Chungking Mansions is a building on Nathan Road between Mody Road and Middle Road in the Tsim Sha Tsui area of Kowloon, Hong Kong. If you're on a tight budget, or just want to save some of your lodging budget for chicks, this is where you'll probably end up. The Tsim Sha Tsui MTR station is very close with an entrance/exit across the street.

In addition to a busy market of stores, restaurants, and money changers, the Chungking Mansions has quite a few guesthouses. I stayed in Maple Leaf Guesthouse at a rate of $30 per night, booked through Hostels.com. I didn't try, but I imagine it would have been easy to find a room there or one of the other guesthouses for a comparable rate, there's a lot of competition with touts standing near the front entrance looking for arriving travelers.

You'll unlikely be able to bring guests back and the rooms are tiny, I couldn't even stretch my arms out without hitting the walls, but wifi should be free and you can use your savings for other things.

If you do need short time rooms, they're available in Wan Chai. I used two and believe the rate set me back about $25 US. It might have been more or less. I forgot to take notes on that.

That building is still standing? You've got to be kidding. I stayed in it many years ago on my cherry trip to Asia and even as a student backpacker I was impressed by what a slum/firetrap/shithole the place was.