From Makarov.com:
"China
Not terribly much is known about these, except that they were brought in as Norinco Model 59. Not many are available, so they often command a premium over other Makarovs. On the whole, the quality of these is not as good as some of the others, but there have been notable exceptions. Very rarely you may run across a Type 59 with an Arsenal mark (number) in a circle. Most common found are 56 and 66. These were Military pistols that were remarked and packed for Commercial Export. A Chinese Makarov with "SHI" mark is of Military issue, and normally if found in the USA means it was a War Trophy "bring Back" from some conflict, and commands a Premium price. With bring back papers, these can cost as much as $2,500, without the papers, about half that. If it has the original issue holster, add another $100 or so to the price."
From ScottB:
"Hi guys,
Don't get on the board much but caught this thread between flights. Below is some data I collected last year. Generally, ZZ is an export code that proceeded the restriction of US import. After the restrictions were lifted, they were also marked for US. You find them in just about every country but China. Found one returned from Iraq:
Headed out, but see if this adds anything to the discussion.
Chinese Makarov Serial Ranges
Recorded
Military
---------Low -----High
2xxxxxx 2017738 -----2034952
4xxxxxx 4043024 -----4062625
Export
------------------Low ------------High
ZZxxxxxx(CSI) --ZZ270428casco,nc -----ZZ273503
Not import marked ZZ270093------ ZZ270514+ (2724xx)
Axxxxx (Beta) ---A00392---------- A24594
Bxxxxx(Beta) ---B00142 --------------B11309
Triangle zz(Casco) 260046 ----------260128
Military model features serial numbered safety. Grips are star/ shield or Eighth,First emblem. Marked with Triangle 66 and 59SHI. Only 2million and 4million range reported in some two dozen examples.
Export models are star in circle grip. ZZ first observed in 1988, no factory symbol(triangle). Both import marked and unmarked examples recorded.
A and B prefix from Beta arms. Imported approx 1992 to 1995. Triangle 56 factory symbol.
Thumbrest grip.
S Britton 07/07"
This info should help, I agree with the 400-700 price range, very likely the latter, and possibly exceeding that price depending a variety of factors (condition/markings) etc.