Hong Kong is not the mercantile paradise it once was -- rent hikes, unstable economies, and relocating manufacturers have put a damper on the mega-bargains for which Hong Kong was once known. This is not to say you won't find good values; you just have to know when and where to look.

If you are coming to Hong Kong just to shop, you should plan your visit for the end-of-season sales (January-February and July-August). This is when prices are slashed anywhere from 50% to 90% in major department stores and boutiques.

What to buy? Many loyal shoppers return to the region year after year for such items as Chinese antiques, Chinese porcelain, pearls, watches, cameras, eyeglasses, silk sheets and kimonos, tailor-made suits, and designer clothes at outlet prices.

Although shopping in Hong Kong can be a thrilling adventure, you need to be careful. Watch out for absurd discounts, the bait-and-switch (after you've paid, they pack a cheaper model), and the heavy, and sometimes physical, push to get you to buy a more expensive item than you want.

It is also not uncommon for jewelers in the midprice range to offer you a discount of 10%-20% if you look at a few items and seem moderately interested. Be wary if a salesperson tries to drop the price much lower, however; you might go home to find you've purchased an inferior or defective item.

Know, too, that in spite of the credit-card decals on the door, most stores will insist on cash or add 3%-5% to the total. Shopping at stores with the Hong Kong Tourist Association (HKTA) decal on the window buys you some protection, since the shop belongs to the organization, but if you have troubles, head for the police, the Consumer Council, or the HKTA itself.

Accessories
Cascal The Pedder Building, 12 Pedder St., tel. 2613-1066

Cascal has Celine, Dior, and Prada bags at about 20% off retail.

Antiques
Allan Janny Ltd. Stanley Village Market, 17 Stanley New St.

Allan Janny Ltd. has antique furniture and porcelain.

Altfield Gallery 248-249 Prince's Bldg., 10 Chater Rd., tel. 2537-6370

Altfield Gallery carries furniture, fabrics, and collectibles from all over Asia.

Blanc de Chine The Pedder Building, 12 Pedder St., tel. 2524-7875

Blanc de Chine has beautiful Chinese clothes, in styles similar to those at the more famous Shanghai Tang but in subtler colors, plus reproductions of antique snuffboxes as well as silver mirrors and picture frames.