I'm a bit late to this thread but...
There were some posts on one of the T2k yahoo groups wayyy back (maybe 2-3 years?) regarding Hong Kong. A couple orbats were generated as well (the Ghurka and Royal Hong Kong Regiments were expanded, plus support units)
General consensus was that Hong Kong would remain British. I saved the posts somewhere but I'll post them if/when I find them.
We also did discuss Hong Kong on the townhall forum, but that thread was wiped out in one of various times the forum wiped out posts.
One thing to consider is that the PRC would depend on foreign military aid (V1 mentions this, can't remember V2 or V2.2). Also consider that the Soviet Navy would far outclass anything the PLAN would have afloat and would blockade or destroy Chinese ports with impunity. However, two ports with direct and direct access to the Chinese mainland which the Soviets could not touch would be Hong Kong and Macau.
I can see the T2k British and PRC coming to an agreement regarding the status of Hong Kong (we'll give you military aid, you let us keep Hong Kong). Maybe the Portugese do the same as well.
I also seem to recall the UK Survivors Guide mentioning that a "small" nuke hit the port facilities. I dont know what "small" would entail, possibly a suit case nuke or maybe even an dirty bomb?
I don't see a large number of PRC troops deploying to Hong Kong, but I do see an American presence, Navy and Air Force personnel primarly, possibly some Coasties or Marines for security.
By the way Hong Kong Island was ceded to the British "in perpetuity" (technically forever).
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