I thought Canadian fitness clubs were competitive - but in Hong Kong, it's clearly far more competitive! There are some pretty ludicrous prices, and albeit the promotions, being locked into a 2-year contract is a pretty rough process. I'm not saying it's not normal to be locked down for a particular length of time, but 2-years is unheard of in Canada from where I'm from.
The norm is 1-year, and I have seen a couple clubs promote some interesting prices. If you're looking for some cheap clubs, Physical Fitness is quite cheap. It is quite overpacked at particular times, and they don't really have many machines outside of the norm of what you'd find at a traditional North American YMCA, but for the price of $188 (slightly higher because you pay a higher amount for the last 2 months of a 14 month contract), it's actually affordable.
In Canada, paying anywhere from $35-60 is expected, and the higher range is obviously a quality club - but the equivalent quality clubs in Hong Kong is far more expensive.
I, personally, would rather pay less as I barely find time and the right mental psyche to consistently go. If you're hesitant, don't throw yourself into a 2-year contract and end up getting stiffed with early termination fees.
I'd also mention though, that when sales people at California Fitness try and sell you a package. You can bargain them lower and lower before they go down to a bargain bin price. I've received a decent plan with a pretty solid price, but it only limited me to going to the gym on particular days during the week. I do remember the price being competitive with the 14-month promo plan from Physical Fitness though.. Albeit with limited days, and the requirement to put down the full deposit in advance.
Hope this helps.