That's why I tell people to check for water leaks (windows, cracks, etc.) and check the Air Con, amongst a list of other things, and newbies always think I'm crazy.
Basically you're screwed. You are responsible to know the condition of your flat when you move in and there are no protections for you, and HK Landlords know that. So it is up to you to fully check the place before signing the lease. Damages to your personal property is your problem, not the landlords.
Legally, you are required to complete the lease per the terms of the contract. A standard rental agreement with any real estate agency or picked up at a stationary shop will give you ZERO protections, that is common.
Your options are:
1) Deal with it
2) Negotiate with landlord, USUALLY the landlord will allow you to forfeit your two month deposit to end the lease early, but you need to be current on rent too. If there is damage to the flat, such as a new crack, they may attempt to charge you for it. If you are going this route, understand that you need to lose two months, and don't try to get a better deal than that, otherwise you will piss off the landlord and you won't win (even though you think you are right, but really you rented the place as is). You are responsible for the entire lease term!
3) Leave now and risk being sued for the entire lease term plus any damages the landlord makes up. Likely the landlord may keep the deposit plus claim under 50k to keep it in small claims court since it is cheap and easy to sue you that way.
4) Stop paying rent and get evicted and later sued. At least you don't lose the deposit money now, you can save for the next flat deposit (if need be), but you will definitely lose in court, not a good option.
Given you are in NT, you are foreign I'm guessing and you rented a house with cracks, I'm thinking the landlord can not easily re-rent the house, and will thus have more pressure to sue you to recover his losses. Whereas in Sheung Wan the place would be re-rented in 2 weeks so the landlord won't bother to sue their tenants if they got to keep the two months deposit. The landlord must show losses to win in court.