regarding overstay in China

Hi, I am from India. I am now on a tourist visa and it will expire on 15th of March 2012. I am offered a job in China. I am told to exit to Hong Kong and re enter with a Z visa. But the problem is , I didnt get the Z visa papers ready yet. So what is the possibility of me overstaying in China , till I get the Z visa papers and then I can enter Hong Kong and re enter China with a Z viSa? And do i need a visa to enter Hong Kong?