China's retailers will offer refund to recent buyers of iPad 1 as price dropped with the debut of iPad 2.

Apple released the upgraded version of the tablet on March 3 and announced to lower the price tags of the first generation iPad 1 by up to 27.6 percent. Buyers of iPad 1 within the last two weeks are eligible for a price difference compensation, according to Apple.

Chinese customers who bought the product via Apple China online or its chain stores will also be compensated, according to a statement on Apple's website.

Chinese electronics retailers such as Suning and Gome responded quickly to the price cut, promising to pay back their customers with a refund.

Suning, China's biggest electronics retailer by market value, said iPad 1 buyers who bought the product from Feb 17 to March 2 can get the refund with the receipt starting Saturday.

Gome, the second largest electronics retailer in China, also announced to pay back their customers who bought the product from Feb 18 to March 3 from their stores. Customers could apply for the refund with the receipt starting Sunday.