If you follow the public policy discussions in China, you’ll likely notice more complication surrounding the 70-year leases. Basically everyone already feel they own the property, the government’s forceful attempt to reclaim property would be counterproductive and unlikely to succeed. Additionally, many government officials are not particularly fond of this policy. They prefer property tax like US. Individuals currently do not pay property tax in China, they are reluctant to pay property tax and argue that they have indirectly paid them when purchasing property. Consequently, the property tax and ownership restructuring are essentially stuck in a stalemate.