In college, I lived in Japan for 10 months and also traveled to China for one month, including a week-long trip to Hong Kong - it was in 1996, so before China officially took over. From everything I've heard about China/Hong Kong since 1997, little has changed in Hong Kong since it was turned over to China, so it should still be very friendly to tourists and their money.
There are tons of Aussies and other foreigners all over China's eastern cities, including Beijing, Shanghai, and Hong Kong.
I don't think I tried too hard to become immersed in the day-to-day Hong Kong lifestyle, since I was there only a week. I did a lot of the touristy stuff and enjoyed it.
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