Despite reports that the Forest City developer would refund buyers from China, the developer has since indicated that is not the case.

“In the event of home booking cancellation, we would also like to clarify that cancellation after a sales and purchase agreement has been signed is deemed as a breach of contract.

“The penalty clause, ranging between 10 percent and 30 percent, only kicks in when a buyer, who has decided to purchase certain promoted residential units, decides to default on the payment or cancels the sales and purchase agreement,” the developer, Country Garden Holdings, said in a statement last night, as reported by The Straits Times.