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Shanghai car plate prices rise slightly

Shanghai’s car plate prices saw a rise today, at their last auction before a rigid price ceiling mechanism comes into force in January.

The average price of a Shanghai license plate rose to 76,093 yuan (US$12,532), up 376 yuan from last month. The lowest winning bid increased 500 yuan to 75,500 yuan, according to auction organizer, the Shanghai International Commodity Auction Co.

The number of bidders was 39,625, a jump from 38,220. Just like last month, the auction made available 8,500 car plate for sales and imposed on first-round bids an upward limit of 74,900 yuan, which is the weighted average of average prices in September, August and July.

The two-month imposition of the same limit was caused by a more than 6 percent price hike in October, the first month when the floating price ceiling mechanism since April experimented with an even more flexible mode.

But starting from next year, a more rigid price ceiling mechanism will take effect to further stabilize the prices. Earlier this week, the municipal government announced a unified 72,600 yuan ceiling for car plate auctions throughout 2014.


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