With no release date set for the iPad 2 in Hong Kong, the devices have fetched close to $15,000 Hong Kong dollars (US$1,924) on the city’s gray market—more than double what they’re retailing for in the U.S. Stores have been paying couriers in the U.S., the only market where the iPad 2 is currently sold, to buy as many iPads as they can before flying back with them to Hong Kong.
At the store Like, in Sin Tat Plaza, the new iPads were on sale for HK$6,800-HK$14,800, depending on storage capabilities and connectivity. In the U.S., the devices retail for US$499-US$829. Like sold 40-50 of the new iPads on Sunday, shopkeeper Alex Kei said. As of Monday night, the store had 10 iPads left. But he said sales of the original iPad, which were set at the same price points, flew off shelves faster last year.
Hong Kong One, another shop in Sin Tat Plaza, said it sold about 100 iPads Sunday and another 100 Monday, charging HK$6,800-HK$13,000. Like most stores in the mall, the white iPads are commanding a premium. For the top-end model, the white iPads are HK$2,000 more than comparable black units at Hong Kong One. (Black and white models for the same specifications don’t vary in prices in the U.S.)
At Men Tone Digital Telecom, shopkeeper Jealousy Kwok was unpacking large boxes filled with iPad 2s.
"There’s no more room in here," Mr. Kwok said, pointing to overfilled shelves. The store had close to 100 iPads in stock Monday night after selling about 30 devices Sunday.
On Thursday, the day before the iPad 2 went on sale in the U.S., Men Tone had set the prices at HK$6,000-HK$11,000—with customers putting down a 50% deposit. But after the first day of sales, the store raised its prices to HK$7,250 for the base model and HK$12,000 for the top-end 64GB model with wireless and third-generation wireless access.
"Hong Kong doesn’t have any iPads, and the people here have money," Mr. Shum said of the premium. His store is expecting to receive about 50 more devices each day for about a week.
