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NewsPoster Jan 16, 2013 01:49 PM
Apple's Chinese online store adds installment purchases
The Chinese version of the online Apple store has added the ability to pay for products in <a href="http://macnn.com/rd/277397==http://store.apple.com/cn/browse/finance/installments" rel='nofollow'>installments</a>, reports <a href="http://macnn.com/rd/277398==http://techcrunch.com/2013/01/16/apples-chinese-web-store-adds-credit-facility-as-iphone-maker-battles-cheap-androids/" rel='nofollow'>note</a>. An order must cost between 300 yuan ($48) and 30,000 yuan ($4,800), and buyers must have a China Merchants Bank credit card. Through January 23rd, three- to 12-month installment purchases are interest-free. An 18-month payment carries 6.5 percent interest, while going up to 24 months raises the interest rate to 8.5 percent.<br />
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The setup is likely a way of coping with the fact that many Apple products are too expensive for the average Chinese worker. A 16GB iPhone 5 costs 5,288 yuan ($850), or more than the average worker's monthly pay. A Mac can often be completely out of range, since even the Mac mini starts at 4,488 yuan ($722) without a monitor.
 
inspectorgadget Jan 16, 2013 02:03 PM
Ahh captialism the West's great gift to the East
:eek: And the Sino-techies will have Apple to thank for introducing monetary debt at the micro level
 
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