Jando S.
Yelp
There is no doubt that Lan Kwai Fong (LKF) is one of the most unique parts on HK island. A part of Central, it was an hilly area that was dedicated to street vendors before undergoing a revitalization a few decades ago. Foreigners have invested heavily in these parts in the form of various establishments, including hotels. Now it's become a nightlife driven area, filled with bars, trendy restaurants, clubs, and a ton of expats. There is a party happening here every night.
The energy is infectious, there is always something to see, do, drink, and eat at LKF. One thing I appreciate about it is that it's not exclusive to young folks (#1) but there is a lot of older adults finding their venue of choice as well. An overwhelming amount of the people here are expats, some tourist and some that live in HK and unsurprisingly only know Central.
There are plenty of clubs and "dive" bars but for the most part, all alcohol is expensive. A number of venues will require membership (#2), some will a dress code, and many more will require a cover fee upon entrance. The latter is especially true for packed clubs as well as lounges with live Filipino cover bands. (#3) A lot of folks will end up going to the 7-Eleven on D-Aguilar and get their beers prior to going into the spots. Due to a number of reasons, places change hands and close / open up at something else, frequently.
For newcomers to this area, don't rely on LKF to provide an exemplary food experience of any kind. The random pizzas, chain restaurants, and kebab places can only go so far. Tsui Wah (http://yelp.com/biz/t0PwG12VcFZ8AYpDwll2AA) is probably the most popular local option, but even then it's been so tourist driven that the prices are different. There is definitely better food in different parts of Central.
If there was ever a place to watch people, this is certainly it. Hiking up the hills throughout LKF are exhausting, especially in the summer and many of the places offer lackluster air conditioning as is. Just as there are major D-bags lining up the street, also beware of the shady characters looking to capitalize on tourists. If random people approach you requiring money for any of their services (whatever they may be), just walk away and keep going.
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(#1) The legal age of drinking in HK is 18.
(#2) Which for some people is worth the thousands of HKD per year. #riffraff
(#3) Which are some of the best in the WORLD.