We Achieve More
Asia’s Largest Coworking Space Now in Hong Kong Sheung Wan · Mong Kok
Our Global Network
37
Cities
200
Locations
10,000+ Enterprises
200,000+ Members
Services: Private Offices · Event Spaces Business Solutions
Move Your Office Today
Book A Tour +852 2360 9278 enquiry@ucommune.com
THE BEST THINGS IN LIFE ARE FREE Hong Kong may be one of the most expensive cities in the world to live in, but you don't have to be a millionaire to enjoy it
T
HERE ARE LOADS OF FUN THINGS to do and see in the 852 that won’t cost you a dollar – if you know where to look. So leave your money woes at home and experience one of these freebie activities around the city.
1
Take a hike
2
Explore a wet warket
Visit the impressive temple with its beautiful architecture and tranquil Good Wish Garden, filled with ornate pagodas, exotic plants, and mesmerising carp ponds.
Snap incredible shots of flapping fish, leaping prawns, and haggling Hongkongers in one of the city’s wet markets such as Bowrington Road in Causeway Bay, Wan Chai Market, and Reclamation Street in Jordan. But be careful not to slip – they’re called 'wet' for a reason!
3
Visit the Goldfish Market Admire the array of colourful aquatic beauties on sale at this vibrant Mong Kok market, which is also stocked with over-the-top saltwater aquariums, amphibians and reptiles, and all the fun accessories you need to keep them entertained.
14
4
Wong Tai Sin Temple
THE MONEY GUIDE
Images: Shutterstick / 123rf Words by: Sophie Pettit
Take in Hong Kong’s breathtaking coastal scenery during a hike along Dragon’s Back, tackle the challenging Twin Peaks or a section of the MacLehose Trail, Hong Kong’s longest hiking route. For a unique experience, take a scenic night hike and experience the twinkling city lights from above.
5
localiiz.com
7
Stroll along Temple Street Night Market Lap up the buzzing atmosphere as locals and tourists haggle for every gadget and gizmo under the sun at this popular night market, which offers amazing street food and fortune telling, too.
6
Wander around Yuen Po Bird Garden Watch elderly locals take their pet songbirds out for a leisurely stroll in this atmospheric Chinese garden, which offers a glimpse into traditional Hong Kong culture.
Catch some rays in Tamar Park
Admire the blooms in the flower market
8
9
Stretch out in this 183,000 square-foot urban park which plays host to various art, music, and cultural festivals throughout the year. It’s also a prime viewing spot to catch the Chinese New Year and National Day fireworks displays over Victoria Harbour.
Delve into a jungle of exotic blooms and delicate aromas among the dozens of shops at this Mong Kok market. Houseplants and blossoms are said to bring good fortune, especially at Chinese New Year, and you will find plenty of lucky petals here.
12
Potter about in Stanley Have a browse among the art galleries and souvenir stalls in Stanley Market on the southside, and enjoy a leisurely stroll along the waterfront where you will find a great selection of bars, restaurants, and even a temple or two.
Go for a run in Victoria Park
15
Run a lap around the park’s race track or watch elderly locals enjoy a spot of tai chi in the morning. Catch the spectacular lantern display here during Mid-Autumn Festival and the colourful flower market during Chinese New Year.
Stroll around Sai Kung seaside town Head to the relaxing town of Sai Kung, visit the floating seafood market, or hop in a sampan to Sharp Island or Hap Mun Bay (‘Half Moon Bay’) which offer crystal clear waters and spectacular views of the surroundings islands – without the heaving crowds.
Go gallery hopping on Hollywood Road
10
Spend a morning or afternoon browsing the numerous galleries and shops dotted throughout this burgeoning art hub. Popular spots include YellowKorner and sister gallery Carré d’artistes.
11
Go cycling in Shatin
Enjoy a breath of fresh air and cycle from Sha Tin Park to Tai Po Waterfront Park, along the Shing Mun River, taking in the scenic Tolo Harbour with its views of Ma On Shan.
Have a picnic in Sun Yat Sen Park Relax with some nibbles in this 4.22 hectare park in Sai Ying Pun, which offers a seven-a-side soccer pitch, two basketball courts, and stunning views of the city skyline.
13 16
Stroll Around Hong Kong Park
14
Lap up some greenery in this beautiful natural oasis tucked away in the bustling Central district, and spot the koi and turtles swimming in the large ponds. A perfect place to go if you have kids, too.
Browse antiques in Cat Street Find a world of hidden treasures in this tucked-away alley on Upper Lascar Row in Sheung Wan. Old Chinese snuff bottles, propaganda posters, and rare Ming dynasty furniture can be found in these charming market stalls.
15
19 Hit the waves Kick back at one of Hong Kong’s popular beaches like Big Wave Bay or Shek O on the Southside. If you want to escape the crowds, venture further to Palm Beach or Cheung Sha on Lantau, or take a hike to breathtakingly beautiful Tai Long Wan in Sai Kung.
Monkey around in the country parks Visit Tai O Fishing Village
Drink for free (if you’re a lady)
Visit the famous houses on stilts on the western coast of Lantau island. This charming village is full of traditional, dried seafood shops where you can spot hanging sharks and pufferfish.
Grab the girls and enjoy free tipples during one of Hong Kong’s famous ladies nights. Popular bars include Carnegie’s, Oolaa, Ophelia (which boasts live burlesque performances), and the Sky Deck at Cé La Vi.
21
Hit the museums on a Wednesday Schedule your culture fix for a Wednesday, when many of Hong Kong’s galleries and museums offer free admission. Among our favourites are the Hong Kong Science Museum, the Hong Kong Heritage Museum, and the Hong Kong Museum of History. Visit lcsd.gov.hk for the full list.
25
Watch the Symphony of Lights Watch the city skyline light up with LED lights and lasers for ten minutes each night from 8pm, accompanied by a funky soundtrack performed by the Hong Kong Philharmonic Orchestra.
16
THE MONEY GUIDE
18
22 Visit Man Mo Temple Swing by Man Mo Temple in Sheung Wan and witness the giant hanging incense coils and stunning murals on display in one of the city’s oldest temples.
26
Go bird watching in Hong Kong Park Explore the beautiful aviary in Hong Kong Park where you can walk over wooden paths perched high among the trees, and spot an array of colourful exotic birds hiding among the leaves.
