We've all seen in this pandemic, that there is no room for common sense, just take a look at government decisions from politicians in places like the USA and UK. Too little too late seems to have been their way of trying to deal with it.
Regarding
PR employees versus simply being a HK ID card holder with residency on a work visa, that aspect may well be tested quite soon. Has legislation actually changed? If not, in 2008 this same aspect of LIFO versus government sentiment was looked at some 12 years ago, and whilst it was a government 'preference' at that time, our contractual LIFO trumped their preference of not making locals redundant. Ultimately, back then it didn't need to be tested.
I still think an incentivised early retirement scheme may be a great way to thin out some of the elder but more better remunerated pilots.