I just checked their econ faculty page, here are a few observations:
(1) None of the assistant profs has a single Top 5,
(2) Only one of the associate profs has Top 5,
(3) None of their seniors is still producing high-quality research.
I see a lot of discussions about HKUST being a top program in Asia, can anyone explain why? Is it just a legend or are people misinformed? I think at least a dozen places in Asia have better publication records.