Updated at 2.03pm:
A 41-year-old man, who had been hiking alone, was tied to a tree overnight and robbed by three men in Pokfulam, local media reported on Thursday.
Police arrested two men near a bus terminal at Chi Fu Fa Yuen on Thursday morning. The pair were two-way permit holders. One of them was wearing the victim's jacket when he was arrested, according to a television news report.
A major police search for more suspects was underway on Thursday afternoon.
The 41-year-old was robbed on a hiking track near Aberdeen Country Park around 4pm on Wednesday.
Three putonghua-speaking men, each carrying a knife, tied the victim to a tree for about 16 hours after taking his credit and ATM cards and $500 in cash.
Two robbers stayed with the victim until 8am on Thursday morning, while the third went to withdraw money with the ATM cards, local media reported.
The man was later discovered by other hikers after calling for help when the robbers had left.
He was sent to the Queen Mary Hospital on Thursday morning suffering minor injuries.
Blankets and the victim's belongings were found at the scene of the crime.
Since the end of March, there have been nine country park robberies; only one person has been arrested in connection with them.
In one incident, a couple were tied to trees for about 12 hours in Tai Tam country park after being robbed by four men.
Their plight became known when a robber answered a mobile phone call from the victim's mother.
There were 18 similar cases recorded in 2003 and 11 people were arrested.