You do own the property after purchase, just not land. You lease the land. After 70 years, you will need to pay for the lease again, it automatically renews. I

You do own the property after purchase, just not land. You lease the land. After 70 years, you will need to pay for the lease again, it automatically renews. I believe it is set to 2% (too lazy to do research now). About the price, it varies a lot depending on city and area.