Hey Fong3r, i guess if you meet the minimum education requirements then i see no problem. Having a degree may help, how much? I guess it depends on what other things you can bring to the table, e.g. flying hours, age, other relevant experience.
As for you being a HK citizen, i think that is a big plus. And although you have only 15 hours, its better than alot of people who have no hours what so ever. More over, i'm sure you're building hours to either a PPL or CPL, so if you do apply and manage to get to an interview, you would have a whole heap more hours by then!
Since you mentioned you've read the thread, the last 20-40 pages gives a pretty good oversight of the current conditions, and the biggest thing is housing. I think for people who already have a house/unit in HK, then the program is very attractive and a great opportunity. The real problem seems to be for non HK citizens and residents, who may find the exorbient HK housing prices a bit steeper than what they're probably use to seeing.
IMO, i think you should apply, you have some basic things that are more advantageous than many applicants
