Im sure there will be people interested in this new scheme.
Low time pilots will probably be interested for the opportunity to enter a major airline and fly widebodies, even if it means being an SO for 4 or 5 years. But unless they're locals, I can't see them staying on those conditions much past the JFO upgrade with a rating in hand.
Living here as an SO, even on COS99, is tight enough, so I can't imagine how it would be having to pay rent somewhere making 30K a month. They'd be better off coming to HK as english teachers...
I hope they don't expect to get cheap(er) expats that way.