They both based on the same manga called Hana Yori Dango, and that the live action of Hana Yori Dango and Meteor Garden 2001 are the most beloved adaptations of the manga.
It's just that the story of the live action version of Hana Yori Dango (2005) doesn't really same as the comic, I think some of the characters have the same vibes as in the manga better than the other version. For example, the Makino Tsukushi

They are both based on the manga "Hana Yori Dango" (Yoko Kamio) and there are many scenes in F4 Thailand that are taken at the same background like Meteor Garden 2001, such as Thyme and Gorya ars trapped in the fire escape just like Daoming Si and Shancai did, and that Gorya is bullied physically by her schoolmates such as Shancai was.
And also MJ (Nani) totally has the same vibes as Meizuo (Vanness Wu). They are the only adaptations of Mimasaka Akira that are totally the same as the manga, it's like they both came out of the comic.