OK, so the 'apparent' 10 K housing allowance' is a lot of cash to a US commuter pilot. But put that in the context of what housing actually costs in Hong Kong; some internet research will reveal some rather nasty surprises.
The fact that you are asking about tax dodges also indicates that you may be worried how you would make ends meet. Do your research and your sums very, very carefully. And don't start bitching to me in the cruise at two in the morning about what a bad deal you got...don't make your problem my problem.