Hong Kong is sill pretty good , at least in terms of free enterprise and free circulation of goods and moderate taxation. It still has a welfare system and much of the housing is subsidised. Interesting to read abt HK in the mid 20th century, from memory they did follow a tough capitalist system.
One problem which might be linked, is despite HK beeing very wealthy, urbanisation is extremely ugly and many areas, even downtown, look old and dirty. Not a great quality of life IMO.
I don't know as well abt Singapore but quality of life ther is much better and they are doing very well with only 8% of the workforce employed as civil servants (from memory) and probusiness policies. Would need to double check buit i think much of the housing is subsidised there as well.