To get a work visa you need to convince the HK immigration department that the company that you will be working for cannot find a local person with your experience and qualifications.
This is quite difficult because the standard of education here in Hong Kong is quite high. You may also find that Hong Kong has quite a large talent base of people and so proving your experience is better than another person may be difficult. Also the unemployment rate is apparently increasing and therefore it is becomming harder and harder to get a work visa since the government is pushing its immigration officers to carefully review applications. Having said that, it is doable. I would recommend that you get some proffessional advice with your application.
With regard to a degree, I would definately say that it would be very very helpful.
The other, perhaps easier way of getting a work visa may be to go for an English teaching job. Alot of the companies will help you get a working visa for you and may be able to give you a good package deal with regard to accommodation, pay and travelling expenses. Check it out.