In Hong Kong, the selling of gyms are very intense. Their selling tactic is similarly aggressive. Last Saturday, I went to Pure Fitness in Soho. It’s the ultra fancy gym that all the expats go to. I went and a man named Steve showed me around. It’s a super luxury gym with 4 floors of facilities and locker rooms. Each machine has a personalized screen and the gym’s DVD library would put blockbusters to shame. The female locker room has a long hall of mirrors and stools for freshening up afterwards. On the first floor, there’s a RED bar which is a deck of open air with a bar next to it. Overall, the gym is the luxurious atmosphere that everyone said it would be.
With all the luxury, obviously there is intense selling involved. When we were finished with our tour, Steve asked if I wanted to get a free fitness test. Why not? I got on this scale looking thing, held onto some gadgets. After standing there for 10 minutes, the machine prints out your results. For me, personally, everything was normal. I’m not skinny but I am comfortable with myself. Here in Asia, I am definitely not slim but what I didn’t expect was the personal trainer started to tell me that I had too much fat, not good, I needed to lose fat. I would be better if I lost 2 kilos (which is like 5 lbs). Maybe it’s because in America, weight is such a sensitive issue. I don’t think I have ever heard anyone saying something without being prompt. Even to a fat person, I don’t think I would ever say anything about their weight (especially telling them to lose weight) unless they started the conversation first. I think I would be even uncomfortable agreeing with someone who said he/she needed to lose weight. Here, the guy is trying to sell me on the gym by making me feel insecure about myself. Their tactic is to try to scare all of its members to join the gym. However, I feel it’s a very cruel way. I currently don’t have weight issues but if I did, I would feel so terrible after my visits to the gym, which completely defeats the point since I tend to go to the gym for a positive uplift.
Either way, 2 things happened that probably was not what Steve intended. I did not become so obsessed with myself that I had to sign up for the gym on the spot. Also, I was rather turned off by the pressure tactics and will probably be joining a different gym simply on principle.
Wednesday, August 25, 2010
Friday, August 20, 2010
Miu Miu
Call me fashion backwards but I have never heard of the brand Miu Miu before last week. Supposedly, it’s a younger, hipper, but pointedly not less expensive spin off brand of Prada. Maybe I wasn’t paying attention in New York, but I don’t think I have ever seen a Miu Miu bag in the U.S. Walking the streets often, I have seen my share of Louis Vuittons, Chanels, Pradas, Guccis, etc., but I feel like most people had reasonable bags as well: Coach, Marc Jacob, Kate Spade, Dooney & Bourke, etc. Here in Hong Kong, however, it’s a whole new level.
The reason I noticed Miu Miu was that one of the first year analysts in Hong Kong was carrying one the first week. She’s right out of college and young, so I thought Miu Miu was kind of a college girl brand. When I asked her, she seemed shocked that I did not know that it is of the same “stature” as Prada, but for younger, hipper people. It was a very lovely bag so I just nodded, telling her that I never saw it in New York before, maybe it hasn’t hit the streets yet. She follows it up with “it’s right next to the Prada store in Soho, you never seen it before?” At this moment, I am thinking ‘why would I go to the Prada store in Soho? I was a first and second year analyst in New York. There are really much wiser ways to spend $2,000 dollars than a bag.’ I just smiled to her, didn’t know what to actually say. Then she goes on telling me the pressure here in Hong Kong. Turns out, in Hong Kong, everyone must carry a $2,000 bag or else people will look down on you. I carry a Longchamp bag because it’s easy, durable, and practical. But according to my fellow analyst (after she sees my Longchamp bag), she wears Longchamp in New York all the time, but here in Hong Kong, it’s really not up to par. She has to step it up a few notches for the office because everyone has a stylishly expensive bag. Anything less than a Louis Vuitton would be a sin. Plus, you must have many of these stylishly expensive bag to show off how much you make. She pointed me to the receptionists and the assistants, stating that everyone has a ridiculously expensive bag. I did some noticing and that is quite true. My assistant carries a Gucci.
