iPhone 4S Available on the grey market for $1350 in Hong Kong and China

The iPhone 4S has yet to be officially launched in China or Hong Kong yet, but that hasn't stopped the latest iPhone from going on sale on the grey market for ridiculous sums of money!

iPhone 4S has managed to make it's way on to the grey market by the hundreds in Hong Kong and China, where wealthy gadget lovers are snapping them up for upwards of double the recommended retail price!

For example an iPhone 4S 16Gb, unlocked with no contract are currently on sale in Hong Kong for as much as $10,500 Kong Kong dollars ($1350), and even at those prices vendors are having trouble keeping up with the demand.

The iPhone 4S models which are currently finding their way on to the illegal grey markets in China are those from countries that offer unlocked phones. iPhones from the UK and other european countries are sold unlocked and are able to work on China's GSM networks without the need of Jailbreaking and unlocking, phones from the U.S however are complterly useless in China and Hong Kong due to lack of a Cydia unlock.

Customers who wanted to get an iPhone 4S in China and Hong Kong had to put down a deposit of 1000 Yuan ($156) to secure their Siri equipped iPhone's, but if they feel the 10,500 Yuan price tag to be too high sellers are more than happy to hand their deposits back as demand is outstripping supply!

It isn't just the new iPhone 4S with it's updated hardware that is selling like hotcakes too. The previous generation iPhone 4 is also in high demand with scalpers queuing outside stores and reselling them at higher prices. Infact demand for the old iPhone 4 is so high that the Hong Kong online Apple store is showing out of stock for both black and white models!

And this is just a sign of things to come! Once the iPhone 4S is officially on sale in China and Hong Kong we will likely see more scalpers in action and out of stock signs at official and unofficial Apple resellers!

Via: MicGadget and Apple Daily.