HKG is no longer cheap for high-end cognacs (XO and above) due to the Chinese market becoming affluent -- priced more like Tokyo now. For example, Remy XO is HKD 1100 for 1l, which is about USD 140. So maybe slightly cheaper than your quoted california price, but no bargain. TPE used to be more expensive than HKG, but haven't checked prices for a few years.