Depends on the property. Some is still stable or even increasing. There is only so much available on the island. Just had a unit in my building sell for about 500,000 K more than one 4 months ago, but its a sought after location in the midlevels. All those massive MTR projects and places like Tung Chung will take a big hit.
Layoffs? No way.. still understaffed , and isn't CX gonna fire the FRA guys who don't play ball?