New iPhone Sells Out in Under 10 Minutes After Pre-orders Open in Hong Kong

Despite many tech experts doubting the new iPhones’ marketability, there’s no doubt that there are still many hardcore iPhone fans out there.

Minimal improvements and boring updates aside, the iPhone 7 sold out in Hong Kong in less than 10 minutes after pre-orders were made available, according to South China Morning Post.

Pre-orders opened at 3.08 pm on Friday. By 3.13 pm, all jet-black iPhone 7 Plus models were gone. Four minutes later, all iPhone 7 Plus models were sold out. Orders will be fulfilled within three to four weeks. Those who couldn’t place an order will have to wait until November.

The success of the iPhone pre-order sale has restored confidence to local dealers in Hong Kong. Retailers have expressed renewed optimism with the new line-up and expect to price markups due to demand.

Store owner Lau Chi-kong of G-World Mobile in Mong Kok told South China Morning Post, “I think we can trade this early batch of iPhones for an extra HK$ 3,000 ($387) a piece.” The amount was significantly higher than the HK$2,000 ($258) mark-up traders were intending to add before they saw the demand during the pre-order sale. An iPhone 7 Plus with a 128 gigabyte capacity normally fetches up to HK$7,388 ($953).

Some traders are even looking into selling them at HK$4,000 ($516) above its retail price, citing the limited number of iPhones made available for the first batch versus the apparent huge demand.

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