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New rule targets car plate speculators
By Lu Nengneng |
September 25, 2012, Tuesday
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Online Edition
Online Edition
SHANGHAI'S traffic authority today announced the details of a new regulation on the transfer of private car ownership to prevent speculative bidding for Shanghai's car plates.
The new rule applies to private vehicles with nine seats and less. The owners cannot transfer their vehicle ownership within three years except when required by the court, marriage, inheritance and other special circumstances, the officials said.
The lock-up period of private car ownership used to be one year and was extended this July in an effort to push speculators out of the monthly car plate auction. The average price for a Shanghai car plate hit a record 66,425 yuan (US$10,528) this month, up 25 percent from January.
The new rule applies to private vehicles with nine seats and less. The owners cannot transfer their vehicle ownership within three years except when required by the court, marriage, inheritance and other special circumstances, the officials said.
The lock-up period of private car ownership used to be one year and was extended this July in an effort to push speculators out of the monthly car plate auction. The average price for a Shanghai car plate hit a record 66,425 yuan (US$10,528) this month, up 25 percent from January.
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