Most of the successful applicants are Ex-Ryan Air guys from Europe. The pass rate for the sim is very low. One group had 14 with only 3 passing the sim. Of those 3 only 1 was successful in the medical. Remember you will do 2 actual checkrides in the sim, one for the company and one for the CAAC. Rarely they are done simultaneously but normally the company/interview ride and then the CAAC check, before you even start training.
I think this will be an OK contract if you are a type rated Captain. If you are Non-typed I would avoid this contract as you will be a defacto Cruise Captain. You will fly with another Chinese Captain and an FO on longhaul and ULR flights, never actually signing for the jet but just as an enroute Cruise Captain. Trying to log the flight time as PIC will be very problematic. If you are age 50 plus then I would also avoid this contract as the Chinese astronaut physical will most likely knock you off somewhere along the way. The Chinese are getting many applicants for this contract and they continuously advertise through multiple recruiting agencies just to get a few who will pass all categories of the interview process. Remember the interview is almost a non-player in China. It is the sim and the medical that really count here. Trying to get one base or another will only disappoint you. Plan on going to Guanzhou for most of your flights and if you get a Sydney or another city to start a trip then count yourself lucky. Because this is a new contract plan on may growing pains and several years of trying to educate the CS management on how ExPats want schedules, commuting, basing etc. Overall I think long term this has good potential for rated pilots but NTR pilots will take 18-24 months plus before they actually ever see themselves as the true PIC.