Is January 1 a holiday in Hongkong?

Greetings. My family is planning on a trip to Hongkong this coming January 1, 2012. Does Hongkong celebrate the traditional New Year's day? Maybe the malls & theme parks are closed on that day just like most of the business establishments here in the Philippines. Our day 1 itineraries are a visit to Ngong Ping & Disneyland. Are MTR's operational too? Also is it foggy during the first week of January? The last time we were there was February 16-20 of this year & we did not enjoy the view from the Peak & the giant buddha is 0% visibilty! Hoping for your replies to all of my queries. Thank you very much.