We're planning to leave Kunming in December, but our rental contract is up in March. Our contract only specifies that we need to pay a penalty of 10% of a year's rent.

Does this mean we still get our deposit and our remaining months of rent back?

What's your experience?

Thanks in advance for sharing!

Yeah, you should get your deposit back, minus the 10%. If the deposit was less than 10% then obviously that will mean you being at a loss. As for the rent you've already paid, your landlord should return it to you, otherwise why have the 10% bit in the contract?

In my experience, yes.

I left one appartment in 2014 one and a half months earlier than contract stated. Note: earlier. Had paid rent for whole year. Knowing how it works around, didnt even bother to ask rental money back, but I wanted the deposit. Now that would sound reasonable, wouldnt it. Now listen up. The agency who had dealt the contract had the nerves to suggest I broke the contract by giving them back the appartment earlier than contract, even I had paid rent and gave them it back 1.5 months for free. This was just this trick; over here "deposit", "borrow" "loan" etc. sometimes means a gift. I had to contact a guanxi, i.e. a friend, to sort this out quick, as situation was in a hurry. I mean, yes, I got the deposit back after a short hassle.

Anyway, this was just one experience, dont rely on this only.

Most landlords will let you sign over the contract for a short term let to a new tenant, for the remainder of the letting period.
Basically, the new tenant pays you the balance of the rent. The agent may or may not want their full fee, for writing a new contract, and cancelling the old one (important thing to do). However, when we did this the agent only wanted a small fee.
For the new tenant this can be good if they have just arrived and are not sure of where they are going to stay. In most cases the tenant will renew.