I lived in Hong Kong for a while and loved it, but as with anywhere it has its problems. You need to be wealthy there to have a good lifestyle- the cost of housing is astronomical. Like GPB5k a month for a moderate apartment (no garden). A lot of the locals pack generations into one small apartment.
There is pretty much no benefits safety net, you see elderly people collecting cardboard on the streets for money or still working in very menial jobs just to survive. There is a free public health service but it would really only cover emergencies - you would not for example, get a hip replacement on public health. Mental health services are really none existent unless you pay privately.
Public transport is very cheap and reliable. Traffic is a nightmare as is road etiquette. People do not give way for emergency services. Eating out - if you eat local is very cheap and good but western dining is same price if not more expensive. Supermarkets are a lot more expensive and the quality of fresh food is quite poor (or if not it is very expensive). The range and reliability of stock is haphazard. It made me appreciate the likes of Tesco enormously.
Loss of freedom is a major thing - national security laws mean the government and police have total power - if you challenge them in any meaningful way you would be severely punished. Public protest is a thing of the past.
The weather in some ways is better - autumn and early winter is lovely (like a good British summer) and it rarely gets colder than 10 degrees but summer is long, brutally hot and humid and it often rains for days and days on end. Biblical rain.
You have to take the good with the bad. No where is perfect.