Well...that type of decision depends on a lot of things.
I've never lived in the Netherlands so the only things I know about the education system are all from my own studies for my master's degree (a number of my lecturers were from the Netherlands). If you and your family don't speak Dutch, that is going to be a roadblock for education in the Netherlands unless you are going to attend an international school--even so, speaking Dutch is pretty important.
Also depends on what your connection to Hong Kong is and what type of education you're seeking for your child here.