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You should be able to afford a decent 2-bed place in Hong Kong but obviously accommodation prices depend on the area you want to stay in as well. I suggest taking a look at the Areas and Suburbs of Hong Kong page to get you started.
There are no barriers to expat children entering a local school, but some will struggle if they don't have any knowledge of Cantonese. Some local schools have an English stream which would help. Obviously, schooling choices will also depend on your child's age and how easy it would be for them to make the transition.
Good luck
Shantalie