The 99 year lease is basically identical to ownership as people are exchanging the "lease agreements" like property titles. China hasn't decided what to do when

The 99 year lease is basically identical to ownership as people are exchanging the "lease agreements" like property titles. China hasn't decided what to do when the lease is up but in general it is highly unlikely they'd make you renew the full lease. Most likely they're going to start charging property tax.