As China's economy slows, some are snapping up cheap apartments to 'retire' early

As China's economy slows, some are snapping up cheap apartments to 'retire' early As China’s property market craters and youth unemployment rises, burned-out young professionals are fleeing megacities for ultracheap housing in remote towns By ALBEE ZHANG Associated Press March 1, 2026, 8:23 PM The “Life in Venice” housing development, a multibillion-dollar replica of the Italian city on the Chinese coast, stands silent. Many of the tens of thousands of homes are hollow husks of concrete and alabaster. But in recent years the remote, partially abandoned complex has drawn unlikely new residents like Sasa Chen, a burned-out young Chinese woman who until recently worked a high-earning finance job in Shanghai, China’s bustling commerce hub. The appeal? Chen pays just 1200 RMB, or $168, a month for her apartment in faux Venice in the eastern Chinese province of Jiangsu. It’s so cheap that it's allowed Chen to retire at the tender age of 28. Experts say Chen is part of a broader trend that has seen a growing number of young people across China migrating to small towns and cities, taking advantage of cheap real estate prices that have been plummeting since the COVID pandemic. It's a stark reversal from previous generations that prized upward mobility. In decades past, China’s ascendent middle class flocked to booming megacities to chase jobs and dreams, once abundant as the country went from rags to riches . But as the once red-hot economy cooled, expectations have soared, opportunities have dwindled and competition has grown fierce. Most large Chinese companies, especially high-paying tech firms, requires a work schedule of 9 a.m. to 9 p.m. from Monday to Saturday, a grueling lifestyle popularly known as the 996 culture. Under the intense pressure, some young professionals have called it quits altogether and joined a resistance movement called “ lying flat ” — shunning careers and capitalism for a “low-desire life.” Some are redefining their dreams to focus on rest and rel...