Perhaps the only moderately priced Mandarin Oriental property in existence, this 30-year-old tower is big with business travelers and tour groups. But the reasonable rates aren't the only draw here. The location in Causeway Bay means it's close to shops, restaurants, and Victoria Park—not to mention the raunchy nightlife in Wanchai and the horse races at Happy Valley. And the 862 rooms are perfectly pleasant, in a blandly cheerful cruise-ship-cabin sort of way (molded window seats, patterned wall-to-wall carpeting, bright-colored bed and sofa cushions). The indoor tennis courts and the solicitous staffers might make you forget—momentarily—that you're not at the Landmark.

Right on the waterfront in Tsim Sha Tsui, this museum mounts fine temporary exhibitions and has a huge permanent collection of more than 14,000 Chinese antiquities and objets d'art. The artworks here are not only beautiful; they often help visitors understand Hong Kong from a cultural and historical context. This is especially true of the prints and paintings from the 18th, 19th, and 20th centuries, which show scenes of daily life in the city.

Closed Thursdays.

It serves a tasty dim sum for lunch, but Dragon-I is better known as one of the city's plushest nightspots. Its rich red walls, banquettes, and dragon-festooned lanterns are courtesy of Parisian design queen India Mahdavi (she did Townhouse on South Beach and La Condesa in Mexico City). Despite being a near antique (it opened in 2002, forever ago in nightclub years), it was designated Club of the Year by the South China Morning Post in January 2006. The crowd tends toward hip, mojito-sipping thirtysomethings, who sway to the beats spun by European and Asian DJs.

Closed Sundays.

For lovers of kitsch, Cat Street Market sells Cultural Revolution memorabilia: "Little Red Book"s, Mao alarm clocks, ceramic Red Guard statuettes, and badges of the Chairman at his most egotistical.

Hong Kong locals are horse-racing fanatics—so it's no surprise that this track, an oasis of green lit by giant floodlights at night, sits right at the heart of the city. In fact, it's occupied its place since 1846; Hong Kong practically grew around it. Betting on horses is one of the oldest legally sanctioned forms of gambling here, and with all the money flying around the city these days, it's a big, big business.

The best time to experience the track is at night, when thousands of spectators fill the stands and watch from the balconies of surrounding high-rises. The stakes are huge, the bets are outrageous, and the crowds are appropriately enthused. Wednesday evenings (between September and May) are the liveliest.

After $140 million in renovations, Mandarin Oriental, Hong Kong, reopened in September 2006 and immediately regained its perch as Hong Kong's grande dame. High-tech amenities like iPod docking stations and sound systems have been added to the 502 rooms and suites, and all of them are larger now that the balconies have been eliminated (the grand Victoria Harbour views are still there, through the giant new windows). The decor throughout is sumptuous, with earth-toned brocade fabrics and carved wood furniture offset by statuary, orchids, and bonsai plants. The bathrooms are dramatic, with dark marble counters and floors; some have freestanding tubs where you can soak up to your chin. The hotel's nine restaurants and bars include Pierre, the new French eatery of three-star Michelin chef Pierre Gagnaire. There's also a colonnaded lap pool, a beauty salon, a spa with a Chinese herbal steam room, and—for undoing all your slimming treatments—a sumptuous cake shop.

The best—and certainly the most traditional—dim sum in town is served here. Its 1930s rosewood furniture, creaky ceiling fans, brass spittoons, and famously rude waiters have made it a favorite with tycoons such as David Tang (of Shanghai Tang fame) and Dickson Poon, chairman of Harvey Nichols in London. For the genuine experience, come for an early lunch—after 11 a.m. they park the trolleys and break out the picture menus for tourists (though at lunch hour, you may often find yourself virtually ignored by the waiters in favor of the locals, who don't need every dumpling described). If you do decide to show up during the calmer evening repast, come early; the dim sum ends at 5:30 p.m.

If you've been hitting Hong Kong's nightspots a little too hard (or if you're just jetlagged from a long trip over), make like a local and head to this clinic. Pressure-point massages by blind masseurs are a 2,000-year-old Chinese tradition that continues to thrive to this day; after kneading, pressing, slapping, and occasionally tickling your pressure points, the practitioners here will have you feeling fresh as a daisy.

Luxury-brand addicts and those who aspire to be draped in their wares have long flocked to Hong Kong's Central District. But trendsetters are increasingly turning their stilettos around and heading east on the island to Causeway Bay (ten minutes by taxi), toward the new center for stylish bargains. A haven for Japanese fashion followers, Delay No Mall displays and plays with the cutting edge over three ever-changing floors. Expect to find clothing from designers like Bangkok-based Greyhound plus accessories that range from frothy cappuccinos to glitzy diamonds. The nascent talents behind this concept store are the same crew that brought quirky kitchen items and wacky wallets to Hong Kong at irreverent homewares shop G.O.D. Across the street, megastore Muji has a seemingly endless array of well-designed (and well-priced) sportswear, Japanese stationery, and household items from luggage to bath products, plus prepackaged Asian treats like sweet potato chips and colorful marshmallows. The boutiques of Paterson Street have hard-to-find Japanese clothing labels such as Tsumori Chisato and Vert Dense. Nearby, some 160 shops sell trendy clothes in the four-floor Island Beverly Center mall. More of the same plus better known youth-oriented brands can also be found next door among the equally intimate spaces inside Fashion Island.