The 2TB model has reached that price at Sin Tat Plaza, a popular electronics trading center in Hong Kong, representing a premium of about HK$5,000 over its original price, according to local newspaper The Standard.
Hong Kong is Asia’s cheapest market and the world’s second cheapest after the U.S. for the iPhone Duo at official retail prices, according to a global comparison by price-tracking website Nukeni.
However, strong demand and limited supplies of higher-storage models have fueled a booming resale market since the device went on sale on Oct. 23.
More than 200 people carrying newly purchased iPhone Duo handsets gathered outside Sin Tat Plaza before it opened at 9:45 a.m., as police officers and mall staff helped manage the crowd.
Hands-on view of Apple’s iPhone Duo. Photo by VnExpress/Tuan Hung-Truong Giang
Some sellers made thousands of Hong Kong dollars in profit.
A man surnamed Ho sold a Night Sky 512GB model for HK$24,000, while another seller, Zhang, traveled to Hong Kong specifically to resell a Star White 512GB handset, earning around HK$4,000. Tang, a doctoral student at Hong Kong Polytechnic University, made HK$3,700 from selling a Star White 512GB model after waiting in line for more than half an hour. Despite the profit, he said he was not ready to buy the device for personal use because of concerns about screen creases and overheating.
A store owner identified as Steve attributed the price surge to delayed deliveries from Apple and the allocation of a significant portion of available stock to telecom operators, leaving fewer unopened devices for independent traders.
He said overseas buyers preferred factory-sealed phones, which commanded premiums of around HK$2,000 over opened units. The resale frenzy extends beyond Hong Kong as Apple’s first foldable iPhone attracts strong demand in other markets.
In Singapore, a 256GB Duo was listed for as much as S$8,888 (US$6,953) on resale platform Carousell on its Oct. 23 launch day, nearly three times its official retail price of S$3,099.
Elsewhere, resellers advertised the device for as much as $10,000 on eBay and X, five times its U.S. starting price of $1,999.
In Vietnam, the first batch of Duo devices available for Oct. 23 delivery sold out within minutes of preorders opening, while some customers ordering through Apple’s online store faced delivery estimates extending into November.