Hong Kong supply-chain magnate William Fung and Hong Kong private-equity chief Mary Ma both serve on Christie's advisory board.

WSJ: Sotheby's to Launch Hong Kong Gallery

"The Chinese are differentiating between wearing athletic versus casual wear day-to-day, " said William Shen, Hong Kong-based partner at private-equity firm Headland Capital Partners Ltd.

WSJ: Change Afoot for Investors in China's Retail Sector

That's also the way William Overholt, regional strategist at Nomura Securities in Hong Kong, sees it.

CNN: Making A Magic Kingdom