Mass closure of golf clubs in China.
Land use rights purchased more than 30 years ago expire.
Golf course owners across the country are panicking. There were many messages demanding to close fields by the end of the month or year.
Many golf course managers recognized that the projects required huge upfront investments and had long investment cycles, with many still not paying off. The investment in one golf course could amount to hundreds of millions of yuan, and now it is closed with just one announcement.
Golf courses are classified as illegal and irregular structures, and there is no legal concept of "golf course land" as such.
Chinese threat.