Police were called to an upscale residential estate in Beacon Hill after a burglary was reported on Sunday.
A 72-year-old resident of Dynasty Heights said he came home at about 9pm and found that his flat had been broken into and items were missing.
Police say the burglar entered through the flat's back door early on Sunday morning.
Jewellery, watches and commemorative banknotes, valued at an estimated HK$1 million, were stolen from the home, local media reported on Monday.
No suspects have been detained, and police said they were still in the early stages of the investigation.