After Hama, Homs will be Assad and SAA's last stand. If Homs falls, it's game over for Assad. Russian air force just bombed a key bridge between Hama and Homs.
The rebels have already overran ar-Rastan (and crossing the Orontes River through a dam in the town/city), and is currently only 5 kilometers away from Homs. People in Homs are currently fleeing to Tartus and Damascus en-masse, and hidden pro-rebel elements are already openly targeting pro-government personnel in and around the city.
Seeing how the government forces have performed so far, the prospect of Homs remaining in the hands of the Syrian government for the foreseeable period of time looks increasingly dire.
Once Homs falls, the door to Damascus will be wide open. There's literally nothing but spans of open desert and arid hills between Homs and Damascus.
Judging by the present development on the ground, perhaps it is now time for Beijing to consider kick-starting the process of evacuating its citizens that are still present in Syria.
At present, there are two points where such evacuation procedures can be conducted in Syria:
One - Damascus, where PLAAF Y-20s can be sent to Damascus International Airport for airlifting citizens out of Syria by air. Since Damascus is still under Syrian government control, it'd be crucial to seize the opportunity while the airspace around Damascus is still safe for airlift operations.
Two - Tartus, where PLAN warships stationed at Djibouti can be sent to the Russian naval base there to sealift citizens out of Syria by sea. However, given that all Russian Navy warships have already been withdrawn from Tartus, any Chinese flotilla sent to Tartus would most likely be on their own now.