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The Good and Bad Sides of HK Recession | | Living in Hong Kong during time of recession can be bad, or good, depending on who you ask. Just like natures way of tilting everything towards equilibrium, recession has its own way to make people worry and well, for others rejoice albeit in silence.
Gloomy Picture
The bad news obviously falls on workers who have been laid off in a series of cost cutting measures by their companies. Those who survived the first wave of job cuts found themselves receiving pink slips from bosses in the second round. The outlook becomes gloomy especially for financial institutions, where mandatory headcount reduction leaves fresh university graduates with fewer options in a ferociously competitive industry.
As more people become unemployed, many of those who manage to keep their jobs fear they could be next. The effect reverberates on the way they behave on their spending habits. So it’s not unusual for fine dining restaurants to become much less crowded these days. But don’t get me wrong, there are still a lot of wealthy people who can afford these little luxuries of life.
Unfortunately, some shops had to shut down due to dwindling income and still compelled to pay “prosperous times” rates to their landlords. Job losses mount (the last time I checked, it’s around 5%) and brings a great deal of anxiety, which may lead to family problems, mental and emotional problems, and so on.
However, it’s not all bad during a Hong Kong recession.
Silver Lining
Restaurant patrons may switch from the chic fine dining venues to cheaper ones. So businesses for Café de Coral or Fairwood could be booming at this time. Buyers may favor “no frills” or “best buy” products instead of their more expensive contemporaries. Every dollar counts. So perhaps, the Hongkong Tramways is also reaping rewards for being the cheapest mode of transportation in the city.
Hong Kong recession has turned the property sector into a buyer’s market.
I have seen perpetual display of discounted offers at clothes shops. I am moving to a new apartment early next month, so I also experienced the downward trend in property market. We make rational demands and they are often granted.
But in many cases, we are left in a dilemma. Shall I buy this cheap airfare now and enjoy air travel (plus get free business class upgrade!) but what if I lose my job upon my return? Shall I buy shares of this stock while it’s cheap but what if it goes cheaper next week? Or lose its entire value next month?
Hong Kong recession indeed poses a set of opportunities and threats to everyone. We need to be careful in making our decisions, as always. Such prudent way of thinking could put us in an advantageous position, and benefit of what Hong Kong recession brings.
Photo credit: BalleyHK
| | Published on Sunday, 19th of April at 12:59 am | | | Read comment (1) | Comment this post | | |
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Avoiding Smokers in Hong Kong Streets | I can't help but notice that there are a lot of smokers out in Hong Kong streets. You may not be aware of them if you can't distinguish the smell of cigarette smoke and without it. Smokers have been banned from lighting up on certain areas such as bars and pubs since New Year's Day of 2007 so now that they have fewer options, smokers chose the streets as a convenient refuge.
Recently the government announced new measures to curb smoking among Hong Kong's aspiring smokers (read: the youth) by imposing a 50% increase on cigarette tax. That might discourage some, but certainly won't stop others
We have never been running out of reminders. Packs have been labeled with graphic images of supposed effects of smokers, big headlines saying "it kills", "it harms babies on pregnant women" and "reduces sperm count". Websites about quitting smoking, banners on MTR and tram stops are shown. Television ads too. Even HSBC wrote tips on quitting the smoking habit. But the attraction to open the pack outweighs so much than the possible effects which can happen later than sooner.
I also thought that some conversations aren't complete without smoking. Take a look at the side of buildings like HSBC, Bank of China, ifc or Landmark. Workers converge at breaktime to puff their favorite sticks. I just think that it's pretty awkward for these folks to be in the scene with no cigarettes on hand.
The so called third-hand smoking has become the latest buzzword (at least to me). It occurs when toxins and carcinogens from cigarette smoking are left on the smoker's clothes or hair, carpets, curtains and will linger long after the last smoke has been blown away.
So when I walk in the streets of Central, Mong Kok or Tsim Sha Tsui, I can't avoid but meet some of them on the road. Smoking is one habit hard to break but I must say that there are people who not only smoke, but do it within a group of non-smoking crowd, including school-age children or elderly people who have less resistance to respiratory diseases. I can't avoid them. Smokers have the right to smoke but I have the right not to contract respiratory ailment too. | | Published on Saturday, 28th of February at 1:38 pm | | | Comment this post | | |
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Chinese New Year Superstitions | The Year of the Ox is coming upon us. Now, Hong Kong once again will be celebrating its biggest holiday of the year. It's the time to meet family members, give/receive gifts and for once in a year, businesses will be shut down.
