by the 4 factors you mentioned, after a while if Fed loosen the monetary policy again, and China zero COVID is completed, price will probably rise again? From history, I think outflow of human capital is short term.
One more factor, American dollars have risen 30% vs many currencies. The pact made devalued HKD not possible. Can only reflect in asset value. Therefore stocks have sunken 50%.Make your own conclusion on property value.