Well, it's amazing to me, but using search, both FT native and Google variants, I don't find a thread for Cheap Hotel(s). (I'm sure some more skilled reader will dredge up several absolutely targeted posts on cheap hotels. Please, have at it.)

And, yes, Chungking Mansions was definitely out. It's a firetrap and just plain grotty.

So, www.asiatravel.com comes up with the Evergreen Hotel by the Jordan MTR stop, one stop north from TST, Kowloon side. HK$565/night nett, including breakfast with instant confirmation. Pay to hotel.

It was surprisingly ok. There were even 4 PCs set up in a hallway with free high speed network access, each including a USB hub. The breakfast wasn't luxe, but it wasn't bad either. Both Chinese fare and what passes for Western food. Decent coffee with real milk. Western, ensuite bathrooms. TV. Aircon.

Relatively quiet. Friendly and helpful staff. Lots of varied food opportunities in the immediate area, including an Indian place just across the street with a HK$32 nett set lunch. 7/11 next door. One block from the A21 airbus. Maybe 3-5 minutes walk south from Jordan MTR exit A depending on how well you navigate through the masses.