christep,
That was for having P&L responsibility for about US$150M of business a year and managing a couple of hundred people around the region.
Every time a Cathay captain takes off, he is responsible for equipment that is worth USD150 minimum plus the lives of 300 to 400 passengers.
If there is a sufficient supply of pilots in Singapore (or Hong Kong) then I see no reason why an employer should pay a premium to bring someone from somewhere else. And if there isn't a sufficient supply then surely the most logical thing to do is to raise the salaries of all pilots employed in Singapore until you reach the point where you do have enough applicants?
If you raised local salaries to expat levels, you still wouldn't get enough local trained pilots to fill the requirements and if you want to attract expats, you can't expect anyone to lower his living standards from UK or Australia; which means having to pay housing, education etc. allowances. Aviation is not like Telecoms, this bubble is not about to burst.