How about my translate??

1. Hong Kong's basic problems are well known.
香港的基本問題是大眾皆知的.

2. It's too expensive, in terms of both wages and real estate, and its government is too big.
從工資和房地產角度來說, 成本真是太昂貴, 以及其管轄費用也太大.

3. University graduates have poor kilss not only in English but also in Chinese.
大學畢業生的中英文能力俱差.

4. Corporations are hiring in the mainland, and firing in Hong Kong.
各大公司正在內地進行招募, 以及在香港燃點起來.

2011-04-19 19:46:48 補充：
發問者: (4) Corporations are hiring in the mainland, and firing in Hong Kong.
也可譯成 : 各大公司一方面在內地展開招募, 另一方面在香港進行裁員.

Hong Kong's basic problems are well known.
香港的基本問題人人皆知It is too expensive,
它是非常昂貴的,

in terms of both wages and real estate,
在 工資和 房地產 兩樣條件中and its government is too big.
政府強大得很

University graduates have poor skills not only in English but in Chinese, too,
大學的畢業生不只英文差, 同時中文一樣咁差.

Corporations are hiring in the mainland, and firing in Hong Hong.
公司現在 聘在大陸和炒在香港


by Jeffrey
http://cytc-jeffrey.blogspot.com/

How about my translation ?

Hong Kong's basic problems are well known.
香港的基本問題人人皆知

It is too expensive,
它 是非常貴 (昂貴) 的,

in terms of both wages and real estate,
在 工資和 資產 上 咁講, “In terms of” 在這裡, , 不是'條件' 咁解 Example: “In terms of wages, I am not well paid. But I have free housing and free car”“ 在 工資 上 咁講, 我並不是優厚 。但是，我有免費屋, 和免費的車 “ and its government is too big.
它 的 政府是 大得很 (太過大)

University graduates have poor skills not only in English but in Chinese, too,
大學的畢業生不只英文差, 同時中文一樣咁差. (Good translation)

Corporations are hiring in the mainland, and firing in Hong Hong.
大公司等等 聘在大陸, 但炒在香港 Corporations 是大公司, 不是政府

2011-04-17 17:17:16 補充：
in terms of both wages and real estate,
在 工資和 資產方面咁講,