We've said it before (under Car Rentals), and we'll say it again: the best advice we can give is don't drive in Hong Kong. Gasoline costs up to twice what it does in the United States, and parking is scarce and prohibitively expensive. What's more, local bus and truck drivers seem to think slamming on their breaks (and sending their passengers flying forward) is the only way to stop -- making it an exceptionally difficult city to drive in.
There's next to no on-street parking in Central and Tsim Sha Tsui: if there isn't a sign that expressly states you can park (after paying a meter), assume you can't. Finding a space next to such a sign is nothing short of a miracle. Most people use multistory or mall parking garages, which cost around HK$7 per half hour. The Hong Kong traffic police are extremely vigilant and seem to take great pleasure in handing out copious parking tickets.
Cars drive on the left-hand side of the road in Hong Kong. Wearing a seat belt is obligatory in the front and back of private cars, and the standard speed limit is 50 kph (30 mph) unless road signs say otherwise. The Hong Kong Police spend a lot of time setting up photographic speed traps and handing out juicy fines for wannabe Schumachers. Likewise, using handheld cell phones while driving is forbidden. You can't make a right turn on a red light, and you should scrupulously obey lane markings regarding turns. Drunk driving is taken very seriously: the legal limit is 50mg of alcohol per 100ml of blood, and there are fines of up to HK$25,000 for those who disobey. You can get highly detailed information on Hong Kong's road rules online, at the Transport Department's Web site.
Hong Kong Government Transport Department Road Safety Code (www.td.gov.hk/road_safety/index.htm).