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Shanghai auto license plate price hit 2-year high
2010. 25 January
by George Gao
(autonews.gasgoo.com) The price of car license plates in Shanghai hit a 24-month high in this year's first auction over the weekend as the surging auto market demand made the bids more competitive, Shanghai Daily reported.
The private car license's average price increased to 38,311 yuan ($5,617), up from 37,593 yuan in December, according to organizer Shanghai International Commodity Auction Co. The lowest price also rose by 900 yuan to 37,800 yuan. The license price has risen for four straight months.
About 8,000 car plates, as last month, were auctioned on Friday, but the number of bidders has increased by 398 to 18,975, making the bidding more competitive. Many car buyers were eager to get the plate before the Lunar New Year, which falls on February 14.
Analysts also attributed the heated demand to market concern about restrictions on car plates in Shanghai during the World Expo 2010 Shanghai starting in May. The government will control the plate quota before and during grand event.
As the economic stimulus measures continue in 2010, vehicle sales have remained robust, and this will create an increasingly high demand for car plates at least for the first half of the year, said an industry expert.Source: autonews.gasgoo.com