20
23 Visit a quirky museum Visit one of the city’s niche museums such as the Hong Kong Railway Museum, Hong Kong Monetary Authority Museum, and the Fireboat Alexander Grantham Exhibit, which are free to enter all year. round.
24 Spend your birthday at Ocean Park Spend your birthday hopping on thrilling rides and admiring cute animals at Hong Kong’s second largest theme park, which offers free admission on your special day, providing you hold a Hong Kong ID Card.
Climb up Victoria Peak
27
Lap up the most stunning views of the city from above, and get fit in the process, on a climb up to the city’s most iconic viewing point.
Images: Shutterstock / 123rf Words by: Sophie Pettit
17
Take a walk in Kam Shan, Lion Rock, or Shing Mun Country Park, where a population of around 2,000 monkeys can be spotted sunning themselves and preening each other. Be warned though, they have been known to steal!
29
localiiz.com
Relax in West Kowloon Waterfront Promenade Feast your eyes on our beloved city skyline in this spacious park which hosts regular festivals throughout the year as well as Freespace Happenings which are free for all to attend.
28 Explore Po Lin Monastery Wander around this famous Buddhist monastery, perched high in Mount Muk Yue on Lantau Island, and visit the iconic 34-meter bronze Tian Tan Buddha that sits high above it.
31
Admire the architecture in Repulse Bay
Marvel at the famous building with the hole in it – aka The Repulse Bay residential complex – and enjoy some peace and quiet on Repulse Bay Beach or nearby Deep Water Bay and South Bay Beach.
Explore Chungking Mansions
34
This notorious 17-storey complex is famous for its cheap flats, curry restaurants, and for being a general gathering place for some of Hong Kong’s ethnic minorities. It's also a great spot to snap cool shots for the gram.
Get lost in Tai Kwun
32
Explore this impressive centre for heritage and arts, which boasts 16 historic structures including remnants of the 19th Century Victoria Prison and old Central Police Station, as well as 16,000 square feet of exhibition space, and numerous bars, restaurants, and shops.
35
36
Enjoy some downtime in Chi Lin Nunnery, which boasts traditional Tang Dynasty architecture and connecting Nan Lian Garden, with its beautiful water features, rockeries, and charming tea house.
38
Can’t afford a ticket to the annual Rugby Sevens? Fear not, as there is plenty of fun to be had at the Sevens Village which is free for all to enter. Here you can lap up live music and all the action on the big screen.
Spot flamingos in Kowloon Park Wander around the 13.3 hectare park, and spot the brightly coloured flamingos relaxing in the watering hole. If you have kids, let them run loose in the fun playground area.
Stroll around the Zoological Gardens
Visit the orangutans, gibbons, macaques, and lemurs which live in this 5.6 hectare garden nestled among the lush greenery on the northern slope of Victoria Peak.
30
Find a good read at one of Hong Kong’s 70 static and 12 mobile public libraries dotted around the city. The Hong Kong Central Library in Causeway Bay alone has 10 storeys of resources to explore, and you can borrow up to eight items each time if you sign up with your Hong Kong ID card.
33
Chi Lin Nunnery
Visit the Sevens Village
Grab a book at Central Library
Make a wish at the Lam Tsuen Wishing Tree
37
Visit the famous banyan tree in Lam Tsuen Village where people make wishes and offerings. Write your wish on a piece of paper and tie it onto the nearby wooden rack – then see if it comes true.
39
Join a pub quiz Gather some of your friends and put your knowledge of trivia to the test at one of the city’s popular pub quiz nights. Popular hangouts include Trafalgar, McSorley’s, Rummin' Tings, and The White Stag.
17
41
Visit the beautiful 2.7 hectare garden located on the site of the former Kowloon Walled City, which is remembered today as a haven of crime and debauchery. The site features an outdoor display area with a shadow wall and model of the city, and six indoor exhibition rooms which reveal its history.
Visit Madame Tussauds on your birthday
Spend your birthday mingling with your favourite Hollywood stars without spending a dollar, or better still, take up to three friends with you and get them 60 percent off their tickets, by asking them to show their Hong Kong IDs.
44
Michael Kistler
Explore the islands around Hong Kong
43
Do it for the gram
Assuming you’re willing to part with the piddly ferry fare, Hong Kong’s outlying islands are full of gorgeous sandy beaches, beautiful hiking trails, and tasty seafood restaurants. Lamma, Cheung Chau, and Lantau are popular weekend getaways for citydwellers looking to relax.
Hunt down Hong Kong’s most Instagram-worthy photo spots, and tag #localiiz while you’re at it. Popular places include the rainbow-coloured housing estates in Shek Kip Mei and Sham Shui Po, the Western District Public Cargo Pier (known as ‘Instagram Pier’), and downtown Sheung Wan.
46
Rock the night away
You don’t have to be rich and famous to live the rock star life when you can air-guitar the night away at live music venues like The Wanch, Dusk till Dawn, and Rock Angel Band House.
49
Go camping
Escape the bustling city and pitch your tent in one of Hong Kong’s 41 camp sites located in lush green country parks, glistening beaches, and secluded islands. Top choices are Sai Yuen Farm in Cheung Chau, Pui O Beach on Lantau, and Tai Long Wan in Sai Kung.
47
Catch some jazz Get your toes tapping at one of the popular jazz joints which offer free entry. Popular haunts include Ned Kelly’s Last Stand, Peel Fresco, Gecko, and Foxglove.
42
Ten Thousand Buddhas Monastery
Marvel at the countless life-size golden Buddhas striking all sorts of hilarious poses as you climb the 400 steps leading up to the stunning temple and pagodas nestled in the mountains of Sha Tin.
Work up a sweat Work up a sweat, but not a debt, at one of Hong Kong’s many free group workout classes. Join the Hong Kong Trail Runners or Harbour Runners who plan training sessions and runs each week, or the November Project and Sunday Shred who focus on toning those abs.
Visit Hong Kong Wetland Park
THE MONEY GUIDE
48
Learn about the city’s fragile ecosystem and wildlife at this world-class conservation, education, and tourism facility in the northern part of Tin Shui Wai in Yuen Long. More than 235 different species of birds, 50 kinds of dragonflies, and 150 different butterflies call this landscape home.
