It's not what you earn, but what currency your earnings come in that is fast becoming the bottom line for luring expatriates to Hong Kong.
Big rises in the value of their home currencies translate into big pay cuts for expatriates paid in Hong Kong dollars, raising fears that the city is losing its competitive edge in attracting overseas talent.
'The exchange rate issue has made Hong Kong not that attractive,' said Chris Knop, an Australian who moved here in November 2000. 'Because of the currency appreciation, my Hong Kong dollar salary has effectively been cut.'
When he arrived in Hong Kong, A$1 was worth just over HK$4. Last Friday, the rate was HK$6.70.
Mr Knop, who works for a hotel, said the impact of the exchange rate was making some expats look elsewhere for work. 'Some friends from Australia are considering moving to Singapore to work,' he said.
But others believe Hong Kong's appeal to foreign talent does not appear to be suffering and the fact that many overseas firms here pay staff in foreign currencies mitigates the effects of appreciation.
