I don't visit this forum much anymore but I thought I would drop by and see this year's Hong Kong thread. I applied last year same time as you guys, and got into top programs at HKU(BBA Law), CUHK(Law), HKUST(GBUS). I have had a great time here, but I have some insight to share with you which I think you should know:
To Hong Kongers:
All I have to say, is that if your family won't run into financial difficulties, take your education abroad. A marginally known university like St Andrews or Durham etc fares better in the HK job market compared to local grads, and you will have MUCH more fun. I don't care what the common perception among Hong Kongers is - Chinese people who went abroad typically have much better communicative skills and a brand name that doesn't exist JUST in Hong Kong. Xenophillic preferences still exist in this place, particularly in the job hunt, so don't mistake yourself. In addition, while you can always make the best of what you are given, studying in Hong Kong on average is more miserable than studying in the UK/USA.
Regarding employment, there only exists two real exceptions to this rule: Law and Medicine. Because of barriers to entry for foreign grads, it's typical for people in Med and Law to get good jobs right out of school. But for the best business jobs, the sad reality in HK is that most of the best jobs go to students they fly in from New York and London, who are often Chinese-Americans or HK students who studied abroad. For example, the top law firms (e.g. Skadden, A&O) regularly take batches of HKU law students, but investment banking front offices wouldn't touch HK BBA students with a 5-foot pole.
See
http://www.wallstreetoasis.com/forums/too-many-americans-us-graduates-in-hong-kong for details.
To Internationals:
You can come to HK for a college education if you want: it might look novel or "unique" and it might give you exposure to Asia. But let me be very clear: there is absolutely no reason you should aim to work here after graduation. You are putting yourself through a lot of unnecessary hardship.
The average entry-level wage here is half as high as one you would find in the US or UK. Even after tax, it's still 20-30% lower. To add insult to injury, the cost of living in HK is much, much higher than most cities in western countries. It is on par with New York/London. You will be getting paid less salary with more expenses. This is because locals typically live with their parents until they're 40 and married: and companies KNOW this. They know locals don't have to get housing of their own, so the salary expectation is much, much lower. But as an international, you have no family. You will have to get your own place. Trying to do this is hell. The average entry-level salary for an above average business student is 15,000 HKD a month, pre-tax. The cheapest, most barely livable apartment (think slum-level) you will be able to find is around 7,000-8,000 HKD a month, and that's before utilities and furniture and all that.
To put this into perspective, 15k HKD a month equals to 25k USD a year. The average graduate salary in the US (and most European/Aus countries) is around 45-50k. You can run the tax calculators yourself, but even after-tax you end up with a lot less than elsewhere.
You might not know the implications of this because you're in high school, but you will have a bad, bad time. At least compared to your home country. Unless you're coming over from a place with really bad living standards (like Iraq or something), you really should have better options.
see
http://hongkong.geoexpat.com/forum/26/thread293170.html for more information. I encourage you to read all of it.
PEACE