Base city

Kunming 昆明

The flagship. Eternal-spring climate on ghost-market rents.

Flagship

Rent

1BR center¥1,600 (~$225)
1BR outside¥1,200 (~$170)
Monthly, ex-rent~$540

Why it's cheap

Worst-performing large housing market in China — prices down 6.9% y/y; new supply exceeded household growth by 10–30%.

Climate

Year-round 15–25°C. The best weather of any major Chinese city.

Visa reset

Direct rail to Laos; short flights to Vietnam and Thailand.