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Shanghai further tightens restrictions for car plate bidders
Online Edition
JUST like real estate buyers, Shanghai car plate bidders will be soon subject to purchase restrictions released by the municipal government yesterday as the tight car plate supply failed to keep up with the rampant demand under the city’s traffic control.
A locally registered car has privileged road rights to access elevated ring roads during rush hours as short cuts in Shanghai. As the city keeps extending its traffic restriction hours, the Shanghai car plate becomes an increasingly sought-after item even though its latest market price is more than 84,000 yuan, enough for one to buy another car.
But whoever has already got a Shanghai car plate quota will no longer be admitted to the monthly online car plate auction after his current bidding document expires, which is to be renewed every six months. Free green car plate holders, as beneficiaries of the city’s electric car promotion, are exempt from this rule for car plates for sale.
On top of a driver’s license, an auction participant also needs to have a permanent household registration or a resident permit in Shanghai, where he has held an active social security account or filed personal taxes over the past three years.
And a relatively clean driving record over the past one year is mandated for the first time. A car plate bidder can get disqualified after making 5 traffic rule violations, chalking up 12 penalty points for his driver’s license, getting it withheld, suspended, and himself detained.
With it threshold rising, the monthly car plate auction is expected to see its success rate rebound after hovering under 5 percent for a long time as the supply was kept at a steady level for vehicle population control, regardless of the increasingly passionate participation out of the fear of missing out. Yesterday 11,546 quotas were up for grab among 275,438 bidders.
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