I really do feel for the first-year. She is native in Hong Kong and has lived through this “pressure” her entire life (today she’s carrying a Louis Vuitton). But I just can’t imagine wanting to spend that much money on a purse for the office. Maybe if it’s for a very special occasion, yes. But the office? Who am I trying to impress with my bag? If I have to impress people, I would want to spend it on my clothing or jewelry and not a purse I leave at my desk all day and no one ever sees. Maybe I will succumb to the pressure one day after some time here, but right now, the idea of spending that much on a work bag just seems foolish.
The reason I noticed Miu Miu was that one of the first year analysts in Hong Kong was carrying one the first week. She’s right out of college and young, so I thought Miu Miu was kind of a college girl brand. When I asked her, she seemed shocked that I did not know that it is of the same “stature” as Prada, but for younger, hipper people. It was a very lovely bag so I just nodded, telling her that I never saw it in New York before, maybe it hasn’t hit the streets yet. She follows it up with “it’s right next to the Prada store in Soho, you never seen it before?” At this moment, I am thinking ‘why would I go to the Prada store in Soho? I was a first and second year analyst in New York. There are really much wiser ways to spend $2,000 dollars than a bag.’ I just smiled to her, didn’t know what to actually say. Then she goes on telling me the pressure here in Hong Kong. Turns out, in Hong Kong, everyone must carry a $2,000 bag or else people will look down on you. I carry a Longchamp bag because it’s easy, durable, and practical. But according to my fellow analyst (after she sees my Longchamp bag), she wears Longchamp in New York all the time, but here in Hong Kong, it’s really not up to par. She has to step it up a few notches for the office because everyone has a stylishly expensive bag. Anything less than a Louis Vuitton would be a sin. Plus, you must have many of these stylishly expensive bag to show off how much you make. She pointed me to the receptionists and the assistants, stating that everyone has a ridiculously expensive bag. I did some noticing and that is quite true. My assistant carries a Gucci.
I really do feel for the first-year. She is native in Hong Kong and has lived through this “pressure” her entire life (today she’s carrying a Louis Vuitton). But I just can’t imagine wanting to spend that much money on a purse for the office. Maybe if it’s for a very special occasion, yes. But the office? Who am I trying to impress with my bag? If I have to impress people, I would want to spend it on my clothing or jewelry and not a purse I leave at my desk all day and no one ever sees. Maybe I will succumb to the pressure one day after some time here, but right now, the idea of spending that much on a work bag just seems foolish.
Wednesday, August 18, 2010
Education Security in Hong Kong
I have had a few interactions with testing centers in the U.S. I took the series 7, 63 and GMATs in New York. The security was tough. We had to get our palm printed everytime we entered or exited the testing room. Room had video surviellance. Everything was locked in a locker and the key and your government-issued ID was the only thing allowed on your desk. Security was definitely strict. Here in Hong Kong though, it has all of that plus a whole other level.
I arrived at Pearsons in Central this afternoon taking my Continuing Education for Series 7 and 63. It's a simple training where you can't possibly fail because you would take the modules over and over again until you pass. I walked in and the lady says in an intense manner, "two IDs" please. Turns out, one government issued ID isn't even enough here. You need two. Luckily, I had my passport and was able to produce two IDs. Then, she asked me to sign the agreement on an electronic pad. I did it. But she rejected it, saying "you must sign the exact same way you signed on your passport". I had to sign it 4 times before it was satisfactory to her that it is the same signature. Just when I thought it couldn't get any more secure, she told me to take off all my jewelry, watch, even earring studs because they might contain electronic communication devices in them. Obviously all these Chinese students are capable of getting their hands on James Bond-Level super technologies to pass a standardized test. It was the first time I was without my class ring for over 4 years! Lastly, she asked if I had pockets because if I did, I had to be padded down. Luckily, my dress had no pockets and I didn't have to endure a stranger padding me during an educational session. I don't think the airports in US are this intense. If they were, there would never be a terrorist threat ever again.
