The MSBuild task has hardcoded support for this, if you set Properties on a ProjectReference the properties will get passed as global properties to the project being built:
https://github.com/dotnet/msbuild/blob/8636afcc4514b48a1a34c8051a00d953abe1318c/src/Tasks/MSBuild.cs#L517-L528
We should offer it in IntelliSense for discoverability.