Ah, there are two points that needs to be considered here as well. First, the exodus of these "yacht people" have stopped. A lot of them has since then decided to return to HK, especially prior the handover in perception that things can only go better (oops). Witness the slump in the property market of Vancouver B.C. Canada is a good evidence of these HK people departing. However, a lot of these former high paid professionals are now caught left, right and center in the currency crisis and unable to find work.
My buddy still works at HK Telecom as a department manager. He recently advertised for a financial analyst vacancy and STATED that the starting salary is HK$40,000 per month. He is getting applications from returning immigrants from North America with MBA degrees and tons of experience. Guess what? They've put HK$15,000 as the expected salary!!! It's just short of working for food!...Yes, it's THAT BAD!
Secondly, the steady flow of "Internal Immigrants" from the Mainland, mostly poorly educated and without the skills needed for jobs in HK all contributed to the unemployed headcount.
Last downturn was around 1985 or so, I recall it was peanuts compared to what it's happening now....especially when the party was so good last year!
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