This really shows you how seriously education is taken here in Asia. Lesson Learned: don't wear too much clothes/jewelry when you take exams in Asia. Someone just might have to strip search you for any potential cheating tools.
I arrived at Pearsons in Central this afternoon taking my Continuing Education for Series 7 and 63. It's a simple training where you can't possibly fail because you would take the modules over and over again until you pass. I walked in and the lady says in an intense manner, "two IDs" please. Turns out, one government issued ID isn't even enough here. You need two. Luckily, I had my passport and was able to produce two IDs. Then, she asked me to sign the agreement on an electronic pad. I did it. But she rejected it, saying "you must sign the exact same way you signed on your passport". I had to sign it 4 times before it was satisfactory to her that it is the same signature. Just when I thought it couldn't get any more secure, she told me to take off all my jewelry, watch, even earring studs because they might contain electronic communication devices in them. Obviously all these Chinese students are capable of getting their hands on James Bond-Level super technologies to pass a standardized test. It was the first time I was without my class ring for over 4 years! Lastly, she asked if I had pockets because if I did, I had to be padded down. Luckily, my dress had no pockets and I didn't have to endure a stranger padding me during an educational session. I don't think the airports in US are this intense. If they were, there would never be a terrorist threat ever again.
This really shows you how seriously education is taken here in Asia. Lesson Learned: don't wear too much clothes/jewelry when you take exams in Asia. Someone just might have to strip search you for any potential cheating tools.
Sunday, August 15, 2010
Partying in Hong Kong
Every talked about Prive. Everyone talked it up. Everyone talked about the massive banker hang out it is. So of course, I went to check it out on Friday night.
It started out as any other Friday evening in New York, I went to a first-year's apartment to pre-game. The door opened and this tiny 500 sq ft apartment was PACKED with over 40 people. People were falling on the bed, standing on tables, etc. I knew it was going to be a wild night. Of course, Andre was served. There was, however, real glasses so that was classy.
In Hong Kong, everything is very close to each other. All the bars are at this area called LKF. After the pre-game, we started our trek to the bars. When we walked past a 7-11, the boys said: "we're going to stop at club 7-1-1." Turns out, 7-11s in Hong Kong sells alcohol. There is no open container laws in Hong Kong. So it is customary to buy a beer at 7-11 and drink on the way to the club. Very efficient use of the travel time.
We lined up at this fancy looking gate thing with velvet ropes. Our first year definitely bribed the bouncer to get us in. Turns out in Hong Kong, everyone belongs in these clubs and get membership. You commit to spend $10,000 Hong Kong dollars there in a year and you can get into the clubs.
As I walked into Prive, I realized, I recognizes the place. It looks exactly like the clubs in meatpacking. When the bottle service came, the only thing that was missing was the sparklers. One of the first years even mentioned it. I think one phrase sums up what Prive is: Bull Market Meatpacking Partying in 2007 with Asian Bankers.
It started out as any other Friday evening in New York, I went to a first-year's apartment to pre-game. The door opened and this tiny 500 sq ft apartment was PACKED with over 40 people. People were falling on the bed, standing on tables, etc. I knew it was going to be a wild night. Of course, Andre was served. There was, however, real glasses so that was classy.
In Hong Kong, everything is very close to each other. All the bars are at this area called LKF. After the pre-game, we started our trek to the bars. When we walked past a 7-11, the boys said: "we're going to stop at club 7-1-1." Turns out, 7-11s in Hong Kong sells alcohol. There is no open container laws in Hong Kong. So it is customary to buy a beer at 7-11 and drink on the way to the club. Very efficient use of the travel time.
We lined up at this fancy looking gate thing with velvet ropes. Our first year definitely bribed the bouncer to get us in. Turns out in Hong Kong, everyone belongs in these clubs and get membership. You commit to spend $10,000 Hong Kong dollars there in a year and you can get into the clubs.
