Apple will make a lot of money out of the market.
For many Chinese, they have been living under shadow for decades, poverty, unfairness, constantly being looked down from weather neighbor or provincial police.
The happiness of showing off using that large screen gold color iPhone in front of public is beyond a normal US person can imagine. You'd feel you are a very presentable person. Don't just call them materialistic people. They are happy to buy Apple product and all.
Tim Cook seems to know Chinese cultural background, he occasionally shows his appearance in retail stores in China signaling closeness to the consumers. Chinese people are particularly keen to looking up looking down relationship. Chinese don't like people look Chinese down. No one does but they are sensitive.
I know Chinese because my wife is one.