Living in Hong Kong for 2 years, and going back again in July for another 2-3 year stay I am sorry to tell you FEDEX is going to have to pay you much more than $4,000 COLA, or you are getting screwed. To live how you pilots are living, or somewhat similar minimum of $9,500 USD a month!

Now lets talk about schooling, my two kids go to a British School ( better than the American schools) and expect about $45,000 a year, yes i didn't misspeak, but if you want kids to get a decent education, that is what you are going to have to pay.

Reading it here that they do not have to do this makes me sad, and hope they don't take advantage of you. Somehow you need to fight for yourselves and get a typical expat US worker package. To be honest I am not bragging but to give you an idea what other workers at US based companies get to live in Hong Kong I will give you some details of my package:

$13,000 Housing Allowance a Month
$100,000 Schooling Allowance a year for kids, supplies ect.
$25,000 transportation Allowance, though don't use it because public transportation is so advanced and nice in Hong Kong.
$30,000 a year for people to help with the kids, called ayis, however you spell it but they come in clean you apartment babysit the kids ect.
Obviously a pay increase
2 trips all inclusive trips home a year, though with your airline privileges might be different, however you view it.

Please stand up for yourselves and hopefully FEDEX realizes that they are going to broke someone forcing them to go there. I think it makes since MAYBE to someone who is single who could live on the economy much cheaper and not actually around Hong Kong but other places. For a family noway would I put my family through those conditions of living there not to mention the stress on the wife, kids, and you!

There is not a chance FEDEX will give those perks to you, so all I can say is try your best to fight it as much as possible, or if you are forced into it I would say look at Cathway, they seem to have better perks for people in Hong Kong.

Just my $.02 but thought it could help you realize what it will cost to live there. If you want to know anything ask.