I was in Hong Kong last November '05 and all I can say is you will do much BETTER dealing with our dealers here. I was in HK/Beijing for 10 days, and spent a fair amount of free time shopping. The majority of reps for sale will be pretty shitty reps...I was apalled by how many bad reps people would show me...I probably saw over a couple thousand watches while I was there and I only picked up a SS Sub for a decent price for a friend. Similar eta SS we would get from EL or our other dealers. I've picked up over 30+ eta reps from EL and other dealers, and we really do get the best stuff here for a fair price. I was on the hunt because I was convinced I could do better, but 98% of the dealers you will run into will have CRAPPY REPS...the 2% will still have 95% crappy reps with a couple decent Pams and Rollies...but overall it was a waste of time.
In Shenzhen, you can buy tons of other reps...I found some AAA Louis Vuitton and Dunhill luggage reps after wasting 15+ hours shopping around. Remember, there are all kinds of grades, and you have to be insistant on telling them the best. They will have runner after runner bring sample after sample...In the end, I found what i was looking for.
On a side note, DEFINITELY have Sunday brunch at the Intercontinental...it's absolutely ridiculous...i'm not sure if I ate 6 lobsters like Clive, but I did a fair amount of damage across the board. The food in HK is amazing if you do your research before going.