Klinger..I have gone man bush and left my expat status a while back. I do however fly LCC out of HKG regularly and see many more locals and destination nationals AS well as non Locals.
I disagree with your interpretation of "feeling" the economy. The optics of closed shops and re rentals, the fact that its a buyers market whether its property, boats, cars and even vacation deals..shows that HKG is thread bare economically and struggling to identify other markets that traditionally was either thin or just not available...hence the pressure on getting better routes muscled out of HKG, such as Harbin et al in China and now Saudi. Yes, CX did Dhahran and Riyadh years ago but now this is about defining new markets as opposed to route delectation. Kuwait is also on the radar for the very first time from HKG !
"LKF expat fun" is at such a low key compared to pre covid, it makes one wonder if expats ever do more than get old over crappy beer in Wanchai or may not even be in HKG at all!! Ultimately, the stasis of what defined HKG is in for major change and I for one, with skin in the game here, wish it can succeed. Personally, I believe the future is in LCC concepts with the legacies remaining on thick routes that fall under more robust management in IATA as opposed to the reins that China are demanding of CX.