1. if you father(-in-law?) is not US resident (tax), there is no estate tax.
2. you get the stepup tax basis and paid no gain tax.
3. if the properties at estate is appraised (apprasal is expensive in mainland) as $10m RMB. You then sold it for say $10m. After paying the transaction cost and fee of $300K(apprasal fee, broker fee, bank fee, notarize fee, translation fee), you have $300K RMB capital loss.
