Although it's quite expensive to buy a house and ridiculous to buy a car with at least 100% for import tax in China, the overall living expense here is quite cheap compared to what one usually pays for in the US.
I moved in this very nice 4-bed-2bath-apartment with ocean view in a high-rise community in ShenZhen. Although it is from one of the nicest and the most expensive community here, the monthly rent is about 7500RMB (less than USD 1200). And I converted an entire room to a closet for my clothes and shoes. A quite luxurious lifestyle. :)
P.S. The average monthly income in ShenZhen is less than RMB6000.
The grass-land in the community, at the end of which is the bay and the bridge to cross over to HongKong. It's quite a view to watch the colorful lights at the HongKong bay at night, especially over a glass of nice wine.