"they own the factories in China instead of leasing them ......

"they own the factories in China instead of leasing them ... because the manufacturing licences ... are attached to the realestate"

As I understand it, they will face a similar circumstance in Thailand (and indeed most SE Asian countries) where ownership of land by non-citizens (even partial in most cases) is not allowed. I believe industrial land may be available to majority foreign interests on long-term leases, but there will be strings attached concerning the use of the land (e.g. construction and operation of a factory). Far easier to just lease a Thai-owned building for the purpose, and as you point out, a better use of capital.

All IMO.