We celebrated Chinese New Year (of the Rooster) in Hong Kong. It was a package from Cathay Pacific an the HK Tourism board. We stayed at Harbour Plaza. Pretty deluxe with orchids in the bathroom and the like. If I was doing it again, I think I'd try the Miramar or even BP. They are just off Nathan Road, the main shopping street in Kowloon. Of course if the treasury is full, there's the Peninsula.
HK was a Brit territory for nearly a century, so all signage is in English as well as Cantonese. You will have no problems getting around.
An earlier post linked DiscoverHongKong, so I won't duplicate it. That's sort of the definitive 'what to do' website. I'd plan on getting an Octopus pass for buses, trams, metro, ferries. Take at least a half day guided tour to get the 'lay of the land' then go for it. The locals are big on horse racing, there's a track in the city.
Go for dim-sum. There are many restaurants. You can get a menu in English and/or with pictures. Restaurants in HK post menus on or near front entrances so you can see what's what.
Take the funicular to the top of Victoria Peak. Great views, and there's a mall at the top. DW found a ton of shoes she can't find anything like in the US. I know, it's a wife thing.
If you have time, you can take a train to the border and enter mainland China. We didn't do that because we've been all over China and weren't dying for another visa stamp.
Many say Macau is cool. Go. Report back.
All-in-all, We loved HK. Would go back in a minute. New year is a sort of weird time. Many shops closed, everyone's birthday, massive fireworks show in the harbor. The whole fishing fleet was moored in Aberdeen. It was a miles' square raft of boats tied together with families doing what families do.
Enjoy your trip, and if I think of any other must-do's, I'll add 'em.
Jim Ricks