Hong Kong has a completely different culture to that of mainland China, so must be judged accordingly.
Art is fine in China...as long as you tow the party line. In HK there are many real art galleries, and places where people can practice dance and drama freely.
Sure, their modern day culture is rather shit. But 'shit' can be fertile and I am optimistic that great new things can go from it one day, especially amongst the creative classes. However, what currently worries me is that creativity seems to mainly belong to the bored rich young people (that have nothing to struggle for) and it can be difficult to take some of what they do seriously.
Also, there's evidence of the government interfering in the arts. Although Mr Xi's intentions may be honourable, not allowing art to grow organically could have terrible results. - http://www.bbc.com/news/entertainment-arts-29645574