Perform at a comedy club
50
Laughs are free if you take to the stage at TakeOut Comedy club and perform at an open mic night which are held every Tuesday. Go on, it’s your time to shine!
GO TO LOCALIIZ.COM/WHATS-ON FOR MORE THINGS TO DO
18
45
Images: Shutterstock / 123rf Words by: Sophie Pettit
40
Explore Kowloon Walled City Park
localiiz.com PROMOTION
Learn a language the right way The Hong Kong Institute of Languages provides language learning solutions for all ages and all levels
L
EARNING A LANGUAGE CAN IMPACT YOUR LIFE in a multitude of ways, from boosting employment opportunities and meeting professional requirements to simply enhancing your personal life. Since its founding in 1985, the Hong Kong Institute of Languages has strived to meet the diverse needs of Hongkongers, and has expanded to include three campuses in Hong Kong, offering classes for adults and teenagers in seven languages – English, French, German, Spanish, Mandarin, Cantonese, and Japanese. The Institute has cultivated a unique approach to teaching that incorporates multimedia learning to build confidence, improve exam techniques, and help professionals advance in their careers. The Institute provides Business English courses for the workplace, ranging from Level 1 to Business English Advanced. With 34 years of experience in training professionals to develop their language potential, the Institute has taught staff from many of Hong Kong’s most prestigious enterprises. The Institute provides Express Learning options, where fundamentals of a language can be taught in 24 hours – the perfect option for many living in a fast-paced city like Hong Kong. It now offers six French language products developed specifically for those looking to learn quickly and efficiently. The Institute also provides numerous training solutions for corporate clients, with options available, catering to the needs and requirements of individuals and businesses. Services in also include employee testing,
benchmarking, and translation. Select courses are registered with the Continuing Education Fund, enabling enrolled students to claim reimbursement of up to 80 percent of their tuition fees. Through its HK Kidz school, the Institute provides a creative approach to language learning for children of all ages. Its French Foundation Programme for children takes place during term time and, upon completion, will support applications to primary schools offering French as an additional language. The Institute also helps teens prepare for language examinations for schooling and placements both in Hong Kong and overseas. The Hong Kong Institute of Languages operates three learning centres across Hong Kong: • Central Campus, 3/F, Wellington Plaza, 56-58 Wellington Street, Central • Central Institute, 6/F, Wellington Plaza, 56-58 Wellington Street, Central • Wong Chuk Hang Campus, 306-307, 3/F, One Island South, 2 Heung Yip Road, Wong Chuk Hang
FOR MORE INFORMATION, VISIT HKLANGUAGES.COM
THE MONEY GUIDE
19
OPENING A
BANK ACCOUNT IN HONG KONG
A
S ONE OF THE LARGEST GLOBAL FINANCIAL CENTRES, it’s no surprise that Hong Kong has a wide selection of banks for new customers to choose from. As with all choices in life, there are both advantages and disadvantages to each, as well as various perks and welcome offers when you join. Some things to bear in mind though, are the proximity of local branches and the bank that your employer uses, to allow your wage to be processed. To help you on your way, we’ve rounded up some of the most popular options and what each one has to offer.
HSBC
Hang Seng
Account: Advance account Required minimum balance: $200,000 (or a fee of $120 per month) Features: Pre-approved for Visa Platinum card, dedicated counters, 24-hour hotline, ability to perform global transfers
Account: Preferred Banking account Required minimum balance: $200,000 (free for graduates or with payroll) Features: 500 free stocks and shares quotes, life insurance premium waiver in first year, Platinum card, handling fee waiver, first year fee waiver on safe deposit box
Standard Chartered
Citibank
Account: Premium Banking Required minimum balance: $200,000 Features: Access to the Premium Executive Team, a first year annual fee waiver on its Asia Miles Mastercard and 360-degree rewards programme to earn Asia Miles or points
Account: MaxiSavings account Required minimum balance: $10,000 (or $60 per month) Features: HKD and USD checking account, savings accounts for HKD, USD, and RMB
DBS
Dah Sing
This British bank is one of three (with HSBC and Bank of China) that issue Hong Kong bank notes and has been in the SAR since 1859.
The Development Bank of Singapore, better known as DBS, is the largest bank in Southeast Asia, and has been in Hong Kong since 1999. Account: DBS account Required minimum balance: $200,000 (with a range of waivers, including payroll setup, or a fee if $100 per month) Features: A range of wealth management tools, two-in-one savings and current account, and an Octopus ATM card
20
THE MONEY GUIDE
Hang Seng Bank is part of the HSBC group and is perhaps best known for establishing Hong Kong’s stock market index (the Hang Seng) in 1969.
Part of the New York-based Citigroup, Citibank is likely to be favoured by North American expats and has a strong presence here in Hong Kong.
This Hong Kong-based bank offers over 15 deposit accounts, including fixed deposit, integrated accounts, high interest, and foreign currency accounts. Account: YOU Banking Required minimum balance: $10,000 (or $70 per month) Features: British Airways Avios miles rewards, Dah Sing Octopus App card, an ATM card that can be used at all JETCO machines with an Octopus card
Images: Shutterstock. Words: Mat Gallagher
Probably the most well known of banks globally, HSBC has its headquarters here in Hong Kong and is the go-to for most new European arrivals.
localiiz.com
Bank of China
The other big name for banking. Many businesses will hold either an account here or with HSBC (and often both) to allow easy payments and transfers. Account: i-Free banking solution Required minimum balance: $10,000 (or $60 per month) Features: Option for USD current account and another foreign currency savings accounts, RMB services, internet and phone banking, BOC i-card and credit card fee waiver Account: Enrich banking Required minimum balance: $200,000 (or $120 per month) Features: 24-hour online banking chat service and hotline, a World Mastercard, and exclusive customer events
BEA (Bank of East Asia)
Another Hong Kong-based bank, BEA has been operating since 1918 and operates in Singapore, Malaysia, the Unites States, and United Kingdom. Account: Supreme account Required minimum balance: $100,000 (or $20,000+ salary paid per month, or $50 per month) Features: JETCO ATM card with worldwide coverage, special rates for insurance and investments, a credit card with year-round exclusive offers
Angel Card
To skip the arduous process altogether and help cap your spending, the ANGEL Pre-paid Mastercard can be obtained without a credit check, and can store up to $100,000 at a time.
