Ask HN: Hosting in Asia/South East Asia?

I need to choose a hosting company somewhere close to Hong Kong for a project, but I can't find anything equivalent to OVH's VPS offer in Europe and NA for example. Rackspace, Linode and local companies all have cloud or VPS offers but I can't afford to pay 100$/month when all I need is 1.5ghz and 2Go RAM... I also don't want to settle for something cheap that will have bad support and/or uptime. Is there any reason why hosting is so expensive in SEA? Has anyone found a more reasonable option?