That's not true. My last property was bought new from the developer and came with a 96 year lease. Renewable.
I don't think the perpetual lease is a problem, it's more than likely to be renewed by the Government on expiration - if you're still here after 20years or so.
I would not consider the land lease a reason to buy or not to buy....
Now the economy, and the issues with sub-prime, FCY and oil prices...
One may be prudent to hold off a bit I should think. I believe prices will come down a ways.
My two bobs worth anyway.