Angry mainland homebuyers are mounting protests aimed at developers who are cutting prices to boost flagging sales. Their rage at the falling value of their homes reached new heights this month when China Vanke, one of the mainland's leading developers, announced price cuts of up to 35 per cent on some of its relaunched developments nationwide. The move saw a group of owners who had bought their flats before the latest price cut flock into the developer's office in Shanghai and present a petition protesting against the cuts. Some buyers who occupied the company's Hangzhou office asked for cancellation of their deals after losing up to 200,000 yuan (HK$228,300) on their units after China Vanke cut prices of unsold flats in the same development. Similar cases have been seen in Shenzhen and Beijing. However, China Vanke stood its ground on the strategy and emphasised that there would be no compensation or refunds. Centaline (Holdings) chairman Shih Wing-ching said China Vanke was not the only developer facing demands from buyers for refunds or compensation as a result of the price discounting strategies. 'Such behaviour reflects the fact that mainland buyers have little respect for contracts compared with buyer behaviour in developed cities such as Hong Kong,' Mr Shih said, because mainland buyers refused to bear the consequences of taking on market risk. Angela Lee, a partner at Baker & McKenzie, said developers had the right to force buyers to complete their purchases under mainland law and she believed some of the larger developers would enforce these rights soon. However, Mr Shih said many developers would prefer to settle the issue through negotiation to protect the company's image. Shanghai-listed Beijing Huaye Real Estate (China), for example, has decided to repay the difference to customers who bought their units earlier in a move to settle the buyers' anger.