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Cake day: March 31st, 2022

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  • cayde6ml@lemmygrad.mltoMemes@lemmygrad.mlAmericans be like
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    7 months ago

    This is a misconception bordering on a fucking lie. For all intents and purposes, in China you do own the land you purchase. The 70 year lease is mostly a formality. The government owns all the land legally speaking, much the same as literally any other country on Earth. Regardless of what a piece of paper says, the land is yours. The 70 year lease is just so the government can keep tabs on all the land in the country for different purposes, such as organization, urban planning, taxation, regulating land use and waste, and the state will compensate you for more than your home is worth, if the land is required for development, ala imminent domain.

    Ironic that despite officially being a lease, in China you own your land more than you do in the U.S., which is a blanket nightmarish patchwork of banks and home owners associations.