Of course persons of non-Chinese race can hold a permanent HK Identity Card - providing the 7 year residency criteria is met. It entitles you to vote, and indeed all the accompanying rights of citizenship. The only difference between this and taking citizenship in other counties is that it can be lost; for example if you remain outside of HK for more than three years, or cash in your MPF fund before retirement.
"saam lap sing", or three stars that appear after the immigration codes on the card denote Chinese race.