Chinese resellers already taking $1100 pre-orders for iPhone 5

The next-generation iPhone 5 is not released yet, but the demand is already high. The handset is expected to be one of the line’s biggest updates since it was introduced, 5 years ago.

According to a new report some Chinese resellers are taking advantage of the hype, by taking pre-orders for the phone.

Reuters reports:

“Apple Inc’s (AAPL.O) next-generation iPhone has not even been released yet, but opportunistic sellers on China’s largest e-commerce platform, Taobao, are already accepting pre-orders, complete with mock-up pictures and purported technical specifications.”

Sellers on Taobao, a unit of Alibaba Group, say they’ve already received dozens of orders, despite the fact that some are asking for as much as 6,999 yuan (or $1,100) up front. The sellers say they plan to buy the handset in either Hong Kong or the United States when it’s released.

Demand for Apple products has always been high in China, especially around launch time. Due to stringent approval processes, new products can take months to hit the country (iPad 3 is an excellent example). This gives early-bird resellers opportunity to make a hefty profit.

Recent rumors say the iPhone 5 will be announced sometime in October, and feature a larger 4-inch display, LTE-compatibility, and a number of other enhancements.