iPhone 5 priced at $1100 on the grey market in Hong Kong

Credit: Apple

According to M.I.C. gadget, the ePrice forums say that grey market vendors in Hong Kong have already started selling iPhone 5s starting at the equivalent of about $1100.

The report indicates “Mr. Lo” as one of these sellers, known for selling Apple products ahead to their official launches.

“When Lo was asked about the sales of the iPhone 5, whether there would be a demand for it, he said the stock for the iPhone 5 is quite tight, so he thinks it will be alright to re-sell the phone for a hefty markup, at least for the first two weeks. What’s more, he has prepared ‘secret’ couriers in U.S. and Europe to hop on planes to Hong Kong after securing about hundreds of iPhone 5s. Right now Lo has already received 100-200 orders from mainland China customers before the iPhone 5 goes on sale in Hong Kong’s Apple retail store.”

The iPhone 5 will officially be available in both Europe and the US tomorrow.

Apple has stopped taking pre-orders online and advised customers that in-store sales will begin at 8 a.m. on Friday morning.