Foreign ownership of land and buildings for business purposes is prohibited. Foreign investors are only allowed to lease land for up to 50 years, renewable twice up to 70 years. 
"Chapter XII Rights to Use Land
50. (a) An Investor who obtains permit or endorsement under this Law has the right to obtain a long-term lease of land or building from the owner if it is private land or building, or from the relevant government departments or government organization if it is land managed by the government, or land or building owned by the Union in accordance with the stipulations in order to do investment. Citizen investors may invest in their own land or building in accordance with relevant laws.
50. (b) Foreign investor may lease land or building either from the government or government organizations or from owners of private land or building from commencing on the date of receipt of the permit or endorsement of the Commission up to an initial period of (50) years in accordance with the stipulation
50. (c) After the expiry of the term of the right to use land or building or the period of right to lease of land or building permitted under subsection (b), a consecutive period of (10) years and a further consecutive period of (10) years extension to such period of lease of land or building may be obtained with the approval of the Commission [...]
50. (e) The Government may grant more favorable terms and conditions for the lease of land and the use of land by Myanmar citizen investors.[...]" (Myanmar Investment Law, The Pyidaungsu Hluttaw Law No. 40/2016 of 18 October 2016, Art. 50)
Myanmar Investment Law, The Pyidaungsu Hluttaw Law No. 40/2016 of 18 October 2016, Art. 50.
[<a href="http://www.dica.gov.mm/sites/dica.gov.mm/files/document-files/myanmar_investment_law_official_translation_3-1-2017.pdf">Law</a>]