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Car plate prices drop at year’s first auction

Shanghai’s car plate prices declined today at New Year’s first auction as a rigid price ceiling mechanism comes into force this month.

The average price of a Shanghai license plate fell to 73,501 yuan (US$12,049), down 2,592 yuan from last month. The lowest winning bid declined 2,500 yuan to 73,500 yuan, the Shanghai International Commodity Auction Co said.

The number of bidders increased 5.8 percent to 41,946, a record high since last year.

The city government has announced a unified 72,600 yuan ceiling for car plate auctions throughout 2014.

Starting from this month, a more rigid price ceiling mechanism comes into effect, which has proved effective in leading market expectations.

Though the total number of car plates up for sale this year is set at 100,000 — almost the same as last year — the monthly supply was specified well ahead of time for the first time.


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