I'm a 5'2 American woman who stayed at the Tokyo Hostel in Chungking Mansion for a little under a month.
First, Chungking Mansions (where the hostel is located) is truly one of the most interesting locations in Hong Kong. It features cheap and delicious cuisine from all over. My personal favorite were the cheap samosas sold all over on the first floor. There are cuisines from all over South Asia and Africa so please go try them!
Second, the place itself is not for everyone. If you're a traveler looking for the cheapest rooms in HK, this is the place to go. The rooms are minimal in terms of size but towels are provided and changed daily free of charge. The rooms are clean and did not have large bugs (something I everywhere else in HK). The Wi-Fi is absolutely incredible, and was better than most hotels I've stayed at (a surprising perk).
Third, I've read too many reviews from people who felt unsafe or uncomfortable because of the large number of immigrants, particularly Indians, present at Chungking. I can understand that the entrance to Chungking can be a bit overwhelming as everyone tries to convince you to go to their restaurant, hostel, etc. but it is not a violent environment. Competition is fierce, and this is an effective way to promote restaurants and hostels. During my time in Chungking, I met so many kind Indians, Pakistanis, people who have lived in Chungking for years, and they always made me feel welcome and safe.