The days of HK$200,000 (approximately $26,000) luxury condominium rentals, exclusive country club memberships and paid-for chauffeurs are ending for Asia-based expatriates as cash-strapped companies cut spending, Reuters reports.

While some European and Wall Street expats still enjoy certain indulgences, others are under pressure, the news service cites headhunter Hudson Global Resources (Singapore) banking and financial services manager Craig Brewer as saying.

"It is very rare now, unless you are talking about someone at a managing director level, for someone being offered an expat package," Mr Brewer said.

The report fits in with reports from organisations such as Merrill Lynch/Capgemini and the Luxury Institute that firms catering to the rich face a tougher environment, at least in the short term, due to big wealth losses in 2008.

Further proof of such cutbacks are seen among the likes of HSBC and UBS, whose slate of junk boats often reserved for employees at the top of their game are slowly being auctioned off. Over the past half year, a good number of bankers have also been switching addresses to cheaper urban areas or trading their upscale flats in favour of more modest homes, the news service said.