Brace4Impact, yes I did. To cut a long story short, I was offered a transfer back in 2008 with my company in the UK, which was then withdrawn following the economic downturn and headcount restrictions, so I decided to go it alone and look for work here. In terms of job hunting on a tourist visa, none of the recruitment agencies have raised this as being an issue - it's certainly a better option than looking from outside the country I think (aside from internal transfers).
FTH - thanks for the information. I was aware of the 4-6 weeks waiting time, that's why I'm keen to get to some interviews asap! Yes I think you're right with your observations - language doesn't seem to be a major barrier, but local experience is more of a problem I think. I have been through two rounds of interviews for one job (the only interviews I've had so far) which went very well I believe (awaiting result at the moment), but I did get the impression their major concern was my lack of local experience and they constantly referred to the local market as being 'very different'. So all I could really say in response to that was that is exactly the reason I wanted to move over to Hong Kong (which it was)! I'm keeping my fingers crossed anyway!
You mentioned the application form, can I ask was that for a finance position or another industry? I got the impression that if the bigger banks are willing to take on an overseas candidate for a position, there isn't likely to be too many issues with the visa application as it is fairly commonplace for such companies. Would you agree, or is it possible I might experience issues on that front as well? I'm hoping not as I seem to have enough things standing in my way already!