When Eric Li lost his job after his family-office employer relocated away from Hong Kong, he knew he’d be facing a tough job market. He had no idea how hard it would be.
Seventeen months on, Li is still searching. The bills are piling up — nearly 60,000 Hong Kong dollars ($7,700) a month for rent and HK$1 million annually for his kids’ education. The worst part though is the fear, and gradual acceptance, that this is not even rock bottom.
Just five years ago, finance industry professionals with Chinese expertise like Li were sought after by firms from UBS Group to Citigroup. Initial public offerings by companies like Xiaomi and Meituan bolstered Hong Kong’s status as a financial nexus rivaling New York. Their efforts helped to generate more than $6 trillion in market value of mainland Chinese firms listed in Hong Kong and the U.S.