The only place I have seen them is around the Wan Chai Bar area. There are a load of bars in Wan Chai with alot of Thai/PI BGs. I have noticed obvious LBs hanging around the steets in and around Lockhart Rd on my way past to a couple of bars...
Assume they are exepnsive if BGs in the P4P scene in Hk are anything to go by.
I have also noticed some LB/TS escorts adds in the yellow pages.
If you are looking for female P4P recommend using http://www.sex141.com as a reference point. Have visited some of the ladies there plus used the hotel reservation (cheaper than escort company). There are some beautiful ladies from Korea, China & HK on the site and the pics are accurate.
As far as I am aware there are no ladyboy clubs in HK.
The freelancers hanging out around Lockhart Road in Wan Chai can be a rough lot as streetwalkers can be.
They are hired I understand by foreigner and Chinese with a penchant for the unusual.
Some work the bars and clubs and pretend to be natural women. Many a drunk has been fooled. There used to be some who hung in Neptune 2 just behind the Luk Kwok Hotel but this a mixed club.