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December 11, 2013

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Ceiling for monthly car plate auction set

Shanghai’s transportation authority yesterday set a unified 72,600 yuan (US$11,902) ceiling for the monthly car plate auction next year in an effort to tame the prices.

Bidders for car plates cannot place prices above the ceiling during the first-round of bids, which are often used as a gauge for second-round bids by participants.

The new upper limit was set according to the lowest ceiling imposed this year, the Shanghai Transport and Port Administration said in a statement yesterday.

A total of about 100,000 car plates will be made available for sales next year, the same level as this year.

Auctions held in January, April and September will each sell 9,000 plates to meet the holiday demands while auctions in other months will sell about 8,000 plates.

Ten percent of the monthly quota will be sold to organizations, and auctions for individuals and organizations will be held separately starting next year.

The new ceiling system is more rigid than a floating ceiling mechanism introduced in April to control car plate prices after the average price hit a record 918,898 yuan in March.


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