WHAT YOU NEED TO OPEN AN ACCOUNT IN HONG KONG There are various requirements as to what you need to have to open a bank account in Hong Kong. The exact documents may vary depending on the bank, but if you have the following you should at least stand a chance of making the cut. • Your ID card or passport – ideally both if you are here on a work visa • Utility bill from the last three months with your current address on – if you’ve just moved in, sometimes a rental contract will do • Employment contract to show you’re making money, and how much, which will affect the account you are offered • Funds – you will need to deposit some money into your new account, and some require larger amounts than others • A full phone battery – opening an account is rarely a quick process* and in between the form filling, Candy Crush isn’t going to play itself *It was once rumoured that someone in Hong Kong managed to open a bank account in their lunch hour. We don’t believe them.
21
e v a s o t e It's tim ! t n e R n o money causeway bay and wan chai
$6k per month
up
SIZE: 100-250 SQ FT
Apple Studio ALL INCLUSIVE: - WATER & ELECTRICITY - MANAGEMENT FEE - WIFI & AIR CON - PRIVATE BATHROOM - MICROWAVE & KETTLE - HOT PLATE & SMALL FRIDGE - ONCE A WEEK MAID SERVICE
3462 3333
Sai Ying Pun and Sham Shui Po Apple Dorm & Apple Hotel ALL INCLUSIVE: - WASHING & DRYING MACHINE (OCTOPUS) - WIFI - OUTDOOR GARDEN* & VENDING MACHINE* - WATER & ELECTRICITY - SEA / CITY VIEW ROOF TOP - MANAGEMENT FEE - SHARE BATHROOM & PANTRY AREA
$88
^ up
per bed per night
$3k
per month
up
SIZE: 30 - 50 SQ FT
*SAI YING PUN ONLY ^APPLE HOTEL (SAI YING PUN) ONLY
applehotel.hk ‧ applestudio.hk ‧ appledorm.com
C R ED IT C AR D S
CARD SHOULD YOU CARRY?
We compare the best credit cards on the market, so you don’t have to
F
ROM BOOKING FLIGHTS to settling the tab at the end of the night, to the inevitable online shopping spree, life in Hong Kong is made much easier when you had a credit card at hand. Choosing the right one, however, is easier said than done. With so many on the market, narrowing down your search is no mean feat, but not all cards carry equal weight. To help you out, we’ve looked at the options for Hongkongers, to find the most suitable for each type of spender.
24
THE MONEY GUIDE
Images: Shutterstock. Words: Amanda Sheppard
WHICH
localiiz.com
Minimum annual income
Best for
Perks
Annual fee
American Express Cathay Pacific Elite
Travel, foreign spending
1 Asia Mile for every $6 spent locally, 1.5 for every $6 spent abroad, complimentary enrolment into the Marco Polo Club
$1,800 (first year waiver)
$300,000
Standard Chartered Bank Asia Miles Mastercard
Travel, flight benefits
1 Asia Mile for every $6 spent locally, 1 Asia Mile for every $4 spent overseas and select local categories
$1,800 (first year waiver)
$240,000
ANGEL Pre-Paid Mastercard
Travel, instant approval
No credit check, low exchange rates, stores up to $100,000
None ($300 purchase fee)
None
Dah Sing British Airways Platinum
Travel, expats
Flight discounts, 1 Avios for every $6 spent locally, 1.5 for every $6 spent overseas
$1,800 (three-year fee waiver)
$150,000
Citi Octopus Visa Platinum
Commuters, convenience
15% select bus fare rebate, Octopus cash rewards
$1,800 (first year fee waiver)
$150,000
HSBC Platinum Visa
Rewards seekers
Cash back, exclusive offers
$1,800 (two-year fee waiver)
$150,000
DBS Black World Mastercard
Travel, air miles affiliates
Local and foreign spending rebate, select travel discounts
$2,000 (first-year fee waiver)
$240,000
Frequent visitors to China, low income earners
Cash back on local spending, separate HKD and RMB accounts
$300
$60,000
HSBC UnionPay Dual Currency
GOING CASHLESS Hong Kong is becoming an increasingly cashless society. Octopus Cards can be used on public transport, to make purchases at convenient stores, and even to settle hospital bills. You can now also link them to select credit cards, meaning you never have to carry cash to top up. There are also now several payment systems linked to smart devices that are widely accepted in Hong Kong, including Apple Pay, AliPay, and WeChat.
VISIT LOCALIIZ.COM FOR MORE HONG KONG LIFE HACKS
25
TA X TA L K I N G
Sorting annual taxes can be a migrane-inducing task for many Hongkongers, so to save you the headache, we answer 10 common questions
U
NLIKE MANY other countries, tax is not automatically deducted from your salary in Hong Kong. The tax year runs from April 1 to March 31, and returns are typically sent out in May. Individuals are given one month to file these with the Inland Revenue Department, and bills need to be settled between December and March the following year to avoid a penalty. It’s not the most exciting of conversations, but it is one that can cause some serious confusion – so much so that entire careers have been forged in helping people untangle their own messes. Save yourself the trouble and find out all you need to know right here.
26
THE MONEY GUIDE
localiiz.com
1
I’m newly self-employed. Does this change the way I file a tax return? Yes. If you are self-employed, you will need to notify the Inland Revenue Department of your earnings in writing. Business owners are required to keep records dating back at least seven years.
2
I’m married. Are my spouse and I required to file a joint tax return? You can choose to file separate taxes and to be assessed as individuals, or to file for joint assessment. With a joint assessment, you will only receive one bill (typically addressed to the higher earner). If you choose to file for a joint assessment, you can also benefit from a married persons allowance.
3
Why is my first bill so big? If you worked an incomplete tax year in Hong Kong, you will not receive a bill at the end of that taxable year. However, the following year, you will receive a bill for the year that has passed, as well as a provisional bill for the year ahead.
4
How much of my income should I set aside? Luckily, income tax is low in Hong Kong (capped at 17 percent), but that doesn’t mean you shouldn’t set aside some money in advance. The IRD has an online tax calculator to help provide a rough estimate of your bill, and you can use this to plan how to save accordingly for the year ahead.
