China really loves the iPhone. Not only are they a huge part of App sales, but they have people willing to pay $1135 for a grey market iPhone. Wow.
Here’s a portion of a report:
Alright, Mr Lo, the ‘master’ of the grey market in Hong Kong who distributed hundreds to thousands of iPhone 4s and iPads to China’s gray market, told the local media that he is selling the iPhone 5 starting at HK$8,800 (about US$1135). When Lo was asked about the sales of the iPhone 5, whether there would be a demand for it, he said the stock for the iPhone 5 is quite tight, so he thinks it will be alright to re-sell the phone for a hefty markup, at least for the first two weeks.
What’s more? The dude has folks in other countries securing iPhones and flying back to Hong Kong. Dang.