As I walked into Prive, I realized, I recognizes the place. It looks exactly like the clubs in meatpacking. When the bottle service came, the only thing that was missing was the sparklers. One of the first years even mentioned it. I think one phrase sums up what Prive is: Bull Market Meatpacking Partying in 2007 with Asian Bankers.
Wednesday, August 11, 2010
HSBC
Bank of America is a pretty terrible bank. Customer service sucks. The bank doesn’t offer you a lot of perks and it charges random fees all the time. The most redeeming quality of the bank is the fact that it is everywhere in the U.S., providing convenience to its customers. HSBC is a similar case, except way worse. Bank of America was slow and inefficient; HSBC is slow and incompetent. Bank of America will tell you when a service doesn’t exist and not offer any solutions. HSBC will actually just pretend services exist or when it does actually exist, its employees are not properly trained to carry them out for the customers.
The Similarities:
1. It takes about 20 minutes of automated phone menus to reach a customer service representative.
2. Everyone is segregated into tiny little departments so no one can actually help you in a holistic way.
3. Does not offer many benefits to consumer, except for the sheer size of its ATM and branch networks.
The Differences:
1. At Bank of America, there are standard rules and procedures. If a customer service rep. doesn’t know the answer, at least he/she does not make it up. Here at HSBC, I spoke with 3 different people at two different branches and on the phone, each person has given me a different version of the type of documents I need to apply for a credit card. First, Priscilla, the lady who submitted my application at the Causeway Branch on Hennessy Road told me an employment letter will be sufficient since I just moved from the U.S. I gave her a photocopy. Today, I found out my application was rejected. I went to the Headquarters Central Branch to ask. Alex, the bank teller, told me that an employment letter is not considered official documentation and I must provide 3 months worth of paystubs. Frustrated, I had no idea what to do, my colleague told me to call the hotline to see if HSBC can check my US credit history as a reference. The representative on the phone, Eric, turns around and tells me that in fact I did not have an employment letter so I did not have proof of employment but if I just faxed in my employment letter, I can be reconsidered for a credit card. That’s 3 different stories from 3 different representative of the same bank!
2. Online banking. Wiring money out of the U.S. is difficult given the U.S.’s fears of funds supporting terrorism activities. I understand. The banks can’t do anything about that. However, at least with Bank of America Online Banking, I was able to wire a little bit of funds into my Hong Kong HSBC account. I logged into my HSBC US account to wire money to HSBC Hong Kong account. Total disaster. HSBC USA online banking does not even have an option to wire money abroad, not even to its own Hong Kong branches. I cannot understand how HSBC can call itself a global bank, when its international divisions can’t even communicate with each other. I went to the HSBC branch here to ask them for help on the transfer, the branch simply said it can only be done online. When I asked if they can show me, even they couldn’t figure it out. In the posters in the airports, HSBC claims to be the world's global bank. It can't even transfer money between its own international branches.
3. HSBC actually unilaterally decided to change my name on my application. In Hong Kong, most people have an English name, but they have Chinese names as well, so legally, the would go by their surname, chinese name and forgo their english name. When I filled out the application, I made it clear that my name went by the American way, with an English name first then the surname, given that's what all my legal documents are. Nope, HSBC decided to unilaterally drop my English name and transformed my name to my surname and my chinese name (which is actually my middle name legally now). Basically, they were keeping my money under a name that's not legally mine. When I tried to point this out to the bankers, they were confused on why I insisted to change my name back. How can such an international institution not recognize that you cannot unilaterally change people's name when you are keeping people's money? It's these technicalities that cost people their life savings in court because the money is not kept legally to you as an entity.
