All of HK proper's food, water, and power came from the mainland, which China was threatening to cut off. Short of war there was no way the U.K. could have retained HK
I've never understood this line of argument. If the food, water and power were such problems, they were known about for decades, and there was plenty of time to correct them. Yet no-one cared enough to do so. This surely implies that these issues were never the real balance of power.
Or, to put it into more recent terms: Qatar has just had its land border with Saudi closed, where almost all of its food and supplies come through. Its gas reserves are predominately from gulf waters shared with Iran and subject to the disruption of many navies, from numerous gulf countries through to the USA. So it has no iron-clad control of its supplies. Following your line of thought, Qatar should have to cede its sovereignty to Saudi Arabia, yet I don't hear anyone suggesting this...