In the timeline I am working on (see sig) I am letting the UK keep Hong Kong. My though was directly after WW2 the nationalists might be willing to cede the New Territories in exchange for now surplus armaments and money. The Royal Navy in 46-47 has quite a few ships it is planning to scrap and could easily transfer at least a dozen. It would have to be done before the People's Republic of China is proclaimed though or the PRC will want it back even more...