Not that i'd take it... but 120/hr doesn't seem all that bad to me but depends on where you're coming from i.e is it for capt/FO, are you experienced/non etc?? If experienced plenty of better options, I agree in the likes of China, ME even Vietnam Airlines (understand the door closed for FO but still possible for Capt)
Based on 80hrs, 120 x 80 = $9600 per month and based on a more modest 60 = $7200. Paying all salary as flt/duty pay is nothing new... just look at Ryanair and Easyjet(Flexicrew) in Europe. Must remember to look at the cost of living also compared to, Singapore, Hong Kong even the developed cities in China i.e Beijing, Shanghai.
However for me, sometimes there's more to life than just money... when i asked a colleague (who's eager to move on) about another airline recruiting recently, he replied.... 'No way, I have a family man!'