VHHH TAF and METAR is for a 5km radius based on the ARP, so it is not uncommon for there to nothing significant at the airport, while more general reports and forecasts show significant weather for greater HKG. Even if there is nothing actually at the airport, any significant weather close by has a huge effect on ATC delays etc.
Surprisingly often "Freddie's forecast" on TVB Pearl is more useful than the TAF rubbish the HKO comes out with.
For this time of the year, I always compare the HKG and MFM weather. If MFM is worse, I base my decisions using their weather forecasting rather than HKG.
Consistently MFM was more pessimistic than HKG during the day of the Typhoon. I secured my house at around midday based on their forecast when it was obvious that the winds were going to be strong.