The Similarities:
1. It takes about 20 minutes of automated phone menus to reach a customer service representative.
2. Everyone is segregated into tiny little departments so no one can actually help you in a holistic way.
3. Does not offer many benefits to consumer, except for the sheer size of its ATM and branch networks.
The Differences:
1. At Bank of America, there are standard rules and procedures. If a customer service rep. doesn’t know the answer, at least he/she does not make it up. Here at HSBC, I spoke with 3 different people at two different branches and on the phone, each person has given me a different version of the type of documents I need to apply for a credit card. First, Priscilla, the lady who submitted my application at the Causeway Branch on Hennessy Road told me an employment letter will be sufficient since I just moved from the U.S. I gave her a photocopy. Today, I found out my application was rejected. I went to the Headquarters Central Branch to ask. Alex, the bank teller, told me that an employment letter is not considered official documentation and I must provide 3 months worth of paystubs. Frustrated, I had no idea what to do, my colleague told me to call the hotline to see if HSBC can check my US credit history as a reference. The representative on the phone, Eric, turns around and tells me that in fact I did not have an employment letter so I did not have proof of employment but if I just faxed in my employment letter, I can be reconsidered for a credit card. That’s 3 different stories from 3 different representative of the same bank!
2. Online banking. Wiring money out of the U.S. is difficult given the U.S.’s fears of funds supporting terrorism activities. I understand. The banks can’t do anything about that. However, at least with Bank of America Online Banking, I was able to wire a little bit of funds into my Hong Kong HSBC account. I logged into my HSBC US account to wire money to HSBC Hong Kong account. Total disaster. HSBC USA online banking does not even have an option to wire money abroad, not even to its own Hong Kong branches. I cannot understand how HSBC can call itself a global bank, when its international divisions can’t even communicate with each other. I went to the HSBC branch here to ask them for help on the transfer, the branch simply said it can only be done online. When I asked if they can show me, even they couldn’t figure it out. In the posters in the airports, HSBC claims to be the world's global bank. It can't even transfer money between its own international branches.
3. HSBC actually unilaterally decided to change my name on my application. In Hong Kong, most people have an English name, but they have Chinese names as well, so legally, the would go by their surname, chinese name and forgo their english name. When I filled out the application, I made it clear that my name went by the American way, with an English name first then the surname, given that's what all my legal documents are. Nope, HSBC decided to unilaterally drop my English name and transformed my name to my surname and my chinese name (which is actually my middle name legally now). Basically, they were keeping my money under a name that's not legally mine. When I tried to point this out to the bankers, they were confused on why I insisted to change my name back. How can such an international institution not recognize that you cannot unilaterally change people's name when you are keeping people's money? It's these technicalities that cost people their life savings in court because the money is not kept legally to you as an entity.
Sunday, August 8, 2010
My Haircut
This weekend, I went to Guangzhou
Culturally, the hair salon is quintessential Chinese. The lady that washed my hair started by asking me about my hair, what products I used, moved onto how old I was, where I was born, am I in school, where do I live, where does my parents live, what do I do, how much is my rent to Hong Kong, and how much I made monthly. The last two questions, I didn’t even know how to answer and tried to ignored it. However, she kept on pushing! She probably would make a great member of the FBI personal background investigation team. If I answered all her questions, she would have known me better than most of my friends in the U.S.
After my hair washing session, I sat down in a hair dresser’s chair. A guy about my age dressed in the most non-gay, metrosexual way I have ever seen came behind me to cut my hair. Like any hair dresser, he commented about my hair, I told him I just wanted a trim with a blow dry to make my hair straight. The great thing about being in China
Of course, my conversation with the hairdresser also got intense. He wasn’t as prodding about my life as the lady. He seemed a bit more shy. Since my uncle was with me, he kept on mentioning him. At first, with all the background noise of hair washing, blow drying, and people coming in and out, I didn’t realize what my hair dresser referred my uncle as. After a few minutes of conversation, I realized my hair dresser thought my 45-year-old uncle was my husband. When I corrected him, he turned tomato-red and apologized profusely. Then he tried to tell me that my uncle looked young, and he sees many old-men, young-girls couples around, etc. I almost felt bad for correcting him because he was so embarrassed.
