Masters in HK are of two kinds, Mphil, and MA. Mphil student have full funding, and Ma student not. The program you get accepted in HKU is not even an Mphil program.
Also, the media in HK is....i am not sure whether you will get used to it.
If you havent made your decision yet, do drop the admission from HKU!
redbeanpig is not lily. you never know unless you experienced.
The programe you mentioned in HKU is indeed not a good choice. trust me on that.
also, HK shall of no huge difference than the major cities in mainland in the foreseeable future(20 years or 30 at top). If you do really want to get your self trained well, do go to NYU. At least you dont need to spend most of your time learning useless Cantonese rather than useful English.
BTW, if you want to get a job in Hong Kong's media institution, Cantonese is extremely important. I am not sure whether that's what you want to spend time on.