First: want to make sure the OP means US$700 (which would be on the pricey side) or HK$700 -- which would be inexpensive.

In HK especially, and Chinese food generally, you can have an excellent meal, at excellent establishment, relatively inexpensively, if you don't order the expensive ingredients -- e.g. shark fin, bird's nest, abalone, lobster, garoupa etc. I would still expect to pay HK$1000+ for a decent meal at a well-regarded restaurant (not including alcohol -- we don't drink), which I consider outstanding value. It can be easily 10 times that at the same restaurant if one goes crazy with the luxury ingredient ordering.

tb