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Actually, if you want to fully enjoy the carnival activities in Hong Kong,
the most cost-effective way is to stay in Shenzhen, with a round-trip fare of 150 yuan, and Shenzhen hotels are only a bit over 200, which is already quite comfortable.
There's no need to stay in Hong Kong for nearly a thousand, or those costing several thousand. The high-speed train from Shenzhen to Hong Kong runs every few minutes, just like a bus.