Gosh, and all this time I thought I was both a "Caucasian" and a "white"man.
To me that is a small aggravation to spend time in a city as wonderful as Hong Kong. I have actually come to find it fairly amusing because it reminds me where I am. In fact it doesn't bother me nearly as much as Shanghai were some of the touts will actually touch you.
Oh I don't let it stop me from visiting Hong Kong. I just try to avoid the Sheraton or the HI Golden Mile or any of those hotels which involve walking on that part of Nathan Road. Much better to stay at Mong Kok or Central or Causeway Bay. Or splurge for the Pen or IC where you can drop underground right in front of the hotel. That's nice to do when it's steamy hot or raining too.
I even prefer the W to the Sheraton. It's a much nicer hotel even if you have to take taxis everywhere and it's more expensive.