Typhoon Vicente, carrying winds of 140 kilometres an hour, has injured more than 100 people as it passed close to Hong Kong.
Buildings collapsed and hundreds of trees were ripped from the ground. More than 270 flights were delayed.
Authorities raised the typhoon warning to the most severe level of 10 for the first time since 1999.
The Hong Kong stock exchange delayed the opening of trading Tuesday until authorities gave the all-clear that it was safe to go to work.
The 10 warning has now been downgraded to three, with the stock market expected to re-open 1pm Tuesday, Hong Kong time.
More than 600 trees fell overnight and pieces of buildings were seen crashing into downtown streets as commuters made their way home from work on Monday evening, when people were told to seek shelter.
Ferry, bus and train services were suspended or ran at reduced capacity, the port was closed and 44 passenger flights to the regional aviation hub were cancelled.
School classes and hospital outpatient clinics were suspended until further notice. Flooding was reported in five areas.
Almost 120 people sought medical treatment, the Hospital Authority said. Fifteen of these required hospitalisation, the government information service said.
Almost 250 people sought refuge in storm shelters. Local media reported that more than 100 commuters stayed in the Tai Wai underground train station overnight, unable to get home after services were suspended.
A landslide occurred in the upscale Peak neighbourhood but there were no casualties as a result, officials said.
© ABC 2012
15:08 EST Western Australia's grain belt is expected to be dry for the next two months.