A grey market for the iPhone 5 sprang up on the doorstep of Hong Kong's
Apple store Friday as it hit shelves for the first time, with resellers
offering to pay more than 50 percent above retail price.
staff cheered the latest purchases inside the store, new iPhone owners
were approached outside with offers to buy the hot new gadget at
"I paid about HK$8,000 ($1,030) for the
iPhone just now. We'll sell it for around HK$9,000 to HK$10,000," said
Suen, a reseller who refused to give his full name.
The normal retail price starts at HK$5,588 in the Apple store.
people that walk out can immediately make a profit of HK$3,000," added
Suen, who works at a gadget shop where he will be able to resell the
phones at a profit.
He had collected 15 phones within an hour of their going on sale, even though Apple limited customers to only two phones each.
of the secondary business was conducted a short distance from the shop,
just far enough not to bother the dozen or so security guards on hand
to keep the peace.
Furtive negotiations took place behind pillars
and in fire exits. Once a deal was struck, money and phones changed
"We aren't doing anything wrong," Suen said.
has been criticised in the past past for doing too little to manage the
crowds at its product launches in Hong Kong, but journalists on hand
for the debut of the iPhone 5 said the atmosphere was relatively
iPhone 5 launch in pics