Heres the link to Hostels & Budget Accom in HK. If you can get anything below HK$400 youre doing OK.
http://www.packback.com/books/pages....country=China+(Hong+Kong)&Continent=6&state=0-xx
If youre paying around HK$400 then Id seriously suggest going here:
http://www.asiatravel.com/hongkong/bishoplei/
Im sure this is not what you want to hear....but US$50-60 is hard to beat in this town!
Great location, just above Soho. Head down the escalator to Staunton/Elgin St.
Cheap eats at Taco Loco, cheap beers everywhere (at Happy Hour)....you'll find dozens of pilots talking rubbish in no time!
PS: Dont tell all the BA, QF, Virgin & Emirates crews....they havent found it yet!