Previewed at WWDC, launching in the fall.
iPhone 5 Launching in Second Week of September? iPad 3 Later?
A mid September launch lines up nicely with current expectations for the iPhone 5 release. Apple has held an iPod media event in September for the past 3 years. With no iPhone release during this year's WWDC, Apple is expected to include the iPhone launch at this September event alongside the public release of iOS 5.
There's been some debate about what features the iPhone 5 will include. Recently leaked case designs have shown some major design changes, while other sources have said the iPhone 5 will look largely like the iPhone 4.
The China Times has had a hit or miss record with Apple-related rumors, though they do seem close to Apple's suppliers in China and may certainly have knowledge of their production plans. Reuters had previously also reported the iPhone 5 would see a September release with production beginning in July.