The “Life in Venice” housing development, a multibillion-dollar replica of the Italian city on the Chinese coast, stands silent. 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...