No, Oneworld doesn't work like the Star Alliance. As JonNYC pointed out, each airline has their own individual set of rules. Lan is actually a lot simpler than most other programs. Except when you fly on LAN, the redemption rates are all distance based. Add up the distance, look at the chart, and you're good to go. It's the Star Alliance equiv of ANA.

In the case of HKG-DEL-HKG, the distance is about 7500km, which is 65k in economy or 130k in business. On Asiamiles, the cost would be 35k in economy or 70k in business.

So to ticket on LanPass, you would need to transfer 27500 starpoints for economy or 55000 for business. To ticket on Asiamiles, you would need 30000 in economy or 60000 for business. Sounds to me like the LanPass is a better deal. I have no idea how they are to deal with, though. I have been a LanPass member for some time, but I have never credited any miles to the account, and I have never taken out a ticket.