Shanghai's car plate prices rise as ceiling removed

By Lu Nengneng | October 19, 2013, Saturday |

Online Edition

Shanghai’s car plate prices rebounded this month after six consecutive months’ drop as no bidding rules was introduced for first round bids today.

The average price of a Shanghai license plate increased to 83,723 yuan (US$13,635), up 10,231 yuan, or 14 percent, from last month. The lowest winning bid rose 8,900 yuan to 82,300 yuan, according to Shanghai International Commodity Auction Co, the auction organizer.

The number of auction participants dropped 18 percent to 28,887 though the municipal government added an extra supply of 1,000 car plates to ease market worries of big increases in prices.

Starting from this month, the price ceiling mechanism set as a norm for the first round of bidding since April will only be triggered by steep price hikes - one of between 3 and 6 percent will lead to a price ceiling being imposed on the following month’s bidding, while a spike of more than 6 percent will result in a two-month imposition.

For the following two months, the first-round ceiling price will be set at 74,900 yuan.

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Shanghai's car plate prices rise as ceiling removed

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