After all this, the hair cut was only about $6 USD equivalent. When I tried to tip my hairdresser (he kind of endeared me during the hour-long blow dry session), he refused twice before I convinced him that I just thought he did a good job. Finally he accepted about $4 USD equivalent of tips.
Friday, August 6, 2010
Perks in Hong Kong
So many things in Hong Kong just blow your mind. In many ways, I can see why someone stays here for decades. The city really makes your life so much easier. The purchasing power (if you know where to purchase) is quite great. Here are the top 10 things why Hong Kong is amazing.
10. Cabs are incredibly cheap - it's about 2 dollars to get to work - cheaper than a subway ride in New York
9. I just discovered that you don't have to pay U.S. taxes on the first $90,000 you make in Hong Kong. I feel like I now have so much more discretionary income because Hong Kong taxes is only 17%.
8. No real tipping is expected in Hong Kong. The prices you see are the prices you pay. You might tip 10% if the service is amazing.....
7. Everyone here is super friendly. Strangers who are introduced by friends of friends just hang out and go out. That would never happen in New York City.
6. Alcohol can be purchased everywhere - including 7-11. It is sold 24/7.
5. No open container laws. Enough said.
4. MTR = cleanest, most efficient, easiest way of travel by subway compared to any other city in the world. Trains come every 5 minutes - and they are hyper air conditioned and clean. London Tube is clean, but no AC. DC metro has AC, but not as clean. NYC, subway is just sketch.
3. Typhoons tend to cancel work. I hear it typhoons quite often in August/September. YES!
2. For our company summer offsite, we are going to Phuket for a weekend. I thought the Nat Res Golf Outing on Long Island was intense. This will make that seem like a day in the office.
1. It's good to be at a place where high quality Chinese food can be found again.
10. Cabs are incredibly cheap - it's about 2 dollars to get to work - cheaper than a subway ride in New York
9. I just discovered that you don't have to pay U.S. taxes on the first $90,000 you make in Hong Kong. I feel like I now have so much more discretionary income because Hong Kong taxes is only 17%.
8. No real tipping is expected in Hong Kong. The prices you see are the prices you pay. You might tip 10% if the service is amazing.....
7. Everyone here is super friendly. Strangers who are introduced by friends of friends just hang out and go out. That would never happen in New York City.
6. Alcohol can be purchased everywhere - including 7-11. It is sold 24/7.
5. No open container laws. Enough said.
4. MTR = cleanest, most efficient, easiest way of travel by subway compared to any other city in the world. Trains come every 5 minutes - and they are hyper air conditioned and clean. London Tube is clean, but no AC. DC metro has AC, but not as clean. NYC, subway is just sketch.
3. Typhoons tend to cancel work. I hear it typhoons quite often in August/September. YES!
2. For our company summer offsite, we are going to Phuket for a weekend. I thought the Nat Res Golf Outing on Long Island was intense. This will make that seem like a day in the office.
1. It's good to be at a place where high quality Chinese food can be found again.
Tuesday, August 3, 2010
Confusion
Many things here are very confusing.
1. At a Chinese fast food restaurant, there would be a place you place the order and pay. Then you have to hand the receipt to someone down the line, who prepares your order and then give you a different receipt.
2. Beer here cost the same as fruit juice at a restaurant.
3. At the immigration office, you must line up for a number/app first, then wait for your name to be called for someone to process your paper work and fingerprints, then have someone else print a temporary ID on a piece of paper after fingerprinting the same fingers again within a span of 10 minutes.
4. The temperature is only around 80 degrees outside, yet I can't run more than a mile because my cardiovascular system simply cannot handle the humidity outside. Usually in NYC, I wouldn't even break a sweat after a mile, here, I would be drenched.
5. It would be completely sunny outside - and be pouring down rain at the exact same time. However, the rain does not actually decrease the humidity in the air.
