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June 6, 2012

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City raises number of car plates

SHANGHAI has increased the number of new private car license plates to be released this month after auction prices went through the roof for a fifth consecutive month in May.

The city will auction off 9,500 license plates on June 16, the most this year and up 200 from last month, the Shanghai International Commodity Auction Co announced yesterday.

The average price and the lowest successful bid for a Shanghai car plate both surpassed the 60,000 yuan (US$9,480) psychological benchmark in April and set a new high in May, at 64,367 yuan and 64,000 yuan, respectively.

Starting next month, the private car ownership transfer period will be extended from one to three years, the authority said. It is also studying other measures.


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