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November 21, 2010

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Limited supply sparks rise in car plate prices

CAR plate prices in Shanghai rose to a record high at this month's auction yesterday as fewer licenses came under the hammer.

The average price for a private car plate rose 2,020 yuan (US$304) from October to 45,291 yuan this month, the Shanghai International Commodity Auction Co said.

The lowest bid jumped to 44,900 yuan this month, an increase of 1,900 yuan from October's 43,000 yuan.

The lowest bid and price increase were both the highest this year.

The government offered 8,500 car plates for auction this month, 500 less than last month.

Industry watchers said the limited supply of car plates contributed to the price rise and expected a tighter supply as neighboring cities have imposed stricter rules for license applications from Shanghai car owners.

Nearby cities such as Hangzhou, Ningbo and Nanjing now require a local employment certificate before granting car licenses as an increasing number of Shanghai citizens resort to purchasing out-of-town plates for less.

This month's auction attracted 13,429 bidders, 1,512 fewer than a month earlier, according to the company.


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