Fewer buyers cause fall in car plate price
By Jin Jing |
July 18, 2010, Sunday
|
Print Edition
Print Edition
CAR plate prices in Shanghai dropped for a second consecutive month as the number of bidders fell sharply.
The average price for a private car license was down 1,018 yuan (US$150) to 39,362 yuan for July from a month earlier, said Shanghai International Commodity Auction Co. The lowest bid also dropped to 38,400 yuan this month, a decrease of 800 yuan from last month's 39,200 yuan.
The government offered 9,000 car plates for auction this month, 200 fewer than in June.
This month's auction attracted 13,389 bidders, which was 2,863, or 18 percent, fewer than a month earlier.
Before the auction, market observers expected that prices would fall as a slowdown in auto sales had dampened the market demand for car plates.
A Beijing Hyundai dealer, Chen Chong, said that tight supply in the market had eased since the second quarter after car makers increased capacity in line with last year's sales boom.
"Auto sales have been quiet recently as it is the non prime sales season with negative impact from a tight control on the property market and sluggish stock market," he said.
"But the notable decline in number of bidders was still out of our expectation."
Nationwide, sales of cars, including sedans, sport-utility vehicles and multi-purpose vehicles, gained 10.9 percent to 839,200 units last month, according to the China Automotive Technology & Research Center.
The growth was slower than the increases of 34 percent in April and 25 percent in May.
The center estimated that there were around 1.3 million vehicles being kept in stockpile, an indication that the industry overall was facing a sales stagnation.
The average price for a private car license was down 1,018 yuan (US$150) to 39,362 yuan for July from a month earlier, said Shanghai International Commodity Auction Co. The lowest bid also dropped to 38,400 yuan this month, a decrease of 800 yuan from last month's 39,200 yuan.
The government offered 9,000 car plates for auction this month, 200 fewer than in June.
This month's auction attracted 13,389 bidders, which was 2,863, or 18 percent, fewer than a month earlier.
Before the auction, market observers expected that prices would fall as a slowdown in auto sales had dampened the market demand for car plates.
A Beijing Hyundai dealer, Chen Chong, said that tight supply in the market had eased since the second quarter after car makers increased capacity in line with last year's sales boom.
"Auto sales have been quiet recently as it is the non prime sales season with negative impact from a tight control on the property market and sluggish stock market," he said.
"But the notable decline in number of bidders was still out of our expectation."
Nationwide, sales of cars, including sedans, sport-utility vehicles and multi-purpose vehicles, gained 10.9 percent to 839,200 units last month, according to the China Automotive Technology & Research Center.
The growth was slower than the increases of 34 percent in April and 25 percent in May.
The center estimated that there were around 1.3 million vehicles being kept in stockpile, an indication that the industry overall was facing a sales stagnation.
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