We have recently moved from Oz with a 2 and 4 year old. If you are looking at HK island to live and don't mind being a little further out consider Redhill in Tai Tam. There is alot of open space and 3 preschools within a 5 minute walk. There are alot of young families living there. The preschools take 2 year olds for 5 mornings a week if this is what you want. Not sure of the availability of fulltime child care because most people have helpers or use nannies I think. The 3 preschools are Sunshine house (www.sunshinehouse.com.hk), Woodland montessori preschool Tai Tam (www.woodlandschools.com), and Tutor Time (don't know the website).
Our daughter went to Sunshine House and was very happy.
You can't get the same Huggies here as we get at home - not as absorbent. I brought a heap of Huggies with me in our shipment because my son is quite big and they don't do really big nappies here. The local ones aren't too expensive from memory. Haven't had to buy formula.
The cost of a 3 bedroom apt/house varies hugely as to which area you want to live.
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