What does the 40-year property right of Meizhi Life Plaza mean?

To put it simply, according to the Land Management Law of People's Republic of China (PRC) and the Property Law of People's Republic of China (PRC), the property right you own is lifelong, but the land belongs to the state, and you only have the right to use it, but not the ownership. But the real estate is built on state-owned land, so how many years of property right actually refers to the land use right.

Article 12 of the Provisional Regulations of the People's Republic of China on Assignment and Transfer of Urban State-owned Land Use Rights stipulates the term of land use rights:

The maximum period of assignment of land use rights is determined according to the following purposes:

(a) residential land for seventy years;

(two) fifty years of industrial land;

(three) fifty years of land for education, science and technology, culture, health and sports;

(four) forty years of commercial, tourism and entertainment land;

(five) comprehensive or other land for fifty years.

Hope to adopt, thank you.