Similar to my post on BA Avios redemptions, this post will focus on the best use of Asia Miles for short haul flight, up to 1,200 miles from HKG. A lot of the information from the BA post pertains to the Asia Miles program as well, because it is distance based.
Personally I know someone with 16,000 Asia Miles expiring at the end of July, with no need to fly anytime soon. As suggested in the other post, I recommend booking a ticket to someplace you anticipate possibly going within a year and changing the date later on.
Flight award options:
One-way economy 0-600 miles: 10,000 Asia Miles
Round-trip economy 0-600 miles: 15,000 Asia Miles
One-way economy 601-1,200 miles: 15,000 Asia Miles
Keep in mind China Eastern and Air China fly a number of routes short distance from both HKG and SZX.
Sample destinations on Cathay Pacific or Dragonair from Hong Kong below : (bolded destinations are better values based on usual ticket price)
0-600 miles from HKG:
601-1,200 miles from HKG:
Ho Chi Minh City