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500 extra car plates for auction
By Jin Jing |
April 10, 2010, Saturday
|
Print Edition
Print Edition
THE Shanghai municipal government is to offer 500 more car plates for auction this month. But industry analysts say the higher quota will do little to prevent prices rising amid heated demand.
A total of 8500 car licenses will be put up for sale at this month's auction on April 17, the highest number since September last year.
Prices for a car license in Shanghai rose for six consecutive months up to March, when the average price went up to 39,882 yuan (US$5,848) despite fewer bidders.
The decision to increase the number is believed to be an attempt to cool demand and prevent prices rising too quickly. But industry analysts don't expect prices to fall this month.
Chen Bing, who works in a Nissan dealership, said prices may top 40,000 yuan on expectation of a higher number of bidders.
"It is more expensive for individual auto buyers to register their car at nearby cities, previously an alternative when car plate prices in Shanghai were too high," said Chen. "Some companies also increased vehicle purchases before the opening of the World Expo, creating more demand this month," he said.
A total of 8500 car licenses will be put up for sale at this month's auction on April 17, the highest number since September last year.
Prices for a car license in Shanghai rose for six consecutive months up to March, when the average price went up to 39,882 yuan (US$5,848) despite fewer bidders.
The decision to increase the number is believed to be an attempt to cool demand and prevent prices rising too quickly. But industry analysts don't expect prices to fall this month.
Chen Bing, who works in a Nissan dealership, said prices may top 40,000 yuan on expectation of a higher number of bidders.
"It is more expensive for individual auto buyers to register their car at nearby cities, previously an alternative when car plate prices in Shanghai were too high," said Chen. "Some companies also increased vehicle purchases before the opening of the World Expo, creating more demand this month," he said.
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