Vacation Flat

I am interested in purchasing a flat for vacation purposes in Hong Kong. Does anyone know the legal implications of this - that is, will I even be allowed to purchase one? I would be paying cash.

Also, what areas should I be investigating? Due to the nature of the purchase, the main criteria for me is proximity to both "things to do" and transportation. What are my best bets? Anywhere along the MTR on northern Hong Kong Island?

I'm not sure what a reasonable amount to spend is (just starting the research), so let's say 1 or 2 million HKD. Thanks!