Hong Kong CNN —
When the new iPhone 16 went on sale, locals couldn’t help but notice some less familiar faces flocking to Hong Kong’s Apple stores: Russians holding piles of cash.
As new shoppers walked out of stores with the latest models, eager Russian buyers closed in to seal the deal, offering to buy the new gizmos off them for as much as 12% more than retail prices.
“We want to buy as many as possible,” one Russian buyer, Nick Alexenkov, told CNN outside the Apple store in Tsim Sha Tsui, a busy shopping district in Hong Kong.
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