Not quite. The way property is leased is such that you can indefinitely renew it for free until you are dead. The standard base lease is 70 years so you'll probably never run into problems. Even if you do exceed it it's simply showing up at an administrative location and talking to a clerk.

This came up about a decade ago since a bunch of people were panicking about their properties due to some older houses having only 20 years leases. The government then clarified that the difference is the management of the property (e.g. apartment complex) goes from the developer to the government at the end of the lease. Nothing else can force individual buyers out (except for "illegal" housing modifications).

In reality, when public works require demolishion, the government usually provides substitute housing instead of money. My understanding is that most people take the new house/apartment since they are actually new (less than 3 years old), in nice locations (most I've seen are near bus stops/subway stations with reasonable school districts and nearby supermarkets), and worth more than their old place. That being said Asian societal pressure definitely is a thing. So even if you don't want the new property you'll probably take it just to avoid the side eye.

Source: lived in Shanghai for 16 years. Still have my name on a deed somewhere.