According to Notification No. 15/2017 (the Negative List), foreign investment in the construction of and real estate investment in residential buildings is subject to joint-venture with Myanmar citizen/enterprises. The list does not prohibit nor imposes other explicit discriminatory conditions on the investment by foreigners in other types of real estate assets, notably land and commercial/industrial building [some activities require approval from the relevant Ministry]. Despite this, the Myanmar Investment Law (Art. 50), specifies that foreign investors [i.e. where foreign shareholding exceeds 35%] may only lease land or building for up to 50 years after obtaining an Permit (if the investment is subject to MIC Permit) or Endorsement (for all other investments) by the Myanmar Investment Commission. Otherwise, foreign investors are only allowed to lease land for up to one year according to the Transfer of Immovable Property Restriction Act 1947. Therefore, it is assumed that foreign investment in land is limited to 35% and residential real estate is allowed  thourgh joint venture with citizen investors, and no such restriction applies for commercial real estate assets.
"42. The following types of investment businesses shall be stipulated as restricted investment: [...]
(c) investment businesses allowed only in the form of joint venture with any citizen owned entity or any Myanmar citizen; [...]"(Myanmar Investment Law, The Pyidaungsu Hluttaw Law No. 40/2016 of 18 October 2016, Art. 42)
[...]
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)
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"List of Restricted Investment Activities
1. In exercise of the powers conferred under section 42 and section 100(b) of Myanmar Investment Law, with the approval of the Union Government, Myanmar Investment Commission issued the list of  restricted investment activities  as follows: [...]
(C) Investment activities allowed only in the form of a joint venture with any citizen owned entity or any Myanmar citizen :
Construction of buildings & Real estate activities with own or leased property (Development, sales and lease of residential apartments and condominiums) [...]" (Myanmar Investment Commission, Notification No. 15/2017, 'List of Restricted Investment Activities')
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"Chapter II Types of Investment: Restricted Investment Activities […] 
22. For the purpose of section 42(c) of the Law, subject to any express exception in the relevant notification, the minimum direct shareholding or interest of a Myanmar Citizen Investor in the joint venture is 20%. [...]" (Myanmar Investment Rules, Notification No. 35/2017 of 30 March 2017, Art. 22)
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"PART I - COMMENCEMENT AND DEFINITIONS
Division 1 - Name, commencement and definitions 
1. Citation and commencement of this Law and definitions
(a) This Law shall be called the Myanmar Companies Law.
(b) This Law commences on the date of notification determined by the President of the Union.
(c) In this Law, unless the context otherwise implies:
[...]
(xiv) “foreign company” means a company incorporated in the Union in which an overseas corporation or other foreign person (or combination of them) owns or controls, directly or indirectly, an ownership interest of more than thirty-five per cent; [...]" (Myanmar Companies Law (PyidaungsuHluttaw Law No.29, 6th December 2017)
Myanmar Investment Law, The Pyidaungsu Hluttaw Law No. 40/2016 of 18 October 2016, Art. 42.
Myanmar Investment Commission, Notification No. 15/2017, 'List of Restricted Investment Activities'
Myanmar Investment Rules, Notification No. 35/2017 of 30 March 2017, Art. 22.
Myanmar Companies Law (PyidaungsuHluttaw Law No.29, 6th December 2017
[<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>],[<a href="http://www.dica.gov.mm/sites/dica.gov.mm/files/document-files/20170419_eng_42_update.pdf">Notification</a>],[<a href="http://www.dica.gov.mm/sites/dica.gov.mm/files/document-files/mir_english_0.pdf">Rules</a>],[<a href="https://dica.gov.mm/sites/dica.gov.mm/files/document-files/final_mcl_english_version_6_dec_president_signed_version_cl_0.pdf">Law</a>]