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The Chinese are coming, the Chinese are coming–but not until 1997. And until then, Her Majesty`s best–and only–colony in Southeast Asia seems to be bubbling as though nothing special is happening.

The past couple of years have been pivotal for the British crown colony of Hong Kong. Serious discussions between Britain`s Thatcher government and China (begun in 1982) have finally determined that, yes, China will take control of Hong Kong in 1997, and, yes, capitalism will still be practiced in Hong Kong after the takeover–for 50 more years, according to the treaty.

While this proposition might have been a bit sticky philosophically a few years back, when China was trying to be the most communist of all the communists, it`s not as tricky today because Deng Xiaoping, China`s boss, is more tolerant of capitalism–at least at the moment.

Whether China will still be trying out the capitalistic approach by the time Hong Kong rejoins the mother country in 12 years remains to be seen. Deng has been blunt and sometimes gloomy in his descriptions of free enterprise in China, calling it just an experiment in economics.

In the meantime, for the casual visitor or tourist, there are a few hints that Hong Kong is having its troubles, both psychological and financial.

The galloping economy of Hong Kong, once a marvel that grew at least 10 percent a year for many years, has been erratic of late. All manner of news stories have come out of the colony claiming that everybody is jittery about the Communist takeover and trying to get out before it happens. None of this has changed Hong Kong outwardly, and it remains one of the most interesting cities in the world–and one of the most hectic.

Construction of mammoth high-rises, a frantic post-World War II outbreak that permanently changed the image of Hong Kong, has slowed but not stopped. As of midsummer, there were a dozen new hotels under development. And the pace of life in the ”Pearl of the Orient” still runs at top speed.

As one of the closest Asian markets to the U.S. West Coast (about 7,000 miles or 15 hours by jet), Hong Kong is still a logical place for American tourists. The cost for the next several months will be about $850 round-trip per person.

Indeed, Americans–and especially Californians–are an important part of the tourist economy of the colony. According to new figures compiled by the Hong Kong Tourist Association, Americans are consistently the second-largest nationality to visit–with the Japanese in first place.

In 1984, for example, almost 18 percent of those who visited Hong Kong were American–about 560,000. And of that total, almost a third were from California. The tourist association estimates that Americans visiting Hong Kong spend about $170 a day, so you can see why they like to see the Yanks come to town.

Even more important, Hong Kong is still the gateway to China, which is probably going to be among the world`s most popular travel destinations in the late 1980s. In fact, it is ironic that the main growth industry in the colony seems to be providing tours and visas into China. Everybody seems to be in on the act, and by the time 1997 rolls around, China may have outstripped Hong Kong as a major tourist target for Asia-bound U.S. tourists.

The chief attractions of Hong Kong–the scenery and the stores–never seem to change. The view of Victoria Harbour from the top of Victoria Peak is still one of the most beautiful in the world, and the shops in Kowloon and Hong Kong Island are still crammed full of Chinese silk, jades, ivories and Japanese electronics. The most popular purchase in the colony continues to be clothing.

One change for old Hong Kong fans: The famed Tiger Balm Gardens have a new name. The gardens, always one of the main tourist destinations on Hong Kong Island, have been renamed the Aw Boon Haw Gardens. Aw Boon Haw was the gentleman who started the gardens a half-century ago using profits from his manufacture and sale of Tiger Balm oils and ointments. Somehow the new name just doesn`t sound right.

If you desire fancy hotels (with fancy prices) or shopping or just breathing the spicy air of Asia, Hong Kong has retained its old charm.

Some suggestions if you go:

— You should remember that the colony is basically in four parts: Hong Kong Island (the banking and government center); Kowloon, on the Chinese mainland across from Hong Kong Island; the New Territories, between Kowloon and the Chinese border; and the off-islands near Hong Kong Island, the largest of which is Lantau Island.

Public transportation will get you to any of the parts, but if you`re on a short visit, you`ll probably spend most of your time either in Kowloon or Hong Kong. There are several ways to get back and forth between Hong Kong and Kowloon, but the cheapest is by Star Ferry.

The ferries are among the best buys in the colony. They run every 15 minutes, and if you go first class, it will cost a little more than a dime one way. The trip takes about 10 or 15 minutes, and you get a great view up and down and across Victoria Harbour. If you take a taxi, they add a surcharge for taking you through the tunnel under the harbor. Buses are regular but crowded. The ferry dock on the Kowloon side is just down the street (to the right) from the front door of the Peninsula Hotel.

— For great food and one of the better views of Hong Kong, check out a restaurant-bar called the ”Revolving 66.” It features Western food (good steaks) and a small Filipino band and sits on the top of the Hopewell Centre in the Wanchai section of Hong Kong Island. It revolves once every 66 minutes, hence the name. It`s quite a view at night from what the Hong Kong folks call the tallest building in Asia. (Folks in Singapore might want to argue about that).

— Check with the Hong Kong Tourist Association office before you go. It is at 421 Powell St., Suite 200, San Francisco 94102-1568; phone 415-781-4582. Often, some of the better hotels in the colony offer seasonal specials.

For example, this summer the Hotel Furama Inter-Continental on the Hong Kong side was offering a package that included three nights in the hotel

(double), 20 percent discount on tours, shuttle service to the Stanley Market shopping area, discounts at several Hong Kong department stores and kids under 14 free, for $60 a night. Normal double rates were going for between $85 to $100 a night.

Or, more upscale, the Regal Meridien Hong Kong was offering a package for about $230, which included two nights in the hotel (third night free, extra night at $90), free fruit, complimentary drink, 10 percent discount in the hotel`s French restaurant and free newspapers. Normal double room rates were $85 to $115.

Ask the office to send you a copy of the official guide to shopping, eating out and services in Hong Kong, an invaluable guide to study before you go.

— The all-out best view of Hong Kong (if the fog isn`t too heavy) is from the top of Victoria Peak on the Hong Kong side. The tram station, under construction for several years, is now finished (it`s just a hop and a skip from the U.S. Consulate.) For under $2, you can take the tram to the top. It`s a trip with about 40-degree grades and fine scenery. At the end of the line are shops (selling tacky stuff, mostly), restaurants and a terrace where you can stare down at the top of high-rises that line the harbor.

If you like to mingle with the natives, take the green tram cars from the Central District (Hong Kong side) to Aberdeen, a harbor where you find the famous boat people and some glaringly ornate (and relatively inexpensive)

floating restaurants. The tram ride winds through some of the most congested parts of the island and offers great views of the harbor and the people who live in the colony. (Avoid the tram during rush hour–otherwise you`ll know exactly how a sardine feels.)

At Aberdeen, watch out for shills trying to finagle you into letting them take you on a tour of the harbor or out to the restaurants. One of the better floating palaces, the Jumbo, has its own dock and a boat that goes back and forth. The food is adequate, and the decor can only be described as early French bordello with heavy overtones of Mandarin Chinese. Take a flash camera –the folks back home will never believe it.

— The most concentrated shopping is in Kowloon–street after street of shops with everything you ever imagined. Shopping on the Hong Kong side is more strenuous because of the hills, but it somehow seems more authentic: dark alleys, small smoky shops, guys all over the place doing calligraphy, smells of cooking. There are also a number of large shopping centers in the colony. One of the newest is right next to the Star Ferry Docks and, in addition to lots of the usual Hong Kong wares, it specializes in goods from China.