iPhone grey market thrives

2012-09-21 08:30
Shoppers are eager to buy the iPhone 5. (AFP)

Shoppers are eager to buy the iPhone 5. (AFP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Hong Ko - A grey market for the iPhone 5 sprang up on the doorstep of Hong Kong's Apple store on Friday as it hit shelves for the first time, with resellers offering to pay more than 50% above retail price.

As Apple staff cheered the latest purchases inside the store, new iPhone owners were approached outside with offers to buy the hot new gadget at attractive premiums.

"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.

"The 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.

Most 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 hands quickly.

"We aren't doing anything wrong," Suen said.

Apple has been criticised in the 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 subdued.
Read more on:    apple  |  iphone  |  mobile
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
3 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/Music

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Up to 40% off fashion accessories

Save up to 40% on selected handbags, purses, watches, jewellery and more. Offer valid while stocks last. Shop now!

Save up to R2000 on top electronics

Get every day mind bowing savings on top electronics. Offer valid while stocks last. Shop now!

As seen on TV - New book releases at only R199 each

Get mind blowing book savings on new titles. Offer valid while stocks last. Shop now!

Save up to 50% on Women’s month treats!

Celebrate the awesome women in your life with awesome treats like beauty products, fashion accessories, bestselling books, electronics and more. Offer valid while stocks last. Shop now!

Up to 60% off - clearance sale!

Save up to 60% on appliances, books, electronics, toys, movies and more. Offer valid while stocks last. Shop now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

The quest for understanding has reached a new intense emotional level. The more tempestuous your emotions are, the bigger the...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.