I agree completely with the comments made here.
(And I will send an email to George, suggesting he look at this thread.)
Meantime, my two cents on this topic would be:
+ The "incubator spaces" probably WERE property plays, but there's nothing wring with that - since they did provide some useful spaces for your entrepreneurs to meet and set up new businesses. And they also provided a platform for people who had money to meet those who wanted it. I visited HK-Cocoon a few times in its early days, and I was pretty positive on what they were doing. I even offered to volunteer as a mentor. I have highly relevant experience, but was rejected. So I came to see it as a sort of friends-of-friends thing. Not so much open to new comers, or people with overseas experiences. That's a pity maybe.
+ For a while, I considered setting up my own space. I found a possible place to Buy and rent out for young businesses. But I was too slow, and someone else wound up buying it. In fact, this happened twice. But the operations that went into the spaces were not for start-ups, One of my friends got the idea from me. He DID buy a space, and rented to start-ups. His space was in Kwai Hing, and he has done really well with it, as an investment.
+ A key thing for HK start-ups will be building on success. Those who launch businesses and do well, can be a source of capital for new businesses coming after them. The key thing is more than capital, it is having experienced people who can act as mentors for up-and-coming new businesses.
+ In start-ups, people learn as much from failures as successes, and sometimes more. So the culture has to be forgiving of failure - and HK is not very good at that IMHO