No. There is a lot of laws and regulations for eminent domain/land acquisition in China. For property in cities/towns, normally a third party will come in to assess the land and property value. "Regulations on the Expropriation of Houses on State-owned Land" governs land acquisitions in this case, and it says: "The compensation for the value of houses to be expropriated shall not be less than the market price of the real estate comparable to the houses to be expropriated on the date of the public notice of the house expropriation decisions. The value of the houses to be expropriated shall be assessed and determined by real estate appraisal agencies with appropriate qualifications in accordance with the procedures for evaluating houses to be expropriated”. source: https://urbanlex.unhabitat.org/sites/default/files/urbanlex/...
For rural land, legally it is known as "village collective owned land". Land acquisition is governed by "Land Administration Law of PRC". The village committee votes to accept a land acquisition compensation scheme. Section 48 says:" Compensation for people under land acquistation must ensure their quality of life does not fall below before the acquisition". Compensation must consider current land use, its GDP value, its resources, and its location. Compensation must be given first before the land acquisition. Living standard should higher than before acquisition. In practice, the compensation of usually includes, lump sum cash, a new residential home, the community condition around the new residential home is also part of package. For example: my grand parent's village was land acquired. They used to have a pretty poor home by modern standards. Bathrooms not connected to city sewage, poor bathrooms, bad heat insulation, far from hospitals, grocery stores, school. The compensation was 500k RMB lump sum payment(the home had a living area of ~150m2, around 3333rmb/m2), a condo style home in the town center 10km away built in 2018(100m2, three bedrooms, valued at 15k rmb/m2). A community hospital, child care facility within 100m2. A large scale city hospital within 2km. Family thought it was a good deal. Actually, a lot of people joke about praying for land acquisitions because they can get a pretty large jump in quality of life.
source:http://www.npc.gov.cn/npc/c30834/201909/d1e6c1a1eec345eba237...
Also, people can sue the government for land acquisition disputes. Some sample cases are here: http://www.court.gov.cn/zixun-xiangqing-95912.html. Case 5, the plaintiff found the compensation decision to be "lacking in facts, determined using illegal procedures, selection and use of evaluation entity illegal, evaluation price clearly lower than market price". The court agrees with most of plaintiff's case, and order the government to rescind land acquisition order. Government appealed, higher court sided with plaintiff again.
For rural land, legally it is known as "village collective owned land". Land acquisition is governed by "Land Administration Law of PRC". The village committee votes to accept a land acquisition compensation scheme. Section 48 says:" Compensation for people under land acquistation must ensure their quality of life does not fall below before the acquisition". Compensation must consider current land use, its GDP value, its resources, and its location. Compensation must be given first before the land acquisition. Living standard should higher than before acquisition. In practice, the compensation of usually includes, lump sum cash, a new residential home, the community condition around the new residential home is also part of package. For example: my grand parent's village was land acquired. They used to have a pretty poor home by modern standards. Bathrooms not connected to city sewage, poor bathrooms, bad heat insulation, far from hospitals, grocery stores, school. The compensation was 500k RMB lump sum payment(the home had a living area of ~150m2, around 3333rmb/m2), a condo style home in the town center 10km away built in 2018(100m2, three bedrooms, valued at 15k rmb/m2). A community hospital, child care facility within 100m2. A large scale city hospital within 2km. Family thought it was a good deal. Actually, a lot of people joke about praying for land acquisitions because they can get a pretty large jump in quality of life. source:http://www.npc.gov.cn/npc/c30834/201909/d1e6c1a1eec345eba237...
Also, people can sue the government for land acquisition disputes. Some sample cases are here: http://www.court.gov.cn/zixun-xiangqing-95912.html. Case 5, the plaintiff found the compensation decision to be "lacking in facts, determined using illegal procedures, selection and use of evaluation entity illegal, evaluation price clearly lower than market price". The court agrees with most of plaintiff's case, and order the government to rescind land acquisition order. Government appealed, higher court sided with plaintiff again.