After 13 years of being abroad, I returned 'home' to Hong Kong for a 5-day visit. I found that in spite of all Hong Kong's changes and developments, the least expensive and best way to see the city was still by using public transportation.
To get a view of the streets in the day and night time, take a tram from Central to North Point. Ride on the upper deck and try to sit either at the very front or back, so you catch both sides of the street. Sit back and relax (not too much jostling and people hovering over you if it's not rush hour). Great photo ops. Just make sure you keep your head and elbows (not to mention zoom lenses) inside the tram cabin. The trams coming the opposite direction come quickly and very close to you. The trams winds through several districts.
When you get to the final destination, get off the tram, walk about and when you are ready, hop on a tram heading back into Central to Western Market.
Western Market is a bit touristy, but behind those streets are some older streets—Hollywood street, Herb stores, Cat Street, and eventually those streets meander towards the phenomenal escalator that heads through great shops and tourist friendly signs towards the residential mid levels area.
Although the MTR (Mass transit system) is quite efficient for time, it is a great experience to see it once, but if you want to be out. Try these inexpensive tours.
Grab a double decker bus 15 from the main depot. Again, ride up front on the upper deck and hang on. The bus winds up the steep hills and you get a great view of the sheer drop on buildings and the hillside. It goes all the way to the Peak Tower. A renovated touristy place, but the view is fabulous. Walk around the little path that takes 30 minutes to get a panoramic view of the city.
For a little more expensive ride ($5) grab the Peak Tram down and get those cameras ready. It's a slow, easy ride, but the angle of the track is amazing.
Once back in Central, hop on the Star Ferry. It's great to do this ferry ride at night because you get a spectacular view of the city of Kowloon and Hong Kong. For a more local view, ride below, for a little more fresh air and open feel, ride above.
Once you are in Kowloon, take a break at the Star House where you will find the Commercial Press bookstore with great art equipment and stationery. Then have a bite to eat at the Jade Garden Restaurant (read my review).
What? Want more tips? take the cable car ride at the Ocean Park aquarium or the Cable car ride to see the Giant Buddha on Lantau island. A breathtaking view of city versus mountain views.
For another great contrast ride, grab the bus 6 to Stanley market where the bus winds past several famous beaches, including Repulse Bay where William Holden shot the famous film, "Love is a Many Splendored thing". The bus stops at the market where there is a market filled with souvenirs and great kids clothing bargains.
Hope you can save some money on your sightseeing so you can spend it on stuff!
By the way, much to my chagrin. I thought this was all local info, but found much of this info in a little guide book. Rats, the secret is out!
Have a blast!