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Winning odds rebound despite record high number of car plate auction bidders
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DESPITE record high participation, Shanghai's monthly car plate auction today saw its winning odds rebound to 4.6 percent from 3.7 percent in March after an ad hoc supply increase.
Up to 256,897 people, 16 percent more than last month, aimed for 11,829 car plates in the auction for private car users this morning. 2,500 car plates was added just yesterday to a pre-set quota as an official considerate response to the intensifying supply-demand tension. The adjustment was part of an annual quota increase by 30,000 announced yesterday to the existing 100,000.
While the monthly demand increased more than 10 times over the past three years against an almost unchanged quota, the price grew defiantly less sharper. The average winning price, after a series of fluctuation over the past three years, reached 85,127 yuan, only about 1,000 yuan more than the same time of 2013.
An ingenious price ceiling mechanism has been working its magic for three years to limit bid increases. It makes good on the officials’ promises to dampen car plate market speculation and ensure prices are reasonable, only it is at the expense of making the whole bidding process more of a lucky draw among proposals of relatively the same offer.
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