Here is one data point for anyone considering this conversion. I converted 50K IHG miles on November 3. They hit my MP account on November 17.
So, consider this rather awkwardly worded bullet:
"- To enjoy the Promotion, members are required to convert their hotel points from the 13 participating hotel loyalty programme accounts into Asia Miles (including auto-conversion) during the Promotion Period (i.e. the activity date for the relevant conversion transactions shown on the member’s Asia Miles or Marco Polo Club monthly statement must be between 1 November and 31 December 2017, and the regular miles must be credited to the member's account on or before 28 February 2018)."
If you look at the first part of the statement, "the activity date for the relevant conversion transactions shown on the member’s Asia Miles or Marco Polo Club monthly statement must be between 1 November and 31 December 2017", then you really need to initiate the conversion sometime before the middle of December, thereby allowing 2 weeks.
The "and the regular miles must be credited to the member's account on or before 28 February 2018" seems to conflict with the "shown on the member’s Asia Miles or Marco Polo Club monthly statement must be between 1 November and 31 December 2017", so I suppose we must go with the earlier date?