5
I wasn’t employed for the entire tax year. Do I still need to pay? If you made more than $132,000 (the basic allowance for individuals) between April 1, 2018 and March 31, 2019 – no matter what duration you were employed – you will be required to pay income tax. If you started work after April 1, you will be taxed based on your actual earnings during the tax year.
6
Images: Shutterstock. Words: Amanda Sheppard
I missed the deadline to file my return. What happens now? If there are extenuating circumstances, you can request an extension and file your return at an agreed upon date with the Inland Revenue Department. Under section 80(2) of the Inland Revenue Ordinance, any person found to make an incorrect return or who fails to submit their return in time (without written consent from the IRD) is liable to a fine of $10,000, and payments of up to treble the original taxable amount.
7
What receipts should I be keeping? Keep receipts of anything you intend to claim as tax deductible, from charitable donations, rent receipts from your landlord, education expenses such as language courses, and more. It's also advisable to keep copies of previous tax bills, which you will need if you apply for permanent residency.
8
I’ve noticed a mistake, but the forms have already been submitted. What do I do? You can inform the Inland Revenue Department of any errors or provide them with additional information in writing, or through the eTax system (only accessible to existing tax payers). Failure to report an incorrect statement can result in financial penalties, so it's always wise to double check your form.
9
What tax breaks can I take advantage of? Luckily for Hongkongers, there are several generous tax breaks and deductions to take advantage of. All tax payers are entitled to a basic allowance and deductions for any money attributed to the Mandatory Provident Fund (MPF), while there are also married persons allowances and exemptions for elderly residential care costs. You can also declare any charitable donations and self-education expenses as deductions. The IRD website provides a list of all deductibles.
10
I didn’t save for this. What are my options? You can opt to settle your bill in instalments, but a surcharge of up to five percent may be applied. This can increase to up to 10 percent if the bill is not settled within six months of the due date. Several banks also offer personal tax loans and repayment programmes.
GO TO LOCALIIZ.COM TO READ MORE OF OUR HOW-TO GUIDES
27
HEY BIG SPENDER!
Splash the cash with these luxurious and extravagant expenditures in the 852
28
THE MONEY GUIDE
H
ONG KONG IS UNDOUBTEDLY one of the most incredible cities in the world, so it only makes sense to splash the cash and enjoy it in style. From helicopter rides over Victoria Harbour to private parties aboard the Aqua Luna, we check out the most luxurious things to do in the 852. Because, after all – we can all dream, right?
localiiz.com
Hire the Aqua Luna for your own private party Price tag: $11K to $45K (depending on the package)
We all love a good party, but imagine throwing one aboard Hong Kong’s most iconic vessel, the Aqua Luna. No, we’re not dreaming, because this gorgeous, traditional Chinese wooden junk boat is available for private charter for two hours to the whole day, depending on your budget. You can either opt for cocktails and snacks for a humble $11K to $21K per hour (depending on the time of day you set sail) or completely push the boat out (pun intended) and invite up to 80 of your nearest and dearest to sip on champagne and tuck into an impressive spread of dishes for a hefty $45K – yep, you read that right. Depending on the length of charter, you can choose your preferred destination, but whether you decide to linger in the harbour or head over to the Tsing Ma bridge and anchor up beside Disneyland, you’re guaranteed to have a night (or day) to remember. And we’d hope so too with that eye-watering price tag.
Fly a helicopter to Macau
Enjoy a luxury staycation
Price tag: Peninsula package – $7,980 per night Four Seasons package – $108k per night Hong Kong is home to some of the most luxurious hotels in the world, so it would be a shame to miss the chance to experience once for yourself, right? The Flying High Package at the iconic Peninsula Hotel tops the list in our book. This super indulgent package gets you luxury accommodation in the opulent hotel, a traditional breakfast at The Lobby, and a 15-minute “flight-seeing” helicopter tour over Hong Kong. Alternatively, you could keep your feet firmly on the ground and book yourself the opulent Presidential Suite at the Four Seasons Hotel for a cool $108K, and enjoy kicking back in a 3,430 square-foot paradise which offers panoramic views, a bathtub overlooking the harbour, and your own private 24-hour butler service. Not quite frivolous enough? How about throwing in a roundtrip airport limousine pick-up, unlimited spa treatments, and all the breakfast, afternoon tea, and evening cocktails you can handle? Yeah, we thought that might swing it.
While Hong Kong is without doubt an epic city, let’s not overlook its little neighbour Macau. Famed for its sprawling casinos, luxury hotels, expansive nightclubs, and frequent gigs by some of the world’s biggest acts (think Celine Dion, Mariah Carey, and Bruno Mars), the 853 is well worth a visit. But why are we hyping up Macau when we’re supposed to be singing Hong Kong’s praises, you ask? Well, because a trip to Macau gives you the perfect excuse to fly in a twin engine AgustaWestland AW139 helicopter, that’s why. If a chopper experience is topping your 'bucket list', then Hong Kong is the perfect city to get it ticked off. Sky Shuttle Helicopters operates 42 flights a day between Macau and Hong Kong, which gets you 15 minutes of awe-inspiring views, epic photographs, and pure comfort as you kick back in individually contoured leather seats inside a spacious cabin fit for 12 people. Now how's that for traveling in style?
29
Images: Shutterstick Words: Sophie Pettit
Price tag: $8,600 (return flight)
localiiz.com
Buy a top notch tailored suit Price tag: $4K to $8K
First things first, if you’re going to enjoy Hong Kong in style, then you’ve got to look the part, and it just so happens that our beloved city is one of the best places in the world to get a tailored suit made. Among the most reputable and acclaimed tailors are Empire International Tailors, a third-generation family-run business, which boasts an impeccable level of care and craftsmanship that has made it a must-visit destination for both locals and tourists, Dal Duca Sartoria, which offers the complete Italian experience thanks to charismatic owner Marcello, and Rashmi Custom Tailors, a family-run company with thousands of customers around the world. With prices ranging from $4K to $8K and above, these tailors will be able to create you a suit so suave that even James Bond would be jealous. And just as well, as you’re going to need one for the next thing on our list – dinner.
