It's not such a big deal; in Hong Kong, for instance, all property (with very very few exceptions) is leasehold land. The most common term is now 75 years. The city has been in existence long enough that many of the original leases have come up for renewal at least once. In the vast majority of cases, the government signalled far in advance (10+ years) that: (a) it would renew the leases, and (b) the terms under which they would be renewed.

Yes, it is a different system than freehold property in Europe and America, but that doesn't make it unworkable.

This is interesting. What happens when you lose the right to the land your home or factory is built on?

Are there common provisions for renewing the land-use right? Do people expect that their land-use right will be renewed?