Well said Long Time
jsfboat: please do the math - if the numbers don't work, they don't work. Do not join on some utopian dream that things will get better and it'll magically be affordable to live here. The trend is ever downward in this industry and Hong Kong is an expensive place to live! If you're on your own or have a partner that will be able to work here, it might be OK. If you have kids - you need a pot of money with you just to afford to set up here, let alone live month to month. I do say that with a caveat, that being everything is relative of course, so if you are used to a very simple existence and are happy not to save too much in order to get a P1 rating after 5-6 years then it could work. Just do NOT bitch and moan about the conditions after you take the job.
Good luck.