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8,000 car plates up for March auction

SHANGHAI will auction 8,000 car license plates, 500 more than last month, to individuals and private companies on March 20.
Last month the average license plate price in Shanghai climbed to a record high of 38,620 yuan (US$5,654), 309 yuan up from January's price.
The lowest winning tender was 38,300 yuan, edging up 500 yuan from the previous month, plate auction organizer Shanghai International Commodity Auction Co said.

Industry analysts said the reduced quota of license plates and a booming market helped raise prices last month.
The price is expected to dip this month as more plates are being offered amid reduced demand. Fewer people bought cars after the Chinese New Year Holiday, reported today's Shanghai Morning Post.


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