MANY Chinese will be happy to wave goodbye to the Year of the Ox, says my cheerful guide KoKo, as he leads us through the streets of Hong Kong.

He explained the problems suffered by so many of his friends from the knock-on effects of the credit crunch as we strolled through Cat Street’s lively market, with rows of Chairman Mao alarm clocks and pornographic wooden engravings.

The only way to ease their misfortune, KoKo says, is to carry a laughing Buddha and hope for better luck in the Year of the Tiger, which starts on February 14. For on that date, a whole new set of predictions for luck and fortune awaits.

Chinese philosophy can puzzle Westerners, but like the laughing Buddha, it is part of the charm of the place. Where else would you find high-rise blocks which skip floors because some numbers are considered unlucky?

There are still the obvious relics of colonial rule which, among other things, brought the Peak Tramway, which still creaks its way up the mountain so visitors can look down on the imposing cityscape.

In the Cat Street market, tourists haggle in a variety of different currencies. There is a jade market, a market selling colourful fruit and vegetables alongside meat and live seafood stalls; a ladies’ market selling silky dresses and chunky jewellery; and a night market with sex toys and dubiously labelled underpants by Carman Kline.

Hong Kong’s quirky spirit is also apparent in many boutiques and galleries, like Cloth Heaven, the workshop and gallery of weaver Edith Cheung. An expert on historical clothmaking techniques, she has made authentic costumes worn by the likes of Chow Yun-Fat in the film Crouching Tiger, Hidden Dragon.

At night, the city lights up. There are upmarket bars, like the one at the top of my hotel, The Harbour Grand, with spectacular views across Victoria Harbour.

Hong Kong is also a foodie’s dream with delicate dim sum, light noodle soups and spicy meat and fish dishes.

It’s sociable and great fun to share a hot pot in a rustic local restaurant, grappling with chopsticks to dip raw meat and vegetables into a boiling cauldron of spicy stock placed in the middle of the table.

In contrast, Uncle Moustache is a more luxurious affair. His self-named restaurant serves Chinese-inspired cuisine like pork and strawberries with expertly selected wines.

In view of the 12-hour overnight flight to get there, it’s good sense to couple Hong Kong with Macau.

Only a 45-minute ferry ride away from Hong Kong, Macau is a cluster of islands off mainland China, which was handed over by the Portuguese in 1999.

Mention Macau and people imagine a Las Vegas-style gambling destination – casinos here are big business.

There are quirky bits too, where centuries-old Portuguese architecture rubs shoulders with skyscraper hotels. At the MGM Grand hotel, the cast atrium is modelled on Lisbon’s Grand Central Station.

Jaw-dropping spectaculars at The Venetian hotel include Cirque du Soleil, and also an interactive Manchester United experience, with a life-sized talking hologram of Sir Alex Ferguson.

Also hugely popular is the underwater fantasy Dragon’s Treasure at The Bubble Theatre.

Macau can also boast the 10th tallest tower in the world, the Macau Skytower, over 1,100-feet high, where the observation deck has a rotating restaurant.

A gentler pace is found on Coloane Island, with its woodland walking trails, lakes, whitewashed cottages and long, sandy beaches.

And the historic centre, a Unesco heritage site since 2005, is an architectural gem.

A short walk or rickshaw ride from my hotel, the Sofitel Macau Ponte 16, there is a delight around every corner. Mingle with the crowds milling around the 13th century Taoist temple to the seafarers’ goddess, A-Ma.

Around another corner the facade of St Paul’s stands alone, its front wall all that remains of the proud Portuguese cathedral.

The only problem with Hong Kong and Macau, is that there is much more to see and do than you can hope to fit into a week.

TIME TO GO:

October to December, as days are sunny and humidity is low.

DON'T MISS:

Sampan trip in Aberdeen Harbour.

NEED TO KNOW:

Travel by public transport. It’s quick, cheap and efficient with a tram and Metro. Better than the London Underground, and cheaper.

TRAVEL FACTS:

Emily Pennink was a guest of Virgin holidays, which offers six night, two-centre holidays in Hong Kong and Macau from £1,099, including three nights, room-only, at the four-star Harbour Grand and three nights B&B at the four-star Sofitel Macau and transfers (including boat to Macau).

Reservations:

0844 557 3859 and virginholidays.co.uk