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September 20, 2009

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Home » Metro » Public Services

Prices drop at plate auction

PRICES for a car license in Shanghai unexpectedly dropped after rising for six months.

The average price for a private car plate fell by 6,731 yuan (US$987) to 29,500 yuan for September from a month earlier, according to the organizer Shanghai International Commodity Auction Co yesterday.

It was also the second lowest figure this year. The lowest bid this month posted an even sharper decline of 8,800 yuan to 27,200 yuan.

In order to meet higher demand amid the high sales season, the municipal government offered a record 8,500 car plates for auction this month, about 500 more than last month.

But the number of bidders fell to 14,906, down from 18,750 a month earlier.

The city's car plate prices have been rising since March, when the average price was 27,552 yuan.

Zhu Junyi, an official from Shanghai Information Center's automotive industry research office, said a recent slump on the stock market also cut bidders' budgets.

Shanghai uses the monthly auction system to control its vehicle population.


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