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.