It will be interesting to see the common Chinese New Year superstitions and see for yourself whether you'd agree or not. I am not a Chinese so certainly there are items that I don't seem to agree but I also think not all Chinese people agree on all points described below.
Don't Sweep The Floor
Symbolically referred as sweeping away the whole year's good fortune, sweeping and cleaning is forbidden at this time.
Clean Everything
Part of the reason why sweeping is disallowed (or rather unecessary) during CNY is because it is assumed that we did a general house cleaning prior to the holidays.
Settle Your Debts
This is the time to pay off outstanding bills and settle debts incurred in the past. It is believed that failing to do so leads to a year filled with debts.
No Crying
Chinese New Year is a celebration, and celebrations don't mix with crying. Therefore, one is discouraged from crying during this holiday season.
Wear Red
Even if red has a bad meaning in the stock market, it is the color that Chinese would like to wear during the Chinese New Year as it brings prosperity and happiness. On the other hand, avoid wearing black (as it symbolizes bad luck) and white (it's the traditional Chinese funeral color).
Eat Sweets
This is done so that consumers would experience a "sweet" year.
Wear New Pair of Slippers
This should help "step" on people who gossip about you. But buying shoes is bad as its Cantonese term does sound like rough or evil.
Avoid Foul Language
Uttering bad words or cursing is inappropriate for the Chinese New Year holidays. Hopefully this practice is also applied the whole year and not exclusively for CNY celebrations.
Now it depends on whether you agree/believe to these traditions. Sometimes it can be inconvenient but there's no harm in trying or respecting these beliefs. | | Published on Wednesday, 21st of January at 12:26 am | | | Comment this post | | |
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No Smoking Laws | There is a law in Hong Kong that bans smoking on certain areas such as public parks and restaurants. However, this smoking ban hasn't been too effective in my opinion. Smokers driven from such locations promptly do their thing in the streets. This doesn't only endanger their health, but also to non-smokers who could inhale second-hand smoke in an unconfined space.
Smokers have the right to puff their cigarettes, but non-smokers also have the right to breathe clean air. When we talk about pollution in Hong Kong, we often blame Guangdong factories as causes, but seldom attribute to smokers who freely walk in our streets.
There is a talk about delaying the plan to include public transport interchanges. I am wondering if this covers bus stops in addition to bus terminals. Bus drivers then become enforcers of the law, which carries a penalty of up to HK$5000 for offenders caught smoking in buses. But all they can do is advise smokers not to do so.
Health minister York Chow Yat-ngok said his ultimate goal was to establish a smoke-free city, and he would also consider raising the import tax on tobacco. I think this can be achieved by not delaying plans of enforcing stricter smoking measures. This is especially aimed at workers at bars that filed for exemption, and who are exposed to smoke all the time at duty.
Formulating no smoking laws is one, but implementation is another thing. If the law is implemented, who will ask a smoker in the park if there are no police officers in the vicinity? Even if you call someone from the Tobacco Control office, it will be too late to apprehend the smoker who may have exhausted his pack of cigarettes. | | Published on Friday, 12th of December at 4:02 pm | | | Read comment (1) | Comment this post | | |
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Homeless in Hong Kong | I read or hear the news about companies laying off people in Hong Kong almost every day. Citigroup, HSBC, ATV, Ricacorp Properties, Credit Suisse and Goldman Sachs are some of the companies that trimmed their workforce and restructured their operations. Once a shocking news, job cuts have become a norm in the city, and fears of more jobs will be lost were predicted by respected personalities.
This brings the possibility of more people who lose their jobs, unable to pay their credit cards, mortgage or house rents, be forced out of their homes and live on the streets. Homeless people are usually drug addicts or the elderly people who have no families to take care of them. But in this depressing situation, this group of street dwellers may now include a new breed of young people who even belong to typical middle class families and are relatively well-educated.
The Social Welfare Department estimated there were 351 registered street sleepers in Hong Kong as of September 30, up from 327 at the end of last year. This is worrying as the last count didn't include those who may be affected during the series of layoffs that took place from October until now.
Staying at 24-hour food chains like McDonald's or some Chinese fastfood joints may be better than sleeping in the cold winter night outdoors. But it could get crowded soon.
Photo credit: Benjamin Weller | | Published on Friday, 21st of November at 2:22 pm | | | Comment this post | | |
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Ready, Get Set, Buy | Hong Kong as a shopping destination is a known fact. But what do we know about Hong Kong shoppers' buying behavior?
