If you were in your home country and qualified for a job but unemployed, how would you feel about a foreigner doing that job instead of you ? Most people would become suddenly nationalistic and want to replace the expats with locals.
In some airlines, expats are there only on a temporary basis and they know it, with a five year contract renewable on "if required" terms. This has suited some people who only wanted a retirement job, or to get some jet time and move on. Until a few years ago CX was a career airline where you expected to stay until retirement, it was highly profitable and there weren't enough locals to fill the seats. Now there is a massive downturn with a greater percentage of local pilots than ever before, conditions have been on a downward slide for years and the idea of a family life in Hong Kong while working for CX has become far less attractive.
Unfortunately it's now reached the stage where having an exit plan is essential and it will need to involve a few years of not flying. Alternative means of making a living need to be looked into, along with accommodation and children's schooling. Having a "to do" list if the worse happens next month would be a sensible move.