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January 9, 2014

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Fixed ceiling for plate auction

The first Shanghai car plate auction of this year will take place on Saturday January 25, with sessions for individuals and organizations to be held separately for the first time as organizations are often less price sensitive.

A total of 9,000 car plates, including 8,100 for individuals and 900 for organizations, will be made available this month, as part of the 100,000 annual quota set last month. 

First-round bids will be subject to a 72,600 yuan (US$12,532) upper limit, which will be used as a price ceiling throughout this year.

This rigid price ceiling mechanism is the replacement of a more flexible one that went on a three-month trial starting in October.

In that period, the market experienced a double-digit surge.

Placing the upward limit at a set level is in attempt to avoid big fluctuations as the price ceiling mechanism has proved effective in leading market expectations.

The average winning price often ended a little above the upper limit for first-round bids, which are used as a gauge for second-round bids.

Last month, The average price of a Shanghai license plate rebounded slightly to 76,093 yuan, with the upward limit set at 74,900 yuan.



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