What happens in China is beyond belief most times. This time around its online sellers of cell phones grabbing headlines. Apple products are a rage in China. Although there is no official statement from Apple in regard with release date of iPhone 5, e-commerce platform Taobao.com have already offering pre-orders of the highly anticipated smartphone.
Apparently sellers on Taobao.com which is the Chinese equivalent of eBay.com have put up mock displays of what is deemed to be iPhone 5 alongside specifications of the upcoming smartphone. While some sellers on Taobao are content with a booking payment of 1500 Yuan (approximately Rs 13,800) others are demanding full price of Rs 7000 Yuan (approximately Rs 41,500).
Sellers have not promised a delivery date to customers as yet. This method of earning interest on an individual’s cash is referred to as ‘rolling cash’ by Indian entrepreneurs. Sellers utilize this money to invest in various segments of business. iPhone 5 will be delivered to customers only when available. The only person not benefiting from this ‘cash hold scenario’ is the iPhone fan that has more money and less sense.