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Many countries, you don't own the land, but a deed of entitlement to use the land/lease the land.
As for the 88 year lease, well, by the time you get your property, it's down to ~60 years of use from government speed, land development, etc. You are entitled to "re-lease" that same property after the time is up. Not forced to sell it back to the government. Trust me, my father and I own apartments in Shanghai, Shenzhen, and ChengDu.
It's not as terrible in execution as people tend to believe. One thing though, farmers do own their land. They are now the defacto "elites". In places like Shenzhen, those that owned the land, because they can't sell it, lease it out to foreign multinational companies that build factories and other stuff. So, these folks, just sit around all day collecting huge rental income...
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