iPhone News

iPhone 4 scalpers are losing money in Hong Kong

Back at a time in January this year, and with the shortage rearing its ugly head as early as Christmas last year, supply of iPhone 4 were scarce & dwindling in Asia, and particularly in Hong Kong & China. Hey, even Singapore & Malaysia were equally affected by this stock outage.
Eventually, Apple stopped selling them via their online stores and everyone in need of the coveted device was left high & dry. So, some scalpers in the Hong Kong region bought up large chunks of iPhone 4, keeping them, and hoping to resell later at a HUGE profit.
Well, they managed to do so for a couple of months, getting supply, albeit limited, from sign-line contracts, and even to the extent of importing from overseas vendors at a premium price.
The unfortunate news is that last week the iPhone 4 supply has sort of regulated, at least for the time being. Apple has begun listing it for sale on their Hong Kong online store with an estimated ship of 1 to 3 business days. And like a domino effect, scalpers still holding on to their iPhone 4 stock are losing money like there’s no tomorrow.
After Apple resumed its iPhone 4 sales on Hong Kong online Apple store, the buy-and-sell price dropped insanely in the gray market. Gray market dealers are now offering HK$4,800 ($617) to accept a brand new, sealed, 16GB iPhone 4, causing scalpers to lose HK$188 ($24) if they sell it to these dealers.
Some may keep it for self-use, however, for those who kept lots of stocks, thinking the price may increase someday, are now selling all the stocks they have to the dealers. There’s one scalper, who kept 260 units of iPhone 4s, sold all of them without a second thought, losing a total of HK$48,880 (about $6285). Pathetic.
In addition to the above, even prices of factory unlocked iPhone 4 has dropped tremendously in Malaysia, with the 16GB going for RM2399, and the 32GB selling for a mere RM2699 right now. Quite a bargain, at least until the promotional stocks has fully depleted.