6. Everyone thinks a 5 minute walk is far away.
7. According to a recent survey, over 2/3 of Hong Kong residents enjoys shopping as their number 1 hobby. This is all citizens, not just the female citizens.
8. All the cars drive on the left, but the people walk on both the left and right hand side. The escalators are arranged in mixed fashion - sometimes the left ones would be up, sometimes the right ones would be down. Half the time, we're suppose to stand on the right and left people pass, sometimes we're suppose to stand on the left. Running is an even worse disaster - with people all over and faster runners must weave through the people to pass.
1. At a Chinese fast food restaurant, there would be a place you place the order and pay. Then you have to hand the receipt to someone down the line, who prepares your order and then give you a different receipt.
2. Beer here cost the same as fruit juice at a restaurant.
3. At the immigration office, you must line up for a number/app first, then wait for your name to be called for someone to process your paper work and fingerprints, then have someone else print a temporary ID on a piece of paper after fingerprinting the same fingers again within a span of 10 minutes.
4. The temperature is only around 80 degrees outside, yet I can't run more than a mile because my cardiovascular system simply cannot handle the humidity outside. Usually in NYC, I wouldn't even break a sweat after a mile, here, I would be drenched.
5. It would be completely sunny outside - and be pouring down rain at the exact same time. However, the rain does not actually decrease the humidity in the air.
6. Everyone thinks a 5 minute walk is far away.
7. According to a recent survey, over 2/3 of Hong Kong residents enjoys shopping as their number 1 hobby. This is all citizens, not just the female citizens.
8. All the cars drive on the left, but the people walk on both the left and right hand side. The escalators are arranged in mixed fashion - sometimes the left ones would be up, sometimes the right ones would be down. Half the time, we're suppose to stand on the right and left people pass, sometimes we're suppose to stand on the left. Running is an even worse disaster - with people all over and faster runners must weave through the people to pass.
Monday, August 2, 2010
First Day of Work
The Cheung Kong Center, where our office is located, is beautiful. Brand new, the building would make any skyscrapper in New York City jealous. Through the glass walls, there is a spetacular view of the skyline of skyscrappers in front of the beautiful mountains of Kowloon. In a clear day like today, you can even see Mainland China. The sitting arrangement is quite similar to the other regional offices (Houston and Calgary) I have visited, where the analysts - VPs sit on a trading floor style and the MDs sit in offices surrounding the floor. The office is fancy and beautifully designed. The equipment inside is pretty much the same as New York - 2 computer screens, the exact same Cisco IP Phone. It even has the same white boards for the MDs.
Many things, however, are much more difficult here in the Hong Kong office. For example, to purcahse items at the Pacific Coffee Shop on the floor, I must use a coupon booklet with monopoly looking money to purchase the food. They don't accept cash. It's good that these booklets are sold at a discount: $100 for $125 worth of fake money. However, it seems very unnecessary and gimmicky. Second, to get a building ID is a fairly difficult problem. In New York, we just went to the securities office, took a picture, and they printed you an ID. Here in Hong Kong, it seems to take weeks to get an ID ready. It's just a magnetic card that allows you access to the doors. My aparment building in NYC could produce it faster than Hong Kong.
The entire first day seems very disorganized in general. Nothing about the transfer seem to have gone through smoothly. It's actually very frustrating. My computer is still based in New York, making it extremely slow here in Hong Kong because of the server issues. There was issues transferring my account so I have yet to receive a Hong Kong blackberry or number. A whole host of other issues also are presented with the transfer. I wished there was better organization regarding the transfer. From the US til now, it's all been one of the most frustrating part - the utter beauracracy and lack of efficiencies regarding the transfer.
Many things, however, are much more difficult here in the Hong Kong office. For example, to purcahse items at the Pacific Coffee Shop on the floor, I must use a coupon booklet with monopoly looking money to purchase the food. They don't accept cash. It's good that these booklets are sold at a discount: $100 for $125 worth of fake money. However, it seems very unnecessary and gimmicky. Second, to get a building ID is a fairly difficult problem. In New York, we just went to the securities office, took a picture, and they printed you an ID. Here in Hong Kong, it seems to take weeks to get an ID ready. It's just a magnetic card that allows you access to the doors. My aparment building in NYC could produce it faster than Hong Kong.
