Samsung Galaxy Fold selling for $4,856 in Hong Kong: Report

DJ Koh, Samsung President and CEO of IT and Mobile Communications, holds up the new Galaxy Fold smartphone during an event Wednesday, Feb. 20, 2019, in San Francisco. Samsung is hailing the 10th anniversary of its first smartphone with three new models that seem unlikely to reverse a sales slump in an industry recycling the same ideas. (AP Photo/Eric Risberg)

The recently-launched Samsung Galaxy Fold smartphone is being sold by resellers in Hong Kong for HK$38,000 ($4,856) which is more than double the actual retail price of the device which is $2,000.

So far, the company is said to have shipped only 1,000-2,000 Galaxy Fold units in South Korea.

“The units sold in Hong Kong at a premium are not being sold by the company but by the resellers who have acquired the flagship from South Korea out of the initial batch,” reports GizmoChina.

The reason behind the high pricetag of the device in the grey market is due to the extremely limited supply and the phone is yet to go on sale officially in the rest of the world.

Reports suggest that a cheaper Galaxy Fold device for $1,000 is also in the works.

The current Galaxy Fold handset is priced at nearly $2,000 which is not an amount most people are willing to pay and is not accessible to a larger segment of the population.

The company is planning to use a cheaper design for bringing down its price with 256GB internal storage, half of what the current Galaxy Fold offers, at 512GB.