Buy a race horse Price tag: From $700k to 2.8 million (based on June 2018 auction results) What could be better than betting on a horse at the Happy Valley races on a Wednesday night? Betting on your own horse, that’s what, and for a cool $2.5 million or so, that dream could be a reality. The Hong Kong Jockey Club hosts regular international sales with the finest thoroughbreds on the market up for auction at Sha Tin Racecourse. Okay, so you have to hold a permit, and be registered on the auction list, but don’t let a few bits of paperwork stand in the way of your Seabiscuit dreams. Finding a place for your new buddy to live, on the other hand, may take a fair bit of logistical planning.
Dine at a Michelin star restaurant
Price tag: From $1,500 per person (based on Bo Innovation prices) So now you’re suited and booted, how about dining at one of the most exquisite restaurants in the world? Hong Kong is proudly home to seven three-starred Michelin restaurants, including Caprice, Bo Innovation, L’Atelier de Joël Robuchon, 8 ½ Otto e Mezzo-Bombana, Sushi Shikon, T’ang Court, and Lung King Heen. Since the inception of the esteemed red guide in 2008, the number of selected restaurants in Hong Kong has tripled as the city’s dining scene has continued to evolve into a metaphorical candy shop of gastronomy. From local Cantonese cuisine to upscale fine-dining, Hong Kong’s restaurants are an absolute must for anyone looking to splash the cash in one of the most satisfying ways possible. A lunch tasting menu, complete with wine pairing, will set you back a hefty $1,520 per person at Bo Innovation, so you know you’re in for an unforgettable feast. Check out the full list of restaurants in the 2019 Michelin Guide for Hong Kong and Macau.
GO TO LOCALIIZ.COM FOR MORE GREAT THINGS TO DO
30
THE MONEY GUIDE
localiiz.com
HOME AND AWAY
BUYING PROPERTY Putting your money in brick and mortar is still considered to be one of the most sensible ways to invest. Here's how to do it across the globe
Thailand has traditionally been a popular choice, although emerging markets such as Vietnam and Cambodia offer even cheaper deals, but with potentially larger pitfalls
Providing you have the means to pay Hong Kong prices, taking out a mortgage in Hong Kong is a relatively easy process. All the major banks, such as HSBC, Standard Chartered, Bank of China, Citibank, BEA, and Hang Seng, offer mortgage facilities, and depending on the property you are buying, you can usually get between 60 and 90 percent of the value. There are fixed and flexible rate mortgages on offer, as well as deposit-linked mortgages that give preferential interest rates dependent on your other savings. As with anywhere, you need to allow for solicitor fees and stamp duty in your budgeting, as well as delays, especially when buying a new build.
Buying in the UK and US Unless you are buying back in your home country with the intention of moving back to live in the property straight away, the process can be tricky. Buying to let as a non-resident is of course possible, but the requirements are much stricter, and the necessary capital is much higher. Most banks and building societies in Europe and the US have tempting offers for first-time buyers, but one of the conditions is that you are both a resident and buying to live in. There are a few exceptions, such as HSBC Expat, which provides a mortgage service,
32
THE MONEY GUIDE
but these companies tend to cater for high value properties and require either a larger deposit or investment with the bank, as opposed to those required for regular home mortgages. The best option is to use a specialist expat broker to find a mortgage company that will work for your circumstances. While this does require an extra fee, it will save you a great deal of time and stress in the long run.
Buying around the region Buying a property in other countries around Asia is often a tempting proposition for Hongkongers and expats alike, as the prices are considerably cheaper than either Hong Kong or their home country. Thailand has traditionally been a popular choice, though emerging markets such as Vietnam and Cambodia offer even cheaper deals, but with potentially larger pitfalls. Each country has its own set of regulations for foreign purchase, but the use of a local or international agent can smooth the process. Developers that are directly targeting foreign investors will also help the process, though may offer less lucrative terms. Mortgage loans can be approved either through international banks in Hong Kong or through local investors who often only require small deposits to secure off plan.
Images: Shutterstock. Words: Mat Gallagher
Buying in Hong Kong
PROMOTION
STORE STREET
AXIS
ECONOMIC CHANGE IS OCCURRING ON A GLOBAL SCALE, AND OVERSEAS INVESTORS CAN USE THIS TO THEIR ADVANTAGE TO SECURE A GREAT INVESTMENT IN UK PROPERTY
EXCELSIOR
How to Make Your Mark as an Overseas Property Investor Alliance Investments offers expert insight into purchasing property in the UK as an overseas investor
W
ith 2019 in full swing and a wealth of new opportunities coming with the new year, you may find yourself wondering what the best opportunities and investments are for you. Whether you are a seasoned property investor or just starting to build your property portfolio, the experts at Alliance Investments, part of the Property Alliance Group, can help potential buyers make informed decisions when it comes to their next property investments.
34
THE MONEY GUIDE
Who are Alliance Investments? With over 29 years’ experience, the Property Alliance group are an established name in UK property development. As part of this group, Alliance Investments are the exclusive sales arm of the business. Investment experts and well respected within the market, Alliance Investments handle the sales process from beginning to end. The properties developed and managed by the group are spread nationwide across the UK.
As property value in London decreases, Alliance Investments are capitalizing on prime investment hotspots such as Manchester and Birmingham due to their continued growth. These new developments are highly competitive, earning landlords rental yields of up to 7 percent on their property. Unlike other UK property companies, they have offices based on the ground in Hong Kong. Alliance Investments is fully equipped to help you make the right decisions when it
localiiz.com
21.6% Property prices are expected to increase in the next four years
EXCELSIOR
EXCELSIOR
comes to investing in UK property. The helpful and experienced staff will be able to talk you through the entire process, advise you on the best decisions to make, and support you at every step of the investment cycle.
Why should I invest in overseas property? Economic change is occurring on a global scale, and overseas investors can use this to their advantage to secure a great investment in UK property. Take, for example, the Manchester property market. Over the next four years, property prices are expected to increase by as much as 21.6 percent. With a growing population and an increasing demand for good quality rental options in the city, landlords in Manchester have the highest average rental yield compared to the rest of the UK. Alliance Investments has multiple developments across Manchester, with yields as high as seven percent on these properties, due to their excellent locations, high-quality finishes, and outstanding resident services. Average rental yields in London are significantly lower, at just 2.61 percent, with property prices even
falling by as much as 4 percent in some London postcodes.
