I communicated with investor relations yesterday regarding the land value. I was told that NTE has not fixed a specific value and that their value analysis is not complete. They did say,however, that they believe the value to be "substantial".
All land is leased for 50 year terms in China. At the end of 50 years, you renew your lease. In a sense, you basically "own the land" as far as value goes, but technically it is leased. Land changing hands in the $200 to $500 per sq foot ranges is all leased.
Technically, China could refuse renewal of your leases I suppose, but if that ever happened, the entire Chinese economy would impolode as real estate is a huge aspect of the economy. It would make what happened in the USA 4 years ago look like a walk in the park.