I, too, live in Hong Kong. In the event of a relatively minor catastrophe, it can be a good place to be. The people here are generally a bit more pragmatic than in most places. One can look at the SARS epidemic or the current "yellow umbrella":revolt for examples of this. Some other things are highly unlikely, too, like a power outage, because of the way the infrastructure is. Another Hurricane Katrina? Heck, Hong Kong survives usually several typhoons a year, inluding something of that magnitude every few years. For MINOR things, this is actually a good place to be.
In a really BIG SHTF scenario, however, like a world-wide financial collapse, WW III, or something that dragged on for months and/or affected distribution channels severely, this would be the worst of all hellish nightmare locations. The population does not have nearly the same degree of "awareness" that is building in the States (although there is probably less risk here overall), and it's hard to find many prepper-minded people. Most people depend on getting groceries several times per week, or eating at restaurants. Interrupt the "just in time" deliveries, and you'll see shortages here in no time.
You can add to this a very interesting paradox. HK often ranks as the most free place in the world, and at this stage that is largely true. Police here are non-militarized, mostly friendly and helpful like the old American Mayberry stereotype. Behind that, however., lurks a seldom-thought-about machinery for a police state to emerge. There are cameras over many roads, the subway system and districts of Hong Kong, and aerial surveillance is conducted without being seen. People use a lot of the "Octopus" card and credit cards, and lately the government has even been collecting smaller coins from people - moves towards an all-electronic financial system. If the ATM machines go down or banks close, most people won't last two days financially. Gold and silver, once widely available and stacked in the store windows of shop after shop in an abundance that made my eyes bug out when I first came here, are now --except for lesser and limited amounts in some jewelry stores-- only available in quantity from certain branches of the Bank of China, and if you buy from them, there is a paper trail with your name attached. Everyone's address is supposed to be recorded with the government, by law, and the real estate system enforces that in most cases, The ubiquitous HK Identity card now carries an encoded thumbprint. There is a building here with over 300 offices in it, dedicated purely to spying for the Beijing Government. The PLA has troops garrisoned here, but they are kept virtually invisible to the general public (They are not allowed to wear uniforms or ID in public, and mostly stay on their bases.) In effect, although the people here live ostensibly "free" lives, all the infrastructure for a complete police state exists, un-noticed by most people.
Guns are outlawed, except for members of the two licensed gun clubs. If you pass the security checks, you can join a club and buy guns. The weapons themselves, however, must be imported for you directly by the club, and kept only on the club premises. At no time can you possess a gun outside of the club premises. The clubs are expensive and thus somewhat exclusive. Police and some licensed guards working for armored-car companies and jewelry stores can get special licenses to possess shotguns, but their use is also tightly controlled. Basically, survival or SHTF guns are not an option here. In a way, that is good. I read once that 15 percent of HK people have some degree of neurosis, personality disorder or other mental illness. You wouldn't know it, but in a SHTF scenario, you could see problems.
Weaponry, however, is not a huge problem. Bladed weapons are legal subject to certain restrictions. Everything from kitchen knives to meat cleavers to brush machetes are legally available. (Triad groups traditionally use bladed weapons like meat cleavers in attacks on their own.) You can have sporting weapons such as a fencing sword, for example, or even martial arts weapons including throwing knives, but all such weapons must be sheathed/fully enclosed when being transported in public. Owning them discretely at home is not a problem. Tools are also allowed, including pointed hammers, sledgehammers, wrenches and other convenient and non-conspicuous "weapons". Anyone can order an "unbreakable umbrella" online, and even find a martial arts instructor to help you use it better. I have also seen a few borderline/technically illegal weapons offered openly for sale here over the years, including flick-out batons, the older style (actual, surplus) police batons, fireman's axes and even a crossbow pistol. And of course there are improvised weapons, although possession of those might get you in trouble. I've also seen piles of heavy bolt-cutters for sale, both new and used. Occasionally surplus night-vision goggles hit the market, although I have yet to see state-of-the-art FLIR gear. Other para-military gear such as camouflage clothing is sold for people like paintballers, and useful things like space blankets are sold for camping purposes.
The biggest problem with the idea of "bugging out" to a "remote" location, is that there are basically NO remote enough locations in Hong Kong, unless you have a boat and wish to subsist alone and hiding on an otherwise un-inhabitable island. Even then, sooner or later the authorities will know you are there and might investigate. The New Territories is not the huge green area it once was; it is now fairly thoroughly developed, and covered with waste dumps and old shipping containers, and yes, neighbors. You might create a little enclave of like-minded survivalists on somewhere like Lamma Island, but you'd still be dependent to some extent on supplies from the mainland.
In short, while some types of things are survivable here, a MAJOR collapse would turn this place into a hell-hole. It was bad enough with semi-starvation under the Japanese Occupation years ago, but today it would be much worse, with millions more crowded into high-rise buildings (Hong Kong has more than 150 percent the number of 5-story buildings as New York, crowded into a much smaller developed area. It was the inspiration for the opening scenes of "Blade Runner", if that helps.)
I'm working towards buying farmland in a remote area of another country, and plan to leave here. That's my bug-out, because a bug-out in the usual sense is non-sensical in the context of HK. It may take me another 2-3 years, which will probably be too late (I'm not sure the American economy and US $ can hold out that long -?), but it's the best I can do for now. If that is not an option, stockpiling some food and water makes sense... if you can find the space in the extremely crowded environment here. Most people live in tiny, crowded apartments. Many of the newer ones have bedrooms that are not long enough for me to lie down in (they're only six feet square!), and "fake" kitchen cabinets and wardrobes that are only 6-8 inches deep! But for those living in roomier spaces, stocking up on supplies and having a bug-out plan to relocate makes sense. Actually re-locating now makes the most sense, since there is absolutely no guarantee that there will be time and opportunity to leave, once the S starts to HTF.