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'Panic bidding' attracts record car plate bidders

The successful rate of private car plate bidding in Shanghai continued to drop today -- to a new historical low of 6.5 percent -- as 7,400 car plates were up for grab among more than 100,000 people.

The car plate supply for individual buyers was reduced by 700 from last month, which was preset by the municipal government out of a quota of 100,000 for the whole 2014.

On the other hand, the number of participants increased over 20 percent to a new high of 114,121 amid a wave of "panic bidding" that started last month after the city raised its emission standards to the National V.

That policy change saw a 50 percent increase in bidders last in April as it was the last chance for owners of out-of-town registered National IV cars to change to a Shanghai license plate.

Despite all that, the prices for a Shanghai car plate kept hovering a little above the all-year 72,600 yuan (US$11,616) price ceiling for the first-round bids. At today's auction, the average price jumped slightly up by 390 yuan to 74,503 yuan while the lowest winning bid increased 400 yuan to 74,400 yuan.


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