New car plate rule to be enforced
By Richard Fu |
July 11, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI will extend the holding period for new car plates as it tries to curb price speculation.
The new rule requires a motorist to keep the new car plate for three years, up from the current one year, before he is allowed to sell it.
It will be effective from July 21 when Shanghai is due to hold its monthly auction, the city government said yesterday.
The surging price of the city's car plate, which is nicknamed the most expensive metal plate in China, has prompted authorities to intervene. The new measures could deal a blow to scalpers who would usually cash in on the plates, dealers said. A longer lockup period is aimed at deterring speculators from hoarding plates due to the risk of price fluctuations.
The new rule will be jointly enforced by the city's commerce commission, public security bureau, and the transport and port authorities.
The average winning bid for a Shanghai car plate fell to a three-month low of 58,227 yuan (US$9,146) in June, down from May's record high of 64,367 yuan, after the government made 9,500 plates available for sale, 200 more than May's quota and the most this year. The quota will stay at 9,500 in this month's auction.
Shanghai has more than 1.7 million private cars, and the number would surpass 3.3 million if steps, such as a plate auction, were not taken, local authorities have said.
The new rule requires a motorist to keep the new car plate for three years, up from the current one year, before he is allowed to sell it.
It will be effective from July 21 when Shanghai is due to hold its monthly auction, the city government said yesterday.
The surging price of the city's car plate, which is nicknamed the most expensive metal plate in China, has prompted authorities to intervene. The new measures could deal a blow to scalpers who would usually cash in on the plates, dealers said. A longer lockup period is aimed at deterring speculators from hoarding plates due to the risk of price fluctuations.
The new rule will be jointly enforced by the city's commerce commission, public security bureau, and the transport and port authorities.
The average winning bid for a Shanghai car plate fell to a three-month low of 58,227 yuan (US$9,146) in June, down from May's record high of 64,367 yuan, after the government made 9,500 plates available for sale, 200 more than May's quota and the most this year. The quota will stay at 9,500 in this month's auction.
Shanghai has more than 1.7 million private cars, and the number would surpass 3.3 million if steps, such as a plate auction, were not taken, local authorities have said.
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