Arse.
So what your saying is HK is expensive to buy, but relatively cheap ( compared to house price) to rent.
So the answer is rent here and buy a place in a country you get a better return in. Simple
By the way. The reason HK real estate is so expensive is because the HK$ is linked to the US$. HK has a relatively strong economy which should translate to higher interest rates. Instead we have the low US rates foisted upon us. This leads to inflation and the cheap money leads to speculation. Both of which make the price of real estate go up.
Prices won't be coming down until the US starts to raise interest rates ( 2014 at the earliest) or there is a major event worldwide.( Eurozone implosion, revolution in China etc). So if you can't afford to buy now you may have to sit tight for a while.