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8,000 car plates for November auction

SHANGHAI will auction 8,000 car license plates, the same quota as last month, to individuals and private companies on November 21.

Last month the average winning bid reached 34,402 yuan (US$5,037), rising 4,902 yuan from September. The lowest winning tender was 33,900 yuan, a jump of 6,700 yuan from September.

A buoyant car market pushed up demand and prices for plates last month and this month, rising fuel costs make prediction of auction prices difficult, according to today's Shanghai Morning Post.

Shanghai is the only city on the Chinese mainland to auction car plates to individuals and private companies to ease traffic congestion and control pollution since 2000.

Applicants can register at five outlets in the city starting on Saturday.


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