Life in Venice: China's Multi-Billion Dollar Housing Project Attracts Young 'Early Retirees'

A large housing project called “Life in Venice”, built as a replica of the Italian city of Venice on China’s eastern coast, now stands mostly quiet and empty. The multibillion-dollar complex in Jiangsu province has thousands of unfinished or vacant homes. However, in recent years, the area has started attracting young Chinese people looking for a slower and cheaper lifestyle.

According to experts, there is a growing trend in China where young people are leaving expensive megacities and moving to smaller towns where housing and living costs are much lower. This shift has become more noticeable since the Covid-19 pandemic and the slowdown in China’s economy. In the past, many young Chinese moved to big cities such as Shanghai or Beijing in search of better careers and opportunities.

But in recent years, economic growth has slowed and competition for jobs has become more intense, according to news agency Associated Press. Many large companies, especially in the technology sector, follow the demanding “996 work culture,” where employees work from 9 am to 9 pm, six days a week. The stressful schedule has pushed some young professionals to quit their jobs and pursue a simpler life.

Housing prices at the “Life in Venice” complex have fallen sharply in recent years after China’s property market weakened. The project was originally developed in the early 2010s by property giant Evergrande as a luxury weekend resort for wealthy residents from nearby Shanghai. But demand collapsed after China’s property boom ended and Evergrande went bankrupt in 2024. Today, the massive development with around 46,000 apartments is largely empty. Less than 20% of the homes are occupied and many villas remain unfinished. Empty shops and “For Sale” signs line the streets, while abandoned boats sit near the pier.

Despite the quiet surroundings, some residents say the area offers a peaceful lifestyle. Meals at nearby restaurants cost less than $3 and the neighbourhood has basic conveniences such as grocery stores and small eateries. According to experts, the trend reflects changing attitudes among young people. Xiang Biao, director of the Max Planck Institute for Social Anthropology in Germany, said many people are stepping away from the traditional path of intense career competition. “People are quitting this competition and the clear upward career track,” he said. “It’s a broader trend.”

China’s economy has slowed in recent years, growing around 5% in 2025. At the same time, job opportunities for young people have become limited. By the end of last year, 16.5% of Chinese aged 16 to 24 who were not in school were unemployed. Another destination attracting new residents is Hegang, a former coal-mining city in northeastern China. As mines closed and people moved away, housing prices collapsed. Today, apartments in the city can be cheaper than cars.

Local realtor Yang Xuewei said he has sold more than 100 low-priced apartments to buyers from across China and even to some international customers who discovered the city through his online property tours. A small one-bedroom apartment can cost as little as $3,000, while a large four-bedroom home may sell for about $13,000. Economists say that rising living costs in big cities and fewer job opportunities are pushing young people to rethink their future.