I was faced with a similar decision on which program I should chose. I finally decided to go to HKUST, since it was the best school for my requirements (however everyone might have different needs) and because I believe it is the best business school in Asia.
- the school is very international, over 80% of the student are not from Hong Kong, it ranks 7 for international experience in the FT.
- the faculty is of very high quality, all professors earned their degrees on top universities.
- the school really excels in finance, if you seek a career in finance don't look further.
- the school has a very impressive network of partners schools where you can go on exchange like Chicago, Columbia, NYU, Berkeley, LBS, Kellogg, CEIBS, PKU, IIM, etc... (no other school in Asia has it)
- students get invited to top notch case competitions in the US and perform usually very well (one team won this year), in two occasions the teams from Harvard were beaten (I don’t think other school from Hong Kong were invited).
- some employers in Hong Kong only look at HKUST and overseas schools but no other locals schools.
- the curriculum is very flexible you can choose between 12 and 16 month and more than 40% of the curriculum are electives.
Hope that helps. Finally it is a personal decision and you have to chose the program which suits your needs the most.
Cheers