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September 5, 2013

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Prices of car plates set for 6th straight fall

THE car plate prices in Shanghai may drop for the sixth straight month next week as the price ceiling for the first round of bidding has been lowered further.

At the auction next Saturday, which has a usual monthly supply of 9,000 car plates, first-round bids will have an upward limit of 72,600 yuan (US$12,049) based on average prices from last August to March, down 1,500 yuan from last month.

Since the municipal government introduced the price ceiling mechanism to cool down the market hype of car plates, the average price has dropped from their record high of 91,898 yuan in March to 74,939 yuan.

But starting from next month, the price ceiling will no longer be a norm for the auction — it will be triggered only by substantial price increases as the government is determined to tackle speculation by using the market’s own forces.

A price spike of between 3 and 6 percent will see a ceiling set for the first round of bidding next month while a more than 6 percent increase will result in a two-month imposition.



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