China site identified as global hub for stolen iPhones

A Financial Times investigation has revealed that many iPhones stolen around the world end up in one place in China — the Feiyang Times tower in Shenzhen’s Huaqiangbei district, which the newspaper describes as the “global home of stolen iPhones.”

While officially a hub for Apple device repairs, the building’s fourth floor reportedly hosts a warehouse filled with used iPhones from Europe and the U.S.

FT found that many traders in the area specialize in reselling stolen electronics. Some devices are resold legally as part of phone exchange programs. The black market for stolen electronics in London alone is worth an estimated $65.5 million annually, the paper said.

One case cited by FT involved British entrepreneur Sam Amrani, whose iPhone 15 Pro was snatched on the street. Using a tracker, he traced the phone from a London repair shop to Hong Kong and finally to Shenzhen.