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Car plate prices up
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The lowest price for a Hangzhou car plate increased 3,000 yuan to 16,800 yuan this month. The average price rose 1,803 yuan to 18,184 yuan.
The bidding price has ranged between 10,000 yuan and 20,000 yuan for three straight months, meaning bidders have become more rational, said Jin Lin, deputy director of the Hangzhou Transport Administration.
A total of 8,822 individuals and institutions were approved for bidding, the highest since the mechanism was launched in May last year. For institutional car plate bidding, the lowest price dropped 1,903 yuan to 17,200 yuan while the average price increased 1,200 yuan to 19,909 yuan.
More than 589,000 individuals competed for 5,066 car plates through the lottery, means only one in 116 received a plate.
The average price rocketed to a record 47,785 yuan in October. Hangzhou holds a car plate auction and lottery every month with a quota of 80,000 plates a year.
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