Apple Trying to Grow Share in China with Trade-In Program

According to a report in Bloomberg, Apple Inc AAPL will introduce a trade-in program for iPhones in China. Beginning March 31, consumers can take older iPhones to stores for credit against other merchandise.

Apple is in the midst of expanding its footprint in China, with CEO Tim Cook expecting to double the stores in mainland China over the next year and a half.

Foxconn Technology Group will buy and resell the phones directly on behalf of Apple. Apple store employees will assess the phone's condition and offer the credit.