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City car plate auction witnesses record-high bidders
Online Edition
SHANGHAI'S car plate auction saw its most difficult session today as participation hit a record high, surpassing 200,000 bidders.
Up to 221,109 people, 24,639 more than last month, signed up for a lottery-like auction of 8,310 car plates for private car owners, sending the success rate down to 3.7 percent from 4.3 percent in February.
However, the average winning price dropped to 83,148 yuan, by 96 yuan while the lowest winning bid cut 100 yuan to 83,100 yuan as the price ceiling mechanism, with 80,600 yuan set as the upward limit of first-round bids like in the past two months, continued to limit room for free bidding.
In the second round of bidding,when each bidder has only two chances, a price increase can only be made no higher than 300 yuan based on the real-time average of the market.
The congestion in data transmission in the last few seconds, when everyone places their final bet, often leads to delays and the result is anyone's guess.
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