Inflation-adjusted home prices in China have fallen below where they started two decades ago, and the fiscal fallout is hitting local governments even harder than developers.
Basically, you can own your house, (the materials used to build it, the items inside of it, etc), but not the land it is built on. So after that 70 year lease is up, you (or more likely, your descendants) will need to either move off the land or sign a new land use contract with the applicable government (either local or state level).
historically, europe had similar laws. the land and the farms on it were owned by two different people. the land was owned by the landlord but the farm was owned by the farmers.
historically, europe had similar laws. the land and the farms on it were owned by two different people. the land was owned by the landlord but the farm was owned by the farmers.