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October 10, 2013

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Car plate prices could rise as ceiling removed

SHANGHAI may see a rebound in car plate auction prices this month as this will be the first time in seven months without a price ceiling for first round bids.

For the monthly auction next Saturday there will be 10,000 plates available for sales — 1,000 more than the usual number.

Extra supplies may ease market worries of big increases in prices. City authorities introduced measures earlier this year to rein in prices, but these are loosened this month.

Under new bidding rules, the price ceiling mechanism set as a norm since April will only be triggered by steep price hikes.

Authorities say this is to let market forces take the driver’s seat in cooling down the market hype.

A car plate price increase of between 3 and 6 percent at auction 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.

Since the introduction of the price ceiling, the average price for a Shanghai car plate had dropped for six straight months to 73,492 yuan (US$12,009) last month.

The record high in March was more than 90,000 yuan for a car plate.



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