Originally Posted by
hearingdouble
Thanks KARFA, that makes sense.
In practice, that means that there's no TFC advantage to routing LHR-PVG/HKG-LHR (to take advantage of the cheap one-way taxes out of HKG), rather than LHR-HKG/PVG-LHR. In fact, it looks like the TFC will be cheaper flying out to HKG first: a dummy revenue booking suggests that the TFC will be £530.37 by flying out to HKG and back from PVG. (I dare say that's an easier booking to make as well, since HKG is a more popular redemption destination so can be booked online at midnight.)
You are correct there is no significant advantage going via HKG on the return. Also I think you are right that reward availability from HKG can be harder to find than PVG.