If they can't be sold I think the numbers regaring value are dubious indeed.
Whether it's land use rights, leasing, or ownership as we know it in the West, it's all the same thing to me. You have the right to exploit the land and make a profit. If they book it, you can be sure the value is there.
But investors will think of any excuse to downgrade Chinese assets. Most people don't have a clue. You can thank a few corrupt Chinese companies and criminal short sellers in the US for that. It's the same thing with cash on the books. Most people would rather believe the cash is not there than getting stung investing in such a company.
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