The standard lease on property was only 40 yrs for long time. As people moved up the ladder, the lease rights increased to 60 yr in many provinces and upto 70-75 yr in others.
No, it is not by that standard.
If it is for:
Residency area, the term is 70-75 years;
Industrial usage 50 years;
Commercial, tourism, or others <50 years.
Still people cant have their homes for that long as many properties were redeveloped after 40 yrs which was mandated by the counties and provinces.
And it is also mandated by the law, whoever wants to redevelop that area, he or she needs to make compensation: cash + new units + others. Certainly, there are some cases, the developers use gangsters or other methods to reduce the amount of compensation, but that is illegal. If it is exposed to public or cause protest or even conflict, the local government will be the first one to see the consequence (lose jobs or even jail).
It is to be seen what happens to their homes after the increased lease duration. Maybe they will come with new redevelopment plans of their area and behold your house is gone again.
Well, if it is your own house for living, you can reject the re-development plan (if the majority of people in this area share the idea). For example, the area I used to live, from 1990s, there were quite a lot developers come to sell their development plans, but until today, nothing happened.
Also, as I mentioned, over 99.99% of Chinese love to be included in re-development plan: in general, the compensation is very good. That is also the reason the Chinese real estate price keep going up: around 60%-70% of development cost goes to the compensation.