The main point of the proposed legislation is that a tenant's right under an ultra-long lease - one that's been registered for over 175 years with more than a 100 years left to run - is akin to a right of ownership.
The main point of the proposed legislation is that a tenant's right under an ultra-long lease is akin to a right of ownership and so it would provide for such a right to be automatically converted to a right of ownership on an appointed day, with compensation for the former landlord.