Will a home page link from a PR8 chinese site help me? Will my site be penalized?
Maybe yes, maybe no. If the link isn't devalued by search engines, then yes it will provide some help. What kind of devaluation can happen?
1. The link could be completely devalued if Google suspects the site involved is receiving or making a payment for the link
2. The link can be partially devalued if it is a footer link or otherwise not used in content (i.e. a list of links)
No one except a current Google or Bing employee who decides to break the company's NDA (non-disclosure agreement) can properly answer your question. In other words, we are guessing.
What we do know is Google is a very intelligent entity with some of the best minds on our little planet working to ensure their results are not manipulated. What makes sense is Google locates sites which sell links and then adds that site to a penalty list and devalues all of their links. This could have already happened for the Chinese website you are considering. None of the SEO tools you depend on such as Open Site Explorer have any idea if a link has been devalued, so you simply see a high DA/PA site.
My recommendation is instead of trying to manipulate the system with such an effort, why not put that same money towards legitimate efforts? Even if your link does work for now, it can be devalued tomorrow or a year later. When it happens you will wind up back on these forums asking "why did my site drop in rankings all of the sudden?" We see it all the time.
If you have money to burn and desire improvement, some suggestions are:
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if you really want links, focus on the few accepted directories who offer links with value: BOTW, Yahoo, BBB, Dmoz. Also consider any niche directories for your industry.
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spend the money on trust symbols which add value to sites such as Verisign, TRUSTe, organizations like GBB.org, etc. Also consider any niche symbols related to your site.
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hire an SEO for a site analysis. Most sites have opportunities on page. Improve your site so it naturally ranks better. On page SEO is half the battle.
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hire a quality content writer. Most SEOs agree "content is king". Even for those who disagree, they understand content has a big impact on your rankings. Look for "best of the web" content, not just average internet content
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invest in graphics. Improve the look and feel of your site. Make it an award winning site to where it is discussed by graphic designers and other sites about how amazing your site appears. Create an infographic for your niche which others will naturally link to
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create a useful widget which your site's visitors can use and will offer a backlink
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hire an expert to write or officially review an article. Articles written by doctors, attorneys and other experts add credibility to your site.
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hold a content and give away a prize. If the contest is performed correctly, you can gain a lot of social media and other attention.
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create videos for your site. Quality, original media can make a big impact. This works for images as well.
You can pay a SEO to perform quality link building as well. Rather then hiring a permanent SEO, you may wish to hire a dedicated, intelligent college student who is capable of learning SEO basics and your niche. Let's say your site is a health food store. This link builder can then read the overwhelming number of health blogs and forums daily, offering comments and feedback as appropriate and occasionally linking back to your site with helpful information.
The list goes on but the point remains the same. There is a huge number of quality, white hat methods to grow your site in a sustainable way which provides real value and will last for years? It doesn't make sense to pay for links which may offer no value at all to visitors and may offer no value to you either.