An Omnicom Media Group study called Pathway revealed that shoppers here spend the least time thinking about a product before buying it. Once the interest is triggered, the yearning to grab the item and head to cashier is almost automatic.
For example, it takes an average HK resident about 45 days to purchase investments and insurance compared to almost 160 days for the rest of Asia. Could this short time spend on evaluating investment funds (plus the persuasiveness of sales agents) the cause the Lehman Brothers investment woes?
The rest of Asia spent more time thinking. As Hong Kong people spend 20 minutes on fast food, it took people in India 64 hours (and risking upset stomach?) to commit to eating in a fastfood outlet. In Singapore, on average purchase of financial products doesn't happen after 277 days of evaluation.
Hongkongers also decide faster on getting credit cards, applying for mobile phone services and planning travels although they spend more time researching for options (as long as options exist).
I may call Hong Kong people wise buyers (buy that sale item before someone grabs it), impulsive buyers (get that item because you feel good if you have it) or simply buying the item without much thinking to get out of the crowd and go home. The bottom line of this quick decision to buy can be traced to the fast paced lifestyle in Hong Kong where most people leave no time to think further. For people who have sound buying decision, that's efficiency but for those who are compelled to make quick decisions, regrets often follow.
The slowing economy may put brakes on this speedy and quick decisions.
| | Published on Friday, 17th of October at 7:27 am | | | Comment this post | | |
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Asia's "World City" But Has Few English Speakers | I am fed up about the talk that Hong Kong is Asia's World City. Whatever that monicker means, the city has to admit it is sorely deficient in one major component of a truly world city: the ease of everyone to communicate using the universal language.
Only 15 per cent of interview respondents see their English as good or above, and only 3 per cent consider it excellent. It shouldn't be a cause for alarm to those unfamiliar with Hong Kong English. People can definitely talk in English but many would consider conversing in Cantonese for a good measure. Tale my landlord for example. If I want to report a broken pipe or locked door, I have to relay my message to our property agent before it reaches the recipient, who barely speaks English.
One of the things being blamed on poor English fluency of some people is that they need to learn English only because they are taking exams and English proficiency is required. While the research did not show drops in English performance test results, the trend is pointing downwards in the workplace. Ironically, 27% of respondents think that English is a way to career advancement, 17% think that it will improve self-confidence. A further 17% of them think that being good in English means better way of getting through foreign countries as tourist while only 11% think that it improves social life as they can do so without learning to speak English.
I have stayed in HK for the past seven years and passed off learning Cantonese. That must be in the minds of locals who are obviously very comfortable speaking their native tongue and learning English is a burden. In the meantime I am able to survive in "Asia's World City" with my handful of Cantonese phrases.
| | Published on Wednesday, 15th of October at 12:39 am | | | Read comments (6) | Comment this post | | |
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HKUST Puts Hong Kong in Business Education Map | In case you are planning to pursue masters studies on business administration (MBA) in the city, Hong Kong University of Science and Technology is a serious bet for consideration.
In the latest ranking of top 100 business schools compiled by The Economist's Economic Intelligence Unit, HKUST is currently ranked 11th, a considerable upgrade from its number 20 ranking last year. Imagine, HKUST is even ranked higher than the popular Harvard Business School (#12).
Mind you, HKUST is not only known for its high quality MBA programmes. Last year, it partnered with a mainland university to develop a wireless communication system for Boeing that may eventually allow visitors to use laptops and wireless phones while airborne.
The MBA list also features two other Hong Kong universities, University of Hong Kong (#58) and Chinese University of Hong Kong (#73) which makes Hong Kong a hotbed for business education.
| | Published on Saturday, 27th of September at 10:58 pm | | | Read comments (5) | Comment this post | | |
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Unemployment and Suicide Link | One of the things I was told about Hong Kong before I came over is that its suicide rate is not something to be proud about. Fast forward seven years later, a study showed that having no job plays a significant factor for people to take their lives. Suicide among women without jobs have been high earlier in the decade.
In 2002, there were 935 people who allegedly committed suicide but the number dropped by 15.8 per cent in 2006. The ratio between unemployed women was six times in 2002. However, this ratio has risen to 21 times between the two groups in 2006 while men are half as likely to take their own lives than women.
I guess that the incidence of suicide during the economic downturn when unemployment rate will rise. It's indeed a difficult situation to live in Hong Kong if one has no stable income. Expensive rents or mortgages, cost of living and other expenses make living in Hong Kong tough for the unemployed especially for those who live on their own or have less support from family. Between 2002 and 2006, the economy of Hong Kong improved. Yet, for people who found themselves unable to find jobs, that's even a cause for further pressure than during the economic crunch.
