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Ed Milza was shopping for a watch in a Nathan Road jewelry store.

“Do you have any Rolexes?” he asked.

The salesman glanced furtively to the right, then to the left, and pulled a “Rolex” out of his pocket.

After a little bargaining, Milza, of Staten Island, N.Y., bought it for $30. He knew that this watch was not a real and very expensive Rolex.

That night at dinner, the clasp on the watchband of Milza’s “Rolex” fell apart.

During five days in Hong Kong, Milza bought a custom-made Italian silk suit for $205 and a new pair of prescription eyeglasses for $100. He passed up the tailor’s offer to sell him two custom suits for $400.

Never mind that Milza doesn’t really like to shop. Never mind that some of his purchases weren’t really bargains. There is something about Hong Kong that brings out the credit cards of tourists from around the world.

Besides, who knows what’s going to happen to the shopping in this capitalistic city after China takes over in 1997?

Sometimes shopping tourists get bargains, sometimes they don’t.

Electronics and cameras, for example, used to be the big buys in Hong Kong. Now you often get the same prices at discount stores in America. But shops here are jammed to the ceiling-literally-with tempting buys in cameras and an amazing array of electronic gadgets.

Tailor-made clothing for men and women is one of the traditional Hong Kong purchases for tourists. Tailors pass out fliers on the street and buttonhole tourists in hotel lobbies. You can get a suit made in a day, but it’s not advised. At least two fittings, and preferably three, assures a better fit.

Choose the tailor carefully. Sometimes the styling can be old-fashioned, according to American standards.

Nathan Road on the Kowloon side is the scene of the most hectic shopping. But there are good buys on Hong Kong Island, too. Both areas have massive shopping centers with hundreds of sleek, upscale shops, hotel shops, department stores, and one-of-a-kind ancient markets.

Even if you’re determined not to buy anything, some shopping areas are worth a visit. Don’t miss the antiques stores in the Hollywood Road area, or the jade market at Kansu and Reclamation Streets in Yaumatei, Kowloon.

Antiques are laid out at your feet on Cat Street and piled helter-skelter in established shops in the Hollywood Road area. You can browse among the jade pendants, Mao buttons, snuff boxes, gilt Buddhas and Tibetan rugs for hours without spending a cent, if you can resist temptation. But a sensible pair of shoes is a necessity.

The jade market, open 10 a.m. to 4 p.m. daily, is three blocks of independent merchants and table after table of jade jewelry, unmounted jade stones and ropes of seed pearls.

The jade comes in various shades of green and other colors. But is it really jade, or is it glass or plastic? The salesman will flick a cigarette lighter against the stone to show it won’t melt, as plastic would, and rub it with a nail file to show you it won’t scratch, as glass might.

Plan to bargain; it’s expected. The salesman will mark the price on a pink envelope, crossing it out and marking the new price each time it drops. When you buy, you carry the jewelry off in that bag so you can show what a bargainer you are.

Winnie Chan, a guide from the Hong Kong Tourist Association, tells visitors not to be fooled by the appearance of the market or the salespeople.

“It’s a very good business,” she says. “They take in $1,000 (U.S.) a day. They have portable telephones, and those who work full time can afford BMWs.”

Sample price, after bargaining: $10 for a single-strand necklace of pink jade.

You Man Tei food market next door to the jade market is another good spot for browsing. Watch for the hanging black skin chickens (“good for the ladies”) and crocodile bacon (“good for asthma”). You’ll see customers selecting other fresh chickens by pressing and squeezing the chests. (Soft bones are a good sign.)

Other good shopping spots in Hong Kong:

– Diane Freis Factory Outlet, 10th floor, Unit A1, Kaiser Estate, 41 Man Yue St., Kowloon; 9:30 a.m. to 6:30 p.m. Monday-Saturday. It’s in an area of discount shops, with several in the same building. Racks and racks of brightly patterned Diane Freis dresses are left from recent collections.

– Diane Freis Shops-one in the Regent Center Shopping Arcade on the Kowloon side, another in the Marriott Arcade on Hong King Island. If you don’t want to buy one of her signature packable dresses, consider this: Women’s bikini panties in Diane Freis fabrics, with Diane Freis label, and in a tiny pink and white Diane Freis bag. About $7.

– Tsei Luen Jewelry Co. Ltd., Wah Ming Building, 34 Wong Chuk Hang Rd., Aberdeen, Hong Kong. Factory-guided tours and a large salesroom of gold and jade jewelry at factory prices.

– Chinese Arts & Crafts, Star House, Kowloon. Great store for browsing as well as buying. A department store, really, with jewelry, jade, linens, clothing, fabrics, art objects, toys and more from China.

– Bruno Magli Shoes. Shops in Marriott arcade, Hong Kong, and Ocean Pier House, Kowloon. Big selection of colors and styles, with everyday prices about the same as U.S. sale prices. Mostly small sizes, nothing above size 9. Asked why they don’t carry larger sizes, the clerk replied politely, “Not so popular in Hong Kong.”

– Ocean Pier House, Kowloon-Dozens and dozens of shops, including some designer shops. And just so you’ll feel at home, there’s a big Toys R Us among the shops, and a McDonald’s right outside. An elegant junk ferries travelers along Hong Kong Harbor.

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The Hong Kong Tourist Association publishes a free, 34-page “Guide for Physically Handicapped Visitors to Hong Kong.” Call 312-782-3872.