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February 10, 2014

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Car plate price increase likely as number cut

SHANGHAI car plate prices are expected to rise this month after the number was cut by 1,000 for the first auction of the Chinese New Year.

The Shanghai International Commodity Auction Co said yesterday that it will offer 7,400 plates for individual bidders - 700 less than for last month.

And it will also cut the number of plates by 300 to 600 for corporate bidders at the auction.

A price ceiling for first round bids was reintroduced this year and has been set at 72,600 yuan (US$11,902).

First-round bids serve as a gauge for second-round bids.

The average price for a private plate fell 2,592 yuan to 73,501 yuan last month.

Last month, 41,946 individuals and 3,486 corporate bidders took part in the auction.

Last year, the introduction of a first-round price ceiling brought down plate prices from a record high of more than 90,000 yuan in March.

In October, a more flexible arrangement was introduced on a trial basis, with a ceiling only to be triggered by steep price hikes. But that month, prices soared 14 percent - the first rise in seven months.



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