In a surprising twist, China's economic slowdown is prompting a unique trend: young people are opting for early retirement by snapping up cheap apartments. The once-bustling 'Life in Venice' development, a multi-billion-dollar replica of the Italian city, now stands silent with many of its homes empty. But this hasn't deterred individuals like Sasa Chen, a young Chinese woman who recently left her high-earning finance job in Shanghai. Chen now resides in a faux Venice apartment in Jiangsu, paying just 1200 RMB ($168) a month. This affordability has allowed her to retire at 28, a stark contrast to the aspirations of previous generations who prized upward mobility. The COVID pandemic has significantly impacted China's property market, with home prices plummeting and real estate prices falling. This has led to a shift in priorities, with young professionals embracing a 'lying flat' resistance movement, shunning careers and capitalism for a 'low-desire life'. Some are redefining their dreams to focus on rest and relaxation, much like the FIRE (Financial Independence, Retire Early) movement in the West. The cost of living in certain parts of China is significantly lower compared to the West, making it easier to achieve financial independence and retire early. The 'Life in Venice' development, envisioned as a weekend resort for wealthy Shanghai residents, now stands as a ghost town with many villas empty. Despite this, a smattering of residents have moved in, some even fishing in the development's tranquil waters. Chen, who once earned up to 700,000 yuan ($98,480) a year, now enjoys a life of leisure, waking up at 10 a.m. and filling her days with cooking, chilling, and long walks on the beach. This trend is not isolated; Beijing has lost 1.6 million people in their twenties and early thirties from 2019 to 2024, and cities like Hegang, a remote coal mining town, are attracting young people with shockingly cheap housing prices. As the Chinese economy slows, young people are struggling to find jobs, and some are rejecting the corporate rat race altogether. This shift in priorities is a broader trend, with young people facing reality and rethinking their futures.
