errr... I'm sorry.. but if you do a quick search about cost of living in HK, or if you check the census results from 2009 till Jan 2012... you get WAY different values.
Ex (per household, private housing) - 2009/10:
Meals away from home 4.241
food at home 2.234
Housing 10.647
Utilities 694
Alcohol+tobacco 129
Clothing+footwear 1.138
Durable goods 1.250
misc(newspapers to Jewellery) 1.148
Transport 2.442
Misc Services(school to phone and hairdressers) 4.715
TOTAL 28.715
If you take the actualization rate of AV 8% (lets go on 10% to take into account Jan 2012 - First quarter 2012) (also a quick search on the web)
you get TOTAL 31.600 (round up)
Obviously, these are averages... and if you take a more expensive flat then the 10k there... your bills do increase... but I don't see where this will make ALL your other bills increase as well. If you want to live in a 50k apartment.. go for it... but you can easily find an 18k in lantau as well.