Do the people of Hong Kong miss the era when it was a British territory?

It has been 29 years since Hong Kong was returned to China. Has it become a developing nation during this period, unlike when it was under British rule? Historically, if a territory belonging to China was a colony of Britain, returning it to China should be a joyous occasion, shouldn't it? Much like how we gained independence after being liberated from Japan.
Was the culture British and the language English before Hong Kong was handed back? When it was a British territory, was everything British except for the ethnicity of the people?