Leasehold comes with its own problems. Part of why China now has a imploding property market is that governments got addicted to leasehold revenues to keep tax

Leasehold comes with its own problems. Part of why China now has a imploding property market is that governments got addicted to leasehold revenues to keep taxes low, and so encouraged a lot of artificial scarcity. Affordability is much worse there; house prices in NYC are 10.5x income, SF is 12, LA is 13. Shanghai has a house to income price ratio of 47