Now I see your point. The problem isn't on the reported local time, but on the UTC time used by the Bitcoin client. Sorry for taking so long to get it
I'll see how to fix this. In the meanwhile, here's a workaround to the issue tailored for your needs. Just copypaste it in a text file and save it in the same USB drive you installed BitSafe on.
#!/bin/sh
#Fix how debian reads/writes hwclock
sudo sed -i 's/UTC=yes/UTC=no/' /etc/default/rcS
#Set the timezone
sudo ln -sf /usr/share/zoneinfo/Asia/Hong_Kong /etc/localtime
#Set UTC time as current(hwtime) - 8 hours.
sudo date -s @$(expr $(date +%s) - 28800)
Once done, you'll have to launch it from /live/squashfs/<filename>
before launching bitcoin. Let me know if it works!