(Yicai) Nov. 30 -- In a bid to attract more buyers, eight real estate projects with units for sale in the Chinese city of Wuhan will offer full and unconditional refunds within 30 days to those who make a purchase next month.

The buyers will also be allowed to unconditionally exit any purchase agreements inked within the same period, the projects announced yesterday.

The developers will refund the entirety paid by buyers within the agreed period, without charging any breach-of-contract fees to safeguard their rights and interests and boost their confidence in buying, the Wuhan Real Estate Development Association said on WeChat the same day.

Unconditional refunds offer home buyers greater protection, Yan Yuejin, research director at the E-House China Research and Development Institute’s think tank, told Yicai. 

Against the backdrop of the property market slump, many potential buyers are waiting on the sidelines for fear of falling home prices, projects being unfinished, and a deterioration in their ability to make monthly mortgage payments in the future, Yan said. The move will help steer buyers, including those taking a wait-and-see approach, back into the market as soon as possible, Yan noted.

Unconditional refunds are the latest move by developers in Wuhan to promote sales without cutting prices. A similar measure as also taken by some builders in Shanghai, allowing buyers to pay down payments in installments over a year.

Editor: Martin Kadiev