What can Alliance Investments do for me? Alliance Investments differs from its competitors with its end-to-end service offering. The team offers clear and honest advice at every single stage, from the initial sales query to the final development updates. As well as this, Alliance Investments manages the full investment cycle, including dealing with solicitors and assisting in the mortgaging process of your property. As an overseas investor, these tasks can often be difficult, but with the help of Alliance Investments’ award-winning service, the process is made hassle and stress free. Upon completion of a property, Alliance Investments is able to fully manage and maintain your property through its management service, Alliance City Living. With a highly skilled team of industry experts, Alliance City Living manages everything from making sure your property is well maintained, to finding great tenants to live in and look after it.
How can I get in touch with a property expert?
The Hong Kong team includes notable industry experts Mallam Grant (Head of Office) and Nik Lee (Head of Business Development). They have extensive experience across the property industry and are fully equipped to answer all of your queries and questions. Alliance Investments also has offices across the world, giving it access to a wealth of global property knowledge; especially the finer details of making an investment in UK property as an overseas investor. Alliance Investments is able to work around your schedule to give you everything you need to make an informed decision. Its Hong Kong offices are located in Central Hong Kong and are easily accessible by public transport. To find out more about investing in UK property, Alliance Investments, or the Property Alliance Group, contact:. Mallam Grant, Head of Office mallam@alliance-investments.com Mobile/WhatsApp: (+852) 6799 1537 Nik Lee, Head of Business Development nik@alliance-investments.com Mobile/WhatsApp: (+852) 9044 0228
VISIT ALLIANCE-INVESTMENTS.COM FOR MORE INFORMATION
THE MONEY GUIDE
35
I N SU RANC E P ROVID ER S
localiiz.com
REST
INSURED
STAY PROTECTED WITH THESE INSURANCE POLICIES IN HONG KONG
I
NSURANCE POLICIES can involve hefty paperwork and the price points to match, but that’s not to say they aren’t worth their weight. Staying protected in case of emergency can prevent you having to pay out big in the long run. Unsure of where to start? These are the main types of insurance to consider purchasing when you are living in Hong Kong.
Health
Travel
Private healthcare in Hong Kong can be astronomically expensive, so health insurance can provide you with access to the city’s top facilities at a fraction of the price. Plans vary, with cheaper options including only hospitalisation, while more comprehensive coverage includes everything from your GP visits to maternity coverage and dental care. Health insurance brokers like Pacific Prime and CCW Global can help you find the right coverage plan.
Whether you’re prepping for an adventure-filled trekking holiday or a weekend city break to Taipei, travel insurance can come in handy. It covers everything from the contents of your lost baggage to accidents, overseas medical emergencies, and any loss of income incurred as a result of your travels. Travel insurance can be purchased as a one-off (covering a single trip) or as an annual expense that covers any trips made when departing Hong Kong. Single trip travel insurance is also made available by most banks and can be purchased through an ATM.
MAJOR INSURERS: BUPA, William Russell, AIA
MAJOR INSURERS: AIG, Zurich, AXA
Life Morose though it may be, ensuring your family and loved ones are looked after in any event is important. Life insurance is calculated depending on your earning capacity and the number (and needs) of your dependents. Policies can be taken out from a young age and contributed to on a monthly or annual basis.
MAJOR INSURERS: AXA, AIG, HSBC
MAJOR INSURERS: Manulife, Sunlife, FWD
GO TO LOCALIIZ.COM FOR MORE TIPS ON HONG KONG LIVING
36
THE MONEY GUIDE
Images: Shutterstock Words: Amanda Sheppard
Home Homeowners are few and far between in Hong Kong, but rental insurance is a common fixture in many households. If you don’t live in a remote area or standalone house, theft is an unlikely occurrence in Hong Kong, but you will still want to protect your personal belongings from damage, particularly if you live in an older building when typhoon season arrives.
H OW TO : SAVE M O NEY
localiiz.com
SIMPLE WAYS TO
SAVE MONEY
LIVING IN HONG KONG DOESN'T COME CHEAP, BUT THESE SIMPLE HACKS WILL HELP YOU SAVE SOME DOLLARS
I
T'S NO SECRET THAT Hong Kong is one of the most expensive cities in the world to live in. Not only is rent expensive, but there's always a new bar or restaurant opening, tempting you to spend more money. Feel like you’re constantly struggling to make ends meet? These little tips will leave you with a little more money in your wallet each month.
Cheaper transportation If you want to get around Hong Kong Island, one of the easiest ways to save money is by taking the tram. Although this may take longer, an adult fare is only $2.60, while a trip to anywhere in Hong Kong Island on the MTR will set you back at least double the amount. Alternatively, you can buy monthly MTR passes, which can work out cheaper in the long run, depending on your commute. Similarly, if you’re going from Tsim Sha Tsui to Central or vice versa, taking the Star Ferry will cost you between $2.2 and $3.7, compared to $10 on the MTR.
MTR hacks If you do have to take the MTR, consider becoming an early bird on Monday to Fridays (except public holidays) and enjoy a 25 percent fare discount when exiting designated core urban stations from between 7:15 and 8:15am. Another way to save money on the MTR is by tapping your Octopus card on one of the many MTR Fare Saver machines around the city. A simple tap on the machine will give you $2 off your next train ride from designated stations! Visit mtr.com.hk to find them.
FREE
Hang out in public spaces Hanging out with friends in Hong Kong can easily set you back a few hundred dollars. But if you’re on a budget, rather than going for lunch, dinner, or to the movies, head to public areas such as the spacious Tamar Park for a picnic or lazy day on the grass, or spend an afternoon exploring the free exhibitions in newly-opened heritage sites like Tai Kwun and The Mills.
