Some days ago, eager buyers formed long lines at Apple Inc. stores in Australia and Japan to be the first to get their hands on the latest version of the smartphone. In Hong Kong, buyers had to sign up online for the chance to pick up the device at a preset time. The first customers were greeted by staff cheering, clapping, chanting “iPhone 5! iPhone 5!” and high-fiving them as they were escorted through the front door.

In Hong Kong, not everyone who lined up was an Apple enthusiast. University student Kevin Wong, waiting to buy a black 16 gigabyte model for 5,588 Hong Kong dollars ($720), said he was getting one “for the cash.” He planned to immediately resell it to one of the numerous grey market retailers catering to visiting mainland Chinese buyers. China is one of Apple’s biggest sources of revenue but a release date for the iPhone 5 has not yet been set.

Mainland Chinese, who like to shop in Hong Kong because there’s no sales tax and because of the strength of the yuan, will probably buy it from the resellers “at a higher price a way higher price,” said Wong, who hoped to make a profit of HK$1000 ($129).

Now apple’s largest store in Asia opened in Beijing on Saturday. The store, located in the city’s commercial street of Wangfujing, is Apple Inc.’s third in Beijing.

John Browett, Apple’s senior vice president of retail, had previously said that the new store is the company’s largest in Asia, with an area of 2,300 square meters and more than 300 employees.

A full range of accessories for Apple products is available in the store, according to Browett. Hundreds of Apple fans waited in line before the store opened at 9 a.m.

"We will bite the ‘Apple’," said one customer. Apple currently has 390 retail stores around the world, and the company is stepping up its efforts to expand its presence in China.

Browett said a store in the south China city of Shenzhen is also about to open and there will be more stores across China in the future.

The store features three floors of Apple products and services, featuring the usual array of iPads, iPhones, and iPods plus a Genius Bar and plenty of accessories. Rumors suggest the store might become the site of the official mainland release of the much-anticipated iPhone 5.

When: 10:00-22:00

Where: APM mall, 138 Wangfujing Da Jie, Dongcheng District, Beijing

Chinese Address: 北京市东城区王府井大街138号,APM商场

Phone: 400 666 8800

Getting there: take subway line 1 to Wangfujing (王府井站)