The entire first day seems very disorganized in general. Nothing about the transfer seem to have gone through smoothly. It's actually very frustrating. My computer is still based in New York, making it extremely slow here in Hong Kong because of the server issues. There was issues transferring my account so I have yet to receive a Hong Kong blackberry or number. A whole host of other issues also are presented with the transfer. I wished there was better organization regarding the transfer. From the US til now, it's all been one of the most frustrating part - the utter beauracracy and lack of efficiencies regarding the transfer.
Sunday, August 1, 2010
Housing Headaches
Housing in Hong Kong, at least for the expats, is a stressful experience. All the expats in Hong Kong tend to live in Mid-levels, Soho, and Wan Chai, with Wan Chai being slight further (10 minutes away) from the other two districts. Expats tend to come on their own, so the market is designed with more apartments for one person than for roommates that are sharing. I was worried when I first came that I would not be able to find an apartment for one person, but seems to be more of the norm than finding an apartment for 2 people. The apartments here are incredibly small, with the rooms usually in weird shapes, not even able to fit a full-size bed.
Anyways, I was luck to have found a decently satisfactory place in my first day of apartment hunting. It's a 470 sq. ft studio converted into a one-bed room. The apartment came decently furnished: I only need to provide a couch, TV, and mattress (there is a mattress in the apartment but I want to sleep on memory foam). While it's in the upper end of my budget, it was in Soho, the heart of the expat world. I had my agent discuss the apartment with the landlady. We seem to have come to a decent conclusion on the lease.
Then Friday night, I get a frantic call from my agent - another person wants the apartment. The landlady is basically saying, who ever signs the tenant agreement (an agreement saying that the apartment is reserved and we will sign the lease later once all the conditions such as cleaning and fixing appliances are done). To sign the tenant agreement, the tenant must put up the first months rent in HKD either in cash or check, which is close to $2,000 USD. At this time, obviously, things get complicated for me since I do not have close to that amount of money in HKD and the banks are all closed for wire transfers. I tried to withdraw that amount of money from the local ATM, only having been denied. When I called to figure out what's up - Bank of America informs me, there is a daily limit on cash withdrawals. Luckily, my agent, who deals with expats on an exclusive basis, offered to put up $4000 HKD (around $500 USD) for me to help me cover the initial deposit.
The Hong Kong real estate market is absolutely INSANE, even compared to New York City.
Anyways, I was luck to have found a decently satisfactory place in my first day of apartment hunting. It's a 470 sq. ft studio converted into a one-bed room. The apartment came decently furnished: I only need to provide a couch, TV, and mattress (there is a mattress in the apartment but I want to sleep on memory foam). While it's in the upper end of my budget, it was in Soho, the heart of the expat world. I had my agent discuss the apartment with the landlady. We seem to have come to a decent conclusion on the lease.
Then Friday night, I get a frantic call from my agent - another person wants the apartment. The landlady is basically saying, who ever signs the tenant agreement (an agreement saying that the apartment is reserved and we will sign the lease later once all the conditions such as cleaning and fixing appliances are done). To sign the tenant agreement, the tenant must put up the first months rent in HKD either in cash or check, which is close to $2,000 USD. At this time, obviously, things get complicated for me since I do not have close to that amount of money in HKD and the banks are all closed for wire transfers. I tried to withdraw that amount of money from the local ATM, only having been denied. When I called to figure out what's up - Bank of America informs me, there is a daily limit on cash withdrawals. Luckily, my agent, who deals with expats on an exclusive basis, offered to put up $4000 HKD (around $500 USD) for me to help me cover the initial deposit.
The Hong Kong real estate market is absolutely INSANE, even compared to New York City.
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