I thought I would put this to the test and compare prices with the Regent's likely competitors for a random 1 night stay in November (21/22 November) for the cheapest rate for a lead in room:

Regent HK$4,763
Mandarin Oriental HK$6,138
Four Seasons HK$6,077
Peninsula HK$6,083
(includes tax and service)

So perhaps their pricing isn't as crazy as it seems, or is it unfair to compare them with the three competitors above?