I'm gathering you're working with static properties, not instance properties (as noted in the test name). I tried your code in Typemock Isolator 4.2.3 and it passed, but I believe it's technically incorrect because you're setting up instance expectations on static properties.
Try using the "CallStatic" property on the factoryMock instance, like:
factoryMock.CallStatic.ExpectSet("References");
Note the "CallStatic" in there before setting the expectation. This tells Isolator to refer to the static property or method rather than the instance version.
I tested this with a very simple "ProductFactory":
public class ProductFactory
{
public static int References { get; set; }
}
And when I changed the expectations to use CallStatic, it passed.