HK is pretty much overpriced for Leica gear. I am speculating that when the Asian Financial Crisis happened and digital kicked in, a lot of dealers probably paid a little over the odds for some of their gear. With increasing shop rents, most are reluctant to let it go 'cheaper'.
Also agree, our affluent mainland friends are helping to keep prices relatively high here.
Quite frankly, even the evil bay (where it's risky) and rff are better value - even with postage.
Having said that, if you know what you're looking for, Dick Chow in Champagne Court, home of the 2nd camera shops in Kowloon, is known to spin off a deal every now and then which is competitive. I think he has an M6 available for about HK$10,000 (about US$1,280).
The other place to look out for is San Francisco Camera in Wing On Plaza - next to Kowloon Shangri La. He is a Leica dealer - don't expect too many deals here but he has a good range of merchandise.