The same is true for China and its 99 year apartment leases. Everyone is assuming the government will roll over the leases for minimal fees, or eventually repulsed the leases with a proper property tax, but nothing is guaranteed yet.
Huh. In Canada you can’t buy land on First Nation reserves. They do 99 year leases, but you buy and sell the home the same way as if you were buying the land as well, since the expectation is that the lease would be renewable for the foreseeable future.