KA employ HK ID holders on local contracts. They employ non-HK ID holders on expat contracts that include things like housing and education allowances, etc.
If they were to ever open up the cadet or PQC programs to non-HK ID holders then they would not be able to offer the expat extras to any new applicant again, whether that applicant was experienced or not, as it would be discrimination. That is what is happening at CX at the moment.
If you have a HK ID card, go for KA. You will get your training paid for, without a bond (ie no 'forgivable' loan) and you will fly from your first day in the RH seat, gaining those precious hours. If you're not happy with the contract after a few years, leave.