I live in Sheung Wan, it’s a great neighbourhood but rental’s not so cheap (relative to many others).
FYI, Sheung Wan IS the Chinese name for ‘Central’ which today makes up an area served by 3 MTR stations (on the island line). Admiralty, Central and SW. SW (Central by definition) is where the Brits landed when they took Possession of HK (on Possession Street).
The expat definition of Central is a bit narrower and is based on the MTR stations. So depending on which building you work/live in, You could have a very short walk to work (under 10 mins).
As for where to live first, I’d plump for a hotel too for the first few months, but definitely not North point....(sorry Jimbo). Hotel prices are bargain basement (and were even before Covid because of the protests) but it won’t last much beyond Q1 in my opinion. Which means you’d want to be in a flat (taking advantage of cheap(er) rent before prices start to jack up (which they will do fast when it happens)
But that leaves you a small dilemma. 1 yr is normally the minimum lease. So if you’re gonna want to move out in 1 yr., time spent in a hotel to begin with will eat into that.
And thus get a break lease flat direct from another expat who is desperately trying to get out of their contract without being screwed by their landlord. DONT SIGN A NEW LEASE through a rental agent on your first place.
No time to write more now, but if you pm or reply I can tell you how to find one.