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The paradox at the heart of China's property regime

Foto: Mark Schiefelbein/AP

Late December brought reports of startling news about China's land regime: holders of 20-year residential leaseholds in the prosperous coastal city of Wenzhou would see their leases renewed automatically and without charge.

If true, this would have been momentous: it would mean nothing less than the return of private land ownership in China. Instead, it looks like leaseholders are getting nothing more than temporary squatters' rights...

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