As China's economy slows, some are snapping up cheap apartments to 'retire' early. But here's where it gets controversial: while some are embracing this new trend, others are concerned about the long-term implications. Is this the future of work-life balance, or a sign of deeper economic issues?
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. This is 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 relaxation, much like what some young adults in the West are doing under what they call FIRE: 'Financial Independence, Retire Early'. That's much more achievable in China because the cost of living in some places can be so low compared to prices in the West. Home prices at the massive 'Life in Venice' development have more than halved since the downturn in China’s property market a few years ago, and a lunch of noodles or a rice dish costs under three dollars in the neighborhood's restaurants.
The bargain prices have benefited young people like Chen willing to live in remote but affordable housing now available across the country. Chen describes it as the perfect life: a sea view, clean air, and cheap rent. "I have all the time in the world, the freedom of doing whatever I want," said Chen. "I am living the life that I want."
However, this trend is not without its concerns. As the economy slows, young Chinese are struggling to find jobs. As of December, 16.5% of 16-24 year-olds who aren’t in school were unemployed. Some, like 29-year-old Ban Zhao, are rejecting the corporate rat race altogether. Last summer, Ban moved from a bustling commercial city on China's east coast to a small town in China's southwestern Yunnan province. There, for just 800 yuan a month ($110) Ban rents an apartment with three bedrooms, one of which she converted to a yoga studio. She and her boyfriend work less than 20 hours a week, offering yoga classes online to make ends meet. The rest of the time, she walks around her scenic neighborhood surrounded by trees and blossoms, often enjoying the region's famed sunshine.
"I can do whatever I want and not do whatever I don’t want," Ban said. "I live in heaven."
Some are flocking to places like Hegang, a cold and remote coal mining city in northeastern China famous for shockingly cheap housing prices. As resources dried up and mines closed, young people left, turning Hegang into a city with far more homes than people. Apartments there are now cheaper than cars, making sales easy for realtor Yang Xuewei. Yang has sold more than 100 bargain-priced apartments to clients across the country — and even to some foreigners who contacted Yang after watching his online virtual tours. A one-bedroom apartment can be bought for $3,000, and $13,000 can buy a roomy four-bedroom place.
"I don’t know about big cities, I never lived in one," Yang said. "I can only say that living in Hegang is easy."
Chen Zhiwu, a University of Hong Kong finance professor, said higher living costs and fewer job opportunities in bigger cities are driving people to move to cheaper places. "It’s natural," Chen said. "Young people are facing reality and thinking hard about their futures." But here's where it gets controversial: while some are embracing this new trend, others are concerned about the long-term implications. Is this the future of work-life balance, or a sign of deeper economic issues?
