I am very sorry for everyone who may be potentially affected - but, sadly, this was all but unexpected. Racism or not, prioritising locals over expats when jobs are scarce is the case pretty much everywhere. Think about all the unfortunate European or Australian guys around Asia who got terminated in the past months. For most of them, their companies didn't "fire" them per se. They just refused to extend their contracts when renewal time came round. Why? Because they have plenty of their own ones to look after. And that becomes even more valid if expats also have higher salaries, accommodation allowances, schooling allowances etc. Those things are both a massive source of jealousy and annoyance to locals and an additional expenditure for the company when times are tough. You'd better accept it as it is than end up heavily disillusioned.