GO TO LOCALIIZ.COM FOR MORE HELPFUL LIFE HACKS
38
THE MONEY GUIDE
Images: Getty Images. Words: Sarah Moran
Take advantage of free Wi-Fi If you have a limited phone data plan, then why not take advantage of our city’s many free Wi-Fi spots, instead of constantly topping up your data. CSL customers can enjoy unlimited free Wi-Fi all over the city, while non-customers can benefit from 30 minutes of free connection time each day from one of CSL's hotspots around town. Government spaces such as public parks and libraries, big shopping malls, banks, and many cafes also offer free Wi-Fi.
localiiz.com PROMOTION
How to Set Up Camp in Hong Kong Campfire co-working spaces offer convenience and comfort in the heart of the city centre
F
or the third year in a row, office rentals in Central are the most expensive in the world. And with less than one percent vacancy, it’s no surprise businesses are looking beyond the CBD for better bang for their buck and to set up camp. Hong Kong founded shared space provider, Campfire, has been pioneering the evolution of the modern office, designing new-age workplaces with industry-focused facilities – making space more accessible and affordable for all businesses, from start-ups to corporates. With a podcasting and photography studio, in-house gym, yoga and meditation rooms, library, design lab, event spaces and an in-house barista, through to a children’s play area and mother’s room – Campfire’s newly expanded creative hub in Wong Chuk Hang is a true showcase of the benefits of stepping outside of the CBD – just six minutes from Admiralty and 15 minutes from Central.
Campfire share their top reasons why more businesses in HK are moving over to modern shared space offices
with relevant industry-focused facilities, events, partnerships and services – customising your office specifically to your industry.
Avoid the big bucks
Wellness in the workplace
The days of long term leases and hefty deposits are behind us! Campfire offer flexible leases, from one day to one year (or more), from single desks to private offices.
Campfire’s creative hub in WCH has a complete wellness floor, featuring functional-fitness gym, meditation and yoga spaces, green library, children’s area and mother’s room, helping you achieve your highly sought-after work-life balance.
Flexibility From start-ups to established companies, you can now scale-up or down to fit your business needs, making it easy to add or remove desks, or move locations throughout Hong Kong.
Remove the admin Front-of-house reception, mail, cleaning, utilities and air conditioning - now all included in one payment, leaving you to focus on the real work.
Industry facilities Campfire are the first co-working provider to customise each location
Collaborative community From industry events, talks and networking, to partnerships with industry associations and social activities – added community gives motivation for freelancers and keeps bigger businesses on the pulse!
Global offices Now open in Shoreditch – the heart of London, soon to open on Singapore’s Cecil Street, in Sydney and Melbourne - unlike other providers, members have access to the full office network all over the world!
GO AND VISIT THE TEAM, OR CHECK OUT CAMPFIRE.WORK
THE MONEY GUIDE
39
T EC H TAL K
localiiz.com
DON'T WORRY, BE APP-Y Stay on top of your finances with a little help from these useful mobile apps
PPS on Mobile Sick of waiting in line at 7-Eleven to pay your phone bills? PPS is here to help. With over 800 merchants, this electronic bill payment platform allows you to settle your credit card bills, telecom bills, insurance bills, and more. Simply register for a PPS account at any designated PCCW or Circle K, then register your bills to the account, and you will be able to stay on top of all your payments, bill schedules, and payment history, with ease.
FunNow – fun on demand Available in Hong Kong, Taipei, Kuala Lumpur, Tokyo, and other places around Asia, the FunNow app offers exclusive deals and discounts to everything from hotel stays, to a relaxing spa day. Providing real-time info and instant booking services for a wide range of leisure and entertainment activities, the app guarantees to give you low prices with high-quality services, so you can have all the fun you want, whenever and wherever.
gini - Spend Tracker Keep track of all your spending and transactions with the ultimate spending tracker, gini. With its unique overview interface and easy-to-read graphs, the app automatically imports all of your daily transactions directly from your bank, enabling you to see where and when money has been spent, view monthly cash-flow, the biggest spends, total transactions, and much more.
GO TO LOCALIIZ.COM/SHOPPING FOR MORE TECH FEATURES
40
THE MONEY GUIDE
Images: Shutterstock. Words: Jenny Leung
PayMe by HSBC Whether you want to remind a friend to pay you back for dinner, or need to split the lunch bill with a few colleagues, HSBC’s PayMe app can help you do just that. With just a few taps on your phone, the app can send and request funds to and from your friends, regardless of which local bank they’re with. Luckily, you don't need to disclose your account number to anyone, and the app also has a 24/7 fraud monitoring service, so you can rest assured that your money is always safe and secure.
Managing your finances can be tricky, but important nonetheless. To make things a little easier, here are four essential mobile apps you need to have on your smartphone right now. You’re welcome.
localiiz.com
HONG KONG IN NUMBERS
$35,000
$80
In Hong Kong, the rent for a one-bedroom apartment in the city center ranges from $12,000 to $28,000, while a three-bedroom apartment outside of the city center costs roughly the same at $15,000 to $35,000.
A 0.33 liter bottle of imported beer at a restaurant costs $40 to $80, almost three times more expensive than if it was purchased at a supermarket or convenience store.
Hong Kong is a fascinating city to say the least, and what better way for us to understand it than with some good-old-fashioned facts and stats? From the cost of a bottle of beer to the average monthly salary, here’s everything you need to know about our city, told in numbers.
$600
$15.80
A meal at an inexpensive restaurant ranges from $45 to $65, while a meal for two at a mid-range restaurant costs almost 10 times as much, from $300 to $600
The cost, on average, of one litre of gasoline
$65 The cost of a 20-pack of cigarettes ranges from $55 to $65 – almost double what it was a decade ago
$19,000 The average monthly net salary after tax deductions
$16,500 The average cost of preschools / kindergarten for one child in Hong Kong covers a large bracket from $3,000 to $9,000 per month, while the monthly fees for international primary schools can go up to as much as $16,500 – that’s almost the price of a three-bedroom apartment outside of the city!
$2,744.80 Basic monthly utilities such as electricity and water for a 900-square foot apartment in Hong Kong average between $1,509.15 to $2,744.80
$3,112.75 A person spends roughly $3,112.75 on food every month
$24 The flag-fall charge for the first two kilometres of urban (red) taxis. New Territories (green) taxis start at $20.5, and Lantau taxis (blue) start at $19
$27,820.21
Without rent, a single person’s average monthly spending is $7,802.23, while the monthly cost of a four-person family monthly cost is $27,820.21
(Data collected on Numbero.com, accurate at time of writing) 42
THE MONEY GUIDE
Images: Shutterstock. Words: Jenny Leung
$120 Cinema tickets cost $80 to $120 per person, while monthly fees for a fitness club range from $300 to $1,000+