Car plate prices remain stable as bidders hit record high

By Lu Nengneng | April 19, 2014, Saturday |

Online Edition

The successful rate of car plate bidding in Shanghai dropped to a historical low of 8.7 percent today as the number of participants hit a record high at the last auction before the city adopts a higher vehicle emission standard.

A total of 9,000 car plates were made available for sales this month, which include 8,200 for individual buyers today, up 800 from last month. But the supply increase was far outpaced by the growth of the bidder numbers, which surged more than 50 percent from March to reach 94,241.

That means up to 10 out of 11 auction participants came home empty-handed.

But on the other hand, Shanghai’s car plate price trend continued to stabilize under the price ceiling mechanism.

Its average price jumped slightly up by 241 yuan (US$38.73) to 74,113 yuan and the lowest winning bid increase just 200 yuan to 74,000 yuan.

Metro

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Car plate prices remain stable as bidders hit record high

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