Foreign invested enterprises are not allowed own or possess land for business purposes, but medium-term renewable leases (rom 15 to 60 years typically) are possible.
"Article 5. Land Owners 
5.1. Any land other than that granted for ownership to citizens of Mongolia shall be the state property. 
5.2. Land, excluding pastureland, land for common tenure and land for the state special state needs, may be given for ownership to citizens of Mongolia only. 
5.3. Issues related to giving land for ownership to citizens of Mongolia shall be regulated by the relevant law.
Article 6. Land Possessors and Land Users
6.1. Mongolian citizens of 18 years and over (hereinafter referred to as "citizens"), companies and organizations may possess or use land in compliance with this law. 
6.2. Unless otherwise provided in law, following land, shall be used for common purpose under relevant government agency’s control and regulation: 
6.2.1. pasturelands, water points in pasturelands, wells and salt licks; 
6.2.2. public tenure lands in cities, villages and other settlements; 
6.2.3. land under roads and networks; 
6.2.4. lands with forest resources; 
6.2.5. lands with water resources. 
6.3. Foreign countries, international organizations, foreign legal entities, entities with foreign investment, foreign citizens and stateless persons may become users of land for a specific purpose and period of time subject to contract conditions and in compliance with the law. 
6.4. Those plots of land developed as attachment of the main building in compliance to building requirements for inhabitants and owners of apartment building, such as green grass, trees, bush and vegetation, children’s playground, shade erections, pedestrian path and automobile roads and parking space can be 
[...]
Article 17. The power of the State Ikh Khural 
17.1. The State Ikh Khural shall have the following power with respect to land issues: 
17.1.1. to formulate the unified state policy on land issues; 
17.1.2. to make decisions on giving land for use to foreign countries, international organizations and foreign legal entities under lease and concession agreements for a certain period of time; 
17.1.3. to take land for the state special needs for the purposes referred to in provisions 16.1.2-16.1.4 and 16.1.9 of this law or to release it from special state needs and to determine the size and boundaries of these areas; 
17.1.4. to determine size and location of land for implementation of regional international projects and events. 
[...]
Article 30.Duration of Land Possession
30.1.The state-owned land may be given possession to Mongolian citizens, economic entities and organizations for duration of 15 to 60 years. The land possession certificate may be extended for not longer than 40 years at a time.
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Article 44. Giving Land for Use 
44.1. The issue of giving land for use to foreign countries, international organizations and foreign legal entities shall be dealt in compliance with provisions 17.1.2 and 18.1.6 of this Law. 
44.2. The principle of reciprocity shall be applied if it is necessary to establishing the size of land and the amount of fees for land to be used by foreign diplomatic missions and consulates, as well as resident offices of international organizations. 
44.3. Terms and procedures for use of land by foreign diplomatic missions and consulates, as well as resident representatives’ offices of international 
organizations shall be settled by international treaties of Mongolia.
44.4. Governors of relevant levels shall make decision on giving land for use to foreign citizens and stateless persons permanently residing in Mongolia (for more than 183 days) through land auctions for household needs only. 
44.5. Foreign invested economic entities can use land for specific purposes, terms and conditions set forth in this Law and the Government shall set the relevant term/duration. 
44.6. Citizens referred to in provision 44.4 of this Law may be given land for use not exceeding 0,05 ha for a residential lot, and not exceeding 0,1 ha for cultivating vegetables, fruits and berries. Land may be given for use for up to 5 years on a contract. Land use contract may be extended by up to 5 years at a time. 
44.7. Foreign citizens and stateless persons shall obtain a certification from the relevant authority in charge of foreign citizens' issues before submitting their requests for land use. 
44.8. Procedures of provisions 32, 33.1.2, 33.2, 34.1-34.5, 34.6.1-34.6.8, 34.6.10, 34.6.11 and 34.7-34.10 of this Law shall be followed in making requests for land use, reviewing requests and making decisions on the requests, determining contents of land use contracts, and concluding such contracts. 
44.9. Contracts of land possession and utilization will be terminated for Mongolian citizens, economic entities and organizations that gave the land for utilization to foreign citizens, stateless persons and legal persons without prior approval from the authorized organization, and shall  bear compensation for damages deriving from the land utilization.  [LAW OF MONGOLIA ON LAND, 1 January, 2003]
LAW OF MONGOLIA ON LAND (revised version), 1 January 2003
[<a href="https://legalinfo.mn/en/edtl/16231470738171">Law</a>]