In my second year out of University, my wife and I purchased some land in Nicaragua. It was our entire savings for those two years . There was nothing there, no roads, no power, no water, but one of the most stunning coastlines. Back then people still had an unstable perception of Nicaragua. People thought we were crazy.
Since then, the richest man of Nicaragua, who agreed that this part of Nicaragua had the most stunning coastline, built a 5-star resort, a world-class gold course, roads, and an airport. Anyhow, the gist of the story is, if you're worried about risk, my only advice is, go for something you truly love. Take your time and find that place and do it while you're young.
For 1.5 million to 2 million HKD, you may consider Da Nang in Vietnam. You can find plenty of good stuff there in that price range. Not sure whether you like hotel developments, but the Laguna Park Lang Co offers villas in an exclusive development close to your upper price range. The hotel reviews are good and the Laguna Phuket has a good reputation. I'm sure if you want to invest, they'd be willing to give a free stay to give you a 3-day sales pitch. Anyhow, go do some traveling, find a place you love, then go for it. Don't fall for the mass condo investments on offer in Hong Kong that show you a 3D print of a condo and give you all kinds of promises only for the projects to be delayed, or the location sucks, or the quality of the final delivery is sub-standard.
The Philippines is also a place to consider. There's quite a perception of risk, but risk means bargains. Go do some travelling there. Meanwhile, get a subscription to AsiaProperty magazine, which should give you a good idea of what's happening in different markets. Take everything as a grain of salt though. All their articles are written to promote a place. Nonetheless, still a good source for picking up trends.