May I ask what hotel in hongkong best for rates (not high) but quality and location is good?

I suggest you book a hotel at Tsim Sha Tsui area. You may consider about the Kimberley Hotel, Hong Kong. It is a nice 4 star hotel with acceptable price.
When travelling in HK, you should not miss the Ocean Park, Stanley Market, Aberdeen, the Peak, Causeway Bay, Ngong Ping 360, Disneyland, Avenue of stars, Symphony of lights, the Temple Street night market, etc. Well, when in Macau, you should not miss the Fisherman's Wharf, Ruins of St. Paul's, Senado Square, A-ma Temple, Macau Tower, and Venetian Macau-Resort-Hotel.