If you book it as a round trip, the taxes and fees are £565 per person.
If you book London - Hkg as a single the fees are £367 per person, and then Hkg - London as a single comes with 350 HKD, which will be about £35 (assuming the exchange rate doesn't collapse in the mean time).
So yes, if you book as a round trip for 2 then £1100 is about right, but you can save some cash booking as two singles as there is no (BS) fuel surcharge added to the departing Hong Kong ticket. However this saving may disappear as Virgin could start to adding a fuel surcharge to awards ticket originating in Hong Kong whenever they like.