New rules see car plate bid success rate drop to new low

By Lu Nengneng | July 26, 2014, Saturday |

Online Edition

The success rate of Shanghai car plate continued to drop today, though slightly, to a new historical low of 5.4 percent at the first monthly auction that allows only those holding driving licenses to participate.

This new policy is to cool down a wave of panic bidding since April that kept pushing the number of bidders through the roof. The number of bidders at the auction for individual buyers was 136,098 this month, up 421 from last month.

On the other hand, the car plate supply was kept at the same level- 7,400 - as last month, which was as pre-set by the municipal government out of a quota of 100,000 for the whole year.

The average winning price for a Shanghai car plate this month was 74,680 yuan (US$11,956), up 784 yuan from last month. The lowest bid increased 800 yuan to 74,600 yuan. The first-round bids were kept under a price ceiling of 72,600 yuan, a unified upward limit throughout the year.

Metro

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New rules see car plate bid success rate drop to new low

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