May license plate sale attracts record turnout
Print Edition
SHANGHAI’S monthly car plate auction attracted a record turnout yesterday as 156,007 people competed for just 7,482 plates.
As a result, the nominal success rate fell to 4.8 percent. The number of plates on offer was 806 lower than in April, while the number of registered bidders rose by more than 3,700. The average winning bid at the sale dropped 1,660 yuan (US$268) from last month to 79,099 yuan, while the lowest successful offer was 79,000 yuan. Authorities recently claimed to have improved the computer system used to manage the bidding process following complaints from members of the public of auction agents employing unfair tactics.
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