I think you need to have a HK address and HKID card (i.e. allowed to work in HK or resident/citizen), just the same case that I have difficulties applying AAdvantage Citibank card since my US address is university hall, not permanent.
My card is from my father account and he was invited by Standard Chartered to join the Plat MC (not asia miles) and the offer is my dad only need to pay primary card's annual fee and "life-time" waived sub-cards annual fees.
Concerning lounge access, good or not depends on what airline you fly and airports. e.g. Landside lounge only at Tokyo so I cannot use that for connection flight while the NW lounge at DTW just a few steps from AA (I fly with AA) check-in. Last time try to use ORD's lounge (delta's) but I walked 10 mins to there from AA's gate. :O
But a PP membership is still really great if normally fly coach class (like me).
[This message has been edited by HK-UMICH (edited 05-01-2000).]