Desperate developers offering home buy-back schemes

Developers in two of China’s weakest housing markets are offering to buy back homes above the purchase price to boost sales as demand slows, Bloomberg reported. In Hangzhou Shenheng Real Estate Group is letting homebuyers sell back their apartments in five years for 40% above the purchase price, whilst in Wenzhou DoThink Group is offering to purchase homes for 120% of the purchase price after three years. The offers are the latest strategy by developers across China as they seek to maintain sales targets.