HKG is not a place to go buy fakes. Need to venture into Shenzehn to get the good/cheap ones
been there too.. i don't think your correct, from what i saw, "as a tourist' (unless your chinese) that's pretty much the best price you can get. most places were 20hkg $ minimum.. usually 20-50 hkg dollars for a watch.. i got some nice fakes for 7-10 HKG dollars each.
Shenzhen is also a great experience, there is a visa fee, but it is well worth it for the experience!