Purposefully creating a refugee crisis in your neighborhood is not a great idea. Maybe they could lock down the border completely with a zone of death full of mines and automatic machine guns to keep the refugees away, but that would be challenging to explain for the internal propaganda department, who have been describing Hong Kongers as true patriots opposing a handful of separatist rioters. How could they suddenly let them starve?
Yes they could pull that off. But at what cost?
HK maritime and airspace were surrounded by China Guangdong and Fujian province. China could easily starve the city to death at no effort at all.