The iPhone 5 hit markets last Friday in Hong Kong, and Mainland Chinese are already getting their hands on the 16GB version for a hefty grey market price of $1270 (8000 RMB). For the record, the iPhone 5 is officially selling for $724 in Hong Kong.
Apple may receive a lukewarm reception in China, as analysts are saying that this is not the highest price they have seen compared to previous generations. Many companies in Mainland China claim they are unwilling to stock the products.
This should not be an issue for China, as the iPhone 5 is set to be released sometime within the next 3 months, according to China Unicom.