I just moved to HK from the US and faced the same question on whether to bring our really nice electrical appliances or buy new ones here in HK. While you can purchase transformers that will step down the local 220V to 120V, you will still be faced with the difference in cycles, the US has 60 Hz and HK uses 50 Hz. Will the appliance work--probably, but will not work as effectively.
You can buy everything here. Some of the Made in China appliances are quite inexpensive, but if you want good US, European or Japanese brands--the prices are about 1.5X the cost in USA. For example, we bought a Zojurushi rice cooker, Dyson vacuum, Jura Capresso coffee machine, Sharp microwave and various other appliances to replace those we left behind in USA and they cost 130-170% more than the same item in USA.
Still feel this is the better route, as good quality transformers are not inexpensive and buying here means that you can receive warranty service on your new appliances.