A new report claims that Chinese consumers will be able to take their older iPhones or Android smartphones to Apple stores in China for credit against the company's products as soon as March 31. The Foxconn Technology Group will buy and re-sell the phones as part of the program.

Under the China program, retail staff at Apple outlets will assess an iPhone's condition before offering store credit for those originally bought in Greater China. Foxconn will buy the phone directly without Apple ever taking ownership.

Foxconn will reportedly repair the devices if needed and then sell them through its e-commerce sites eFeihu and FLNet, and through Alibaba Group Holding Ltd.'s Taobao online store. Foxconn is also in talks to sell the iPhones through physical stores and may take the trade-in program online in the future. For more on this story see the full Bloomberg report.

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