what type of property is constitutes investable. In a technical sense, all the land is owned by the government. So the major distortion is that land is owned by the government and local governments on the local level. So the government has a key interest in high land values. How does that work? Let's say you, if you're in China and you want to own something, how does that work? I still don't understand it. Well, the government's issue leases on the land. So you get a lease on the land for 20 years, 40 years, or 70 years. Most residential property will be 70 years. And then you own the building that's built on top of the land, but the government will have the right theoretically to take back that land at the end of the lease. It hasn't happened in most localities. In a few it has. A couple of them have tried to impose new fees. And the people who own the houses got really upset. They retracted it or they impose much lower fees. It's kind of a negotiation. So there's a quality like (46/57)
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