Executives considering opening offices or housing employees in Asia should be prepared to pay a high price. While not surprising to those who have done business there, Tokyo remains the city with the highest cost of living. The next four most expensive cities to live in: Hong Kong, Beijing, Osaka, and Shanghai. The findings were reported by the Corporate Resources Group unit of William M. Mercer Cos. LLC, a global consulting firm based in New York. In its cost of living rankings, which it announces twice annually, Mercer considers such categories as housing, food, clothing, utilities, transportation, and entertainment. A total of 150 cities are ranked using a points system. London is the most expensive European city, while New York is the U.S. city with the highest cost of living. Also in the top 10: Moscow; Guangzhou, China; Shenzhen, China; and Seoul.