@ACIM, respectfully, it is a little naive to suggest that something that is leased has no value.
The value hinges on the term of the lease remaining. Leases of 50+ years (or even 100+ years) are common in many jurisdictions and give you effective control of the property for more than its usable life.
In many jurisdictions worldwide, Leasehold is a significant part of the model. Eg The United Kingdom has roughly 20% of housing stock as leasehold.
Also you don't have to own a property freehold to be able to sell your interest in it.
Accordingly, leasehold property goes up and down in value just like freehold land does.
Its about supply and demand. If the neighbourhood is going up in value chances are so will your interest in a leasehold property.
@Mr.Lumin was right, in China, you don't have a choice to buy freehold land as all land is government-owned and most industrial leases from the State are for 50 years.
So if you have land that you no longer need, you put your leasehold interest on the market, and the market determines the price.
If another company needs land, they cannot buy it outright (as the state owns it all) so the only way they can get access to land is to acquire an interest in by transferring the lease.
The market will determine the price just as it would for freehold land and voila, the leased land is valuable.
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