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Yes - it is certainly possible to eat for two off that budget for a month, but you aren't going to be visiting many upscale restaurants, or consuming much alcohol.
If you get the ordinary ferry from Cheung Chau then a monthly ticket is $420 so you could save there.
But that is rather a long commute you've given yourself: probably 90 mins each way door-to-door which is going to leave you quite isolated from other people studying there, who often live within quite close proximity of the University.
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