It seems as though the approval went ahead and Transformers: Age Of Extinction will continue filming in Hong Kong.
Transformers 4 Director; Michael Bay and actors; Mark Wahlberg and Nicola Peltz has arrived in Hong Kong and the production crew is currently busy setting up the props. Production cars were spotted at Shaw Studios, these studio is known as the world’s most advanced film production and digital post production facility.
Filming will go on for 2 weeks.
Special thanks to 20005 Boards Member GabrielPrime for links and translation.