Are foreigners allowed to buy land in China?
I do not believe so.
At the very least, not non-Chinese.
China is quite focused on race. Big time.
Yes, but when you sell you have to keep the profits inside the country.
However, no one wants to invest in Chinese real estate, because their bubble is about five times the bubbliest that California got before the crash. This is why they are looking abroad, because we look cheap to them. Like the Japanese in the late 80s, who were buying up American real estate, we will end up with a bunch of nice buildings that they can't move back, and had to sell at a loss.