The correct option is C Hong-Kong, currently estimated to be fourth in the list of the most densely-populated regions in the world, was originally a trading port that
The expression ‘the most’, a superlative degree is required to be identified by the definite article ‘the’. It has to be either 'the most or the fourth most' densely populated. Therefore, A, B and D can be dropped. Between C and E, E is totally off the mark in meaning as Metallicafan has pointed out; Hence C is the answer.