Yes, to HongKongnese, the rental here is very cheap.
If you want to find an as decent apartment in HK you will probably have to pay 2-4 times as much.
My department head moved to HK not long ago and she has to pay A$200,000 (given FX rate 1:5) for a 2-bedroom apartment. And you know the bedrooms are normally very tiny in HK.