Done. This system is actually a more efficient and socially responsible utilization of land resources.
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Real Estate and Land Ownership
In China, real estate ownership and land usage rights are separate. Land usage is limited, but ownership of real estate is not. China practices socialist public ownership of all land, meaning one person or organization cannot own land. When someone purchases real estate in China, he is leasing land usage rights that will expire. Land rights depend on how the land will be used:
Owners with land usage rights can manage the land however they choose (build houses and buildings, exchange land, inherit, pledge, or use it as collateral), but true ownership belongs to the state, which can withdraw the land leasing rights midterm for fair compensation.
If the land usage rights are transferred, the original contract expiration date still applies. At the end of the term, the contract could be automatically renewed, or the owner could be required to purchase the rights again.