China's slowing economy is leading some young people to buy cheap apartments

Young Chinese are buying low-cost apartments in developments such as the 'Life in Venice' complex, and some say the low rents (around 1,200 RMB a month) let them step away from high-pressure careers and live with much lower monthly costs.

Young people in China are moving to very low-cost housing in smaller towns and remote developments. The 'Life in Venice' complex in Jiangsu, a partially vacant replica development, is one example where many units sit empty but some have been taken by new residents. One resident who left a finance job in Shanghai now pays about 1,200 RMB a month for an apartment and describes having more free time. Experts link the trend to a slowdown in property demand after the pandemic and to intense workplace pressure in some sectors. Key details: - A resident example: a former Shanghai finance worker now pays about 1,200 RMB ($168) monthly for an apartment in the 'Life in Venice' development. - Prices at the development have fallen significantly since the property market downturn and are reported to be more than half of previous levels. - Some young people are relocating to smaller cities and towns to take advantage of lower housing and living costs and to reduce work-related pressures. Summary: The shift indicates changing choices among some younger Chinese amid a cooler property market and difficult work conditions in high-paying sectors. Undetermined at this time.