Well me neither, but I certainly doubt all those Shanghainese are dropping millions on apartments that they don't even own!
And yes, real estate is leasehold, although the difference between auto-renewing leasehold and eminent domain-subject freehold seems to be a matter of semantics. The only country I'm aware of where a private citizen seemingly really can resist the ability of the state to seize their land, and thus actually does appear to genuinely "own" it, is Japan.
Well me neither, but I certainly doubt all those Shanghainese are dropping millions on apartments that they don't even own!
And yes, real estate is leasehold, although the difference between auto-renewing leasehold and eminent domain-subject freehold seems to be a matter of semantics. The only country I'm aware of where a private citizen seemingly really can resist the ability of the state to seize their land, and thus actually does appear to genuinely "own" it, is Japan.