Agreement with crosscourt, and in fact there are a couple other reasons also:
It's actually carried below cost now, due to depreciation, so the value on the books is negligible.
They haven't had appraisals yet, so even if they wanted to carry it at maket value, they don't know the market value. Until recently it wasn't worth this much. It was worth a lot because of the growth of Shenzhen, but then the creation of this special economic zone and the rezoning of the land multiplied the value last year. Among other benefits to this land, qualifying companies can get 15% tax rate instead of the usual 25%. That alone is obviously a huge deal, nevermind being in a massively populated area, right next to Hong Kong, 6 miles from Shenzhen's airport, and sitting on a highway.
Leases are renewed at the end of the 50 years. They always are, and the fees are minimal. They are never refused renewal. If on the very rare occurrence the land needs to be used for something else, then you are supposed to be compensated at fair market value if they took your land from you. I suppose that is what happened when the flooded the yanganze river, and the took the land from the peasants, but i would bet that the odds of them flooding downtown Schenzen is fairly remote.
So the bottom line is even though the land is leased for 50 years, in a sense it’s the same as if you owned it as far as value goes.
And the value of the land isn’t in the book value. It’s a long term asset. Not sure about the depreciation, but at this point it doesn’t really matter than much anyways.