Saw a flat in wanchai, yesterday. 3 bedrooms, 900 sq. ft, HKD7,500. Other selling points include :
1) Great exercise! (top floor of a walk-up building)
2) A genuine piece of Hong Kong's history (was built in the '60s and hasn't been refurbished since the handover)
3) Cosmopolitan tenant mix (you may find your neighbours are from walks of life far removed from what you are used to)
The point is, though, that it's always worth walking around a few local agents to see what gems they might have. You can get some great $/sq. ft prices if you are prepared to make a few compromises. 7,500 could get you anything from a small studio to a 3 bedroom flat. Bear in mind, though, that if someone is offering a large flat for a low price, then there is probably a very good reason (or two, or three) for the lack of interest.