Seemple, just google flats for rent in Hong Kong, or go to Square Foot.com, you will see Algol is full of 5hit.
Anyway, the cost of living is academic, try finding out the cost of a new pair of lungs, I'm pretty sure HKA don't pay enough for that. As mentioned above, on a fantastic day the pollution is around the WHO limit, on an average day it's 4-6 times the limit, on a bad day it's 10-20 times the limit, the number of bad days in 2010 was greater than 100. It is getting worse every year, China is officially the worst polluter in the world, 5 times that of the US and more than double India with no end in sight, they are doing absolutely nothing about it. In fact, one of the so called " intellectuals " in China is saying global warming is bogus and a clever trick by the Yanks to sell green energy stuff , and that was one of the smart ones
If your physical health is not that important to you, then go and work for HKA they will screw your mental health too.