[theold]

Always buy where the locals also buy. Malaysia also have. Land is on leasehold and the building is freehold. Most of our residential and commercial buildings are on leasehold.

The Phillipines also have. The developer leases the land for 40 years. He develops it into resort houses by the sea.

Just guessing. The company leases the land from the government there. They have to keep paying to maintain the lease. Not enough buyers and not enough collections. Lease ended, they transfer the management to another party. Last time, there are those listed properties funds management. They take over from such managements.