This is definitely unfortunate but there are always people who dedicate their time to help alleviate other people's lives and hopefully minimize, if not eliminate, the occurence of suicides in Hong Kong. | | Published on Friday, 12th of September at 6:10 pm | | | Comment this post | | |
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Bargain Books at Flow | If you are fond of reading books but is put off by expensive books sold at ubiquitous bookshops and considers owning second-hand books then a bookshop called FLOW is for you. It is located at at 40 Lyndhurst Terrace in Hong Kong's Midlevels district and can easily be accessed via the long escalators, a popular landmark in the area.
My friend Karen used to mention it to me a few years back but only paid it a visit today. The place is a haven for book lovers who want to enjoy reading pleasure without spending too much. This is a good complement to Hong Kong's public libraries which offer excellent facilities and a respectable array of reading materials. Even with such great draws, other bookshops that sell brand-new books still manage to maintain good business in the city.
It didn't take long for me to find the shop. In Hong Kong, as long as you have the address of the shop and it didn't relocate elsewhere, you should be able to find it quickly. The shop is accessible through a door that's not very prominent but shouldn't be missed as it is located at a corner. Upon entering the shop, I found myself in a sea of books, pocketbooks, hard covers, paperbacks about almost any topic, from self-help to biographies. As expected with second-hand books, prices are amazingly low. To me, I don't mind buying these books as long as I can read the contents. The atmosphere inside isn't typical of any other bookshop in Hong Kong which are characterized with ample lighting, spacious walkways and more organized shelves. But I liked it this way. I thought this is the only way to fit in numerous titles given such small area.
As I made way out I assured myself that this is a beginning of many future visits to FLOW. | | Tags: hobbies | | Published on Sunday, 31st of August at 12:09 am | | | Read comments (11) | Comment this post | | |
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Tutor Gods | Sometimes you have to excuse my ignorance as I am not familiar with many things in Hong Kong even if I lived here for the past 56 months. I ask questions but instead of asking direct questions to someone, I post them in my blog as part of my experiences of curiosity. When someone comments, the question is partly answered.
One of the things I notice in Hong Kong is that some teachers are more popular than the others. And it's not only evident in classrooms where students normally want to be in the class of a good teacher more than the one who often scolds them or is a boring instructor. These popular teachers I am talking about can be seen on MTR posters, body of buses or on street billboards in their ever glowing, infectious smiles.
They advertise themselves as prolific teachers and are often branded as "star tutors" or "tutor gods" because they seem to know how to pass exams, err.. top the exams. Parents are often willing to shell a fortune to ensure their children are the best. Hong Kong has an ultra competitive public examination system which determines how worthy is a student to enter college. In a way, these exams dictate their fate. If they pass and get University slots, good. Otherwise, they either go abroad to study, pursue alternative courses in other schools or decide to start working. (That is why it is very normal to see the news at ATV World and TVB Pearl about students who top exams, showing off their score cards and in full media coverage.)
So when it comes to learning, these parents don't rely on school teachers, they hire tutors to help their children pass exams. There is a demand for this specialty job, hence the supply of "star tutor" is created. I know this is not only happening in Hong Kong. Private tutorial services is a big business worldwide and in Hong Kong alone, government estimates that the city's families spent nearly half a billion dollars a year on tutoring.
But this bold marketing approach is quite unique in Hong Kong. I say bold because these "tutor gods" don't only display their success rates, they also display their faces in big glossy glory. Sometimes they show photos with exam topnotchers who were their students. They pay handsome amount to get their faces plastered across many of Hong Kong's billboards, front page appearance of broadsheets commonly filled in by stock companies and property developers. It must be very expensive, you say. It doesn't matter la. The enormous demand for their services has made many them driving luxury cars, shopping glitzy brands or living in posh residential areas of Hong Kong.
I think many parents are against the practice but are forced to enroll their children for they think this is the only way. If a kid scores low in public exams, his or her college aspirations are put to a halt so a parent normally takes the option and it could only mean more money for the tutor gods.
I was told that these tutors don't teach the traditional way but more importantly, they are good at providing hints, tips and predicting exam questions. With such information, it's a distinctive edge for a student over his/her fellow examinees.
In Hong Kong's public examinations, I think it's the score that matters, not the knowledge learned.
That is why there are teachers who are more known as celebrities. | | Published on Tuesday, 12th of August at 8:33 pm | | | Comment this post | | |
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