zehrila - 10:02 am on Sep 26, 2011 (gmt 0)

I think Language of website also matters, hosting a .hk site in local language on a US server would still rank you better in Google.hk, the only drawback would be the amount of hops between local visitor ip and your server.

From past few experiences, i have noticed that ip addresses do make a difference, e.g a .co.uk site hosted on UK ip might rank better in Google.co.uk compared to a site hosted on Russian IP.