The Chinese New Year day in 2008 is on 7th February. You can enjoy interest fairs, shows, scenic and shopping place around the city, if you are planning to visit Hong Kong during the Chinese New Year period.
During the last 5 days of the year (2nd - 6th February this year), there are several flower markets operating in the cities. The famous one is in Victoria Park (Tin Hau or Causeway Bay MTR). You can find several kind of seasonal flowers there in the wet market section. However, some funny and low price produce are on sold at the dry section there.
The flower market normally operate from the afteroon to 11pm, for the first 4 days. And will operation till 6am in the new year eve, so please can enjoy the countdown in the market at midnight. The price of the products in the market are reducing after midnight of the new year day, so you can enjoy having cheap things there.
At the new year day, there will be a parade showing around Tsimshatsui, to celebrate the most happy date for the Chinese society. On the second day of the new year, there will be fireworks show at the harbour. There two events are the major programme during the new year.
For shopping, most of the shopping mall are still operating during new year holidays, however, some traditional chinese style shops may be closed for 1 to 3 days. However, if you go to those major shopping mall, you can still enjoy there.
More information about Chinese New Year event in 2008: