HK living costs
Correct me if I am wrong, but I have seen decent apartments for rent in Disco Bay from around HKD 7,000 a month for 1 bed, or 10,000 a month for 2 bed. Say 2 graduated cadets share a place in DB, HKD 5,000 a month each (inclusive of utilities) seems very reasonable on a salary of over 300,000 HKD (source PPJN/Savills Hong Kong).
As for other living costs I found HK cheaper than London on my last visit, but as a mere tourist I could be missing something there.
Having said that I can see how those with dependents would struggle to make ends meet, but if you are young and single and don't mind living in HK for a few years (after all, it's hardly a punishment posting) then this would surely be far more prudent then splashing out £100k+ on a course with no guarantee of a job at the end. I believe that is the point Triplespool is ramming home, if you want to go into flying then this is by far the most attractive option at present. I would challenge anyone to find a better alternative financially.
To the other posters, I do appreciate your extensive knowledge and input, and I'm sure there are some who will decide that without the housing allowance they cannot afford to go down this route. For myself, I believe it to be a sacrifice worth making. Again, that is based on my personal circumstances. Furthermore you can leave CX after 6 years with a 777/747/A330/A340 TR with an ICAO ATPL (please correct me if that is wrong) and move onto more lucrative work.
....however if you do choose to live in Mid-Levels and go boozing in Wanchai every night I'm sure the money wouldn't suffice!
Regards, kofk