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Why do you think Overture HK performed so badly? Some regional Overtures in Asia are worthwhile in their markets. Is the Hong Kong market covered just too small? If you're paying the money then somebody is clicking...is it just not focused traffic? What language KWs were you working with?
Any light you could shed on this might be beneficial to someone else looking to use Overture in HK.
A part of the problem is their editorial policy. You need Chinese language pages, even if the keywords you're bidding on are in english.
A part of the problem is that words that convert for us are english brand names and our landing pages are also in english.
Another part involves quality of traffic.
Beyond that, I'd be happy to reveal the day I feel suicidal and am ready to burn bridges. :)