We looked at this. Even with the advantage of a Cantonese wife, I never got close to understanding what was happening. But I can share with you that you must begin by checking the lease (a public record at the government offices in Queensway) for any "restictions on alienation". Also, if it belongs to a traditional organisation (known as a "tso" or "Tsong") you may even require permission from the Secretary of Home Affairs.
Quite apart from these legal issues, there is a "face" problem: the land has often been passed down from father to son for generations and the whole village (ie cousins/uncles) will gossip if the current owner sells it. Hence the need for him to retain some form of notional "ownership".
And the next thing is that some of the land "belonging" to the house may in practice be communally owned and already verbally "promised" to a developer at some unspecified and/or unverifiable future date.
Anyway, the first port of call is to pull up all available public info, either by going to Queensway or by getting it online here:
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Your life will be a whole lot easier when doing this search if you know the "Property Reference Number": select that search option in the dropdown box.
In the end, we decided - using a discount rate to reflect the risks that was plucked out of thin air! - that we would bid the equivalent of seven years rent for a comparable property. This was about 30% away from the owner's bottom line, so we didn't proceed.