But also no private property, right? Isn't everything a 99 year lease?
No private property rights in China, correct, it's 99 year leases. This is why rich Chinese use their money to purchase assets (including real estate) overseas.
I'm curious about the no property taxes comment though - does that refer to China or Japan? I thought China had taxes on everything, including property.
There is no property tax in China. It's a 99 year lease, so the original purchase is basically a tax.
Japan definitely has property taxes (I'm a homeowner there).
No, a 70 year lease.
yes, but functionaly it's the same thing. "Ownership" in other countries is just a legal construct. It's not like you can do whatever you want with it. There are countless rules and regulations you must follow - you can't build on it or touch in anyway without getting permits and your "property" can be confiscated if you don't pay taxes on it. So, I would argue no property rights with 0 property taxes is more like true ownership.