Uh what you refer to as nominal possession is called a 70 year old residential lease of the land (one still owns the building on top), I'm not personally aware of many Chinese people who've owned a house for 70 years either but anyways there is debate on whether there should be fee on renewing the 70 year old lease or whether it should be automatically renewed but in either case property tax on inheritance isn't a bad thing.

Anyways yeah, the US is famous for always having respected personal property and not steamrolling entire neighborhoods of minorities to build roads and companies who further pollute the surroundings without moderation.

Plus, I'd much much rather prefer that all the houses in a country eventually go back to the state after use for redistribution, instead of to private corporations like Blackrock and Blackstone which can then turn housing into a speculation market to turn people who want shelter into cash cows, don't know about you but the former is increasingly sounding like the more democratic option.