It sounds odd and you are right this would not benefit the average man in the street if and when this law is passed. I would not like to live in a condo block if 49% was vacant anyway because it gives the impression they are not popular. This means those who have paid most likely double paid to counteract the 49% units left unsold.
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yes, since condos have to be particularly "zoned" in order to allow foreign ownership anyway, this is often the case and once the allure of the new building wears off the timeshare people come in and ruin what little good remained of such structures. A friend of mine was in a building like this and they all had management fees that eventually the tenants stopped paying and the result was that the common areas such as the pools and hallways and sometimes even the elevators stop being maintained.