Hong Kong's a bit of an anomaly. The broadcast TV standard is PAL (though that's becoming irrelevant nowadays with HDTV and NowTV), but all the Hong Kong Region 3 DVDs are NTSC and all the Hong Kong PlayStation 3 games are NTSC, as were the PS2 games (not sure about Xbox 360 games, haven't checked). There isn't a HK Wii format, but the majority of Wiis and Wii games sold here are the Japanese NTSC ones. The 'Hong Kong' PlayStation 2 & 3s are labelled as 'NTSC-J' on the box too, so in effect they are exactly the same as the Japanese machines, except re-wired to accept a Hong Kong power supply.
Coming to Hong Kong to get PAL games is a pointless task though - the only ones here are imported from Europe, so there's no saving, just the EU price minus sales tax, plus a little importer markup.
Last week when Grand Theft Auto IV was released, most of the PS3 copies for sale were actually imported EU PAL copies of the game, selling for around $450 (just under 40), which is basically the EU price minus sales tax, which is over the odds by Hong Kong standards.
Anything that's imported to Hong Kong isn't particularly great value. Which probably explains why almost